https://www.taxtmi.com/caselaws?id=766897 ITAT Chennai held that AO's rejection of books of accounts was unjustified when only profit and loss accounts for few projects were missing, while simultaneously adopting the same books' turnover figures for 8% estimation. The tribunal found this contradictory and arbitrary, noting assessee followed percentage completion method per AS 7 and ICDS provisions. CIT(A)'s deletion of additions for contract receipt differences and loan waiver was upheld. The tribunal ruled loan waiver cannot be taxed under section 28(iv) as it provides monetary benefit, not non-monetary perquisite. Revenue appeal dismissed. en-us Wed, 14 Aug 2024 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766897 ITAT Chennai held that AO's rejection of books of accounts was unjustified when only profit and loss accounts for few projects were missing, while simultaneously adopting the same books' turnover figures for 8% estimation. The tribunal found this contradictory and arbitrary, noting assessee followed percentage completion method per AS 7 and ICDS provisions. CIT(A)'s deletion of additions for contract receipt differences and loan waiver was upheld. The tribunal ruled loan waiver cannot be taxed under section 28(iv) as it provides monetary benefit, not non-monetary perquisite. Revenue appeal dismissed. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766897