Transition to Ind AS: GAAP Financial Statements Invalidated for 2017-18, De-Novo Adjudication Ordered.

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....Inflated cost of land - GAAP v/s Ind AS for financial statement recording - As per the guidelines given by the Government of India, the assessee was required to prepare the financial statements for FY 2017-18 and onwards as per Ind AS which is a new system of accounting - The financial statements prepared as per GAAP became non-est during the course of assessment proceedings itself. - AO directed for de-novo adjudication based on the revised financial statement - AT....