DEVASHRI NIRMAN LLP ,PANAJI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PANAJI

In the result, this appeal by the assessee stands allowed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

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

SCORPIO IRON LTD,PANAJI vs. ITO, WARD - 1(4), PANAJI

In the result, both appeals of the assessee are allowed