https://www.taxtmi.com/caselaws?id=464227 ITAT (Kolkata) allowed the appeal, setting aside additions for alleged suppressed sales. The tribunal found the AO misconstrued differences in opening and closing WIP as out-of-book sales, whereas the assessee, engaged in construction/development, had properly offered revenue for FY 2010-11 and 2011-12 and furnished ledger accounts, audited financials and Note No.17 showing zero sale of completed properties. The additions sustained by CIT(A) were held to be based on misunderstanding of the accounts and therefore were deleted. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 13 Oct 2025 00:51:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464227 ITAT (Kolkata) allowed the appeal, setting aside additions for alleged suppressed sales. The tribunal found the AO misconstrued differences in opening and closing WIP as out-of-book sales, whereas the assessee, engaged in construction/development, had properly offered revenue for FY 2010-11 and 2011-12 and furnished ledger accounts, audited financials and Note No.17 showing zero sale of completed properties. The additions sustained by CIT(A) were held to be based on misunderstanding of the accounts and therefore were deleted. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464227