DEVASHRI NIRMAN LLP ,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PANAJI
In the result, this appeal by the assessee stands allowed
ITA 272/PAN/2017[2007-08]Status: DisposedITAT Panaji17 Dec 2018AY 2007-08
Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm
For Respondent: Shri Y. V. Raviraj
Section 271(1)(c)
68,52,377/- & added to the income declared.
4. The said addition was confirmed by the ld. CIT(A) and the ITAT. In connection
with this addition, penalty was also levied. In the penalty order also the assessee’s claim
3
ITA No. 272/Pan./2017
was rejected that as per AS-7 offering profit under percentage completion method, the
profit
