Deputy Commissioner of Income Tax, Circle 16(1) Vs. Krish Icon
Case No: आअसं.1037/धिल्ली /2023(नि.व. 2016-17)
Court: Income Tax Appellate Tribunal, Delhi Bench "C", Delhi
Bench: Delhi Bench "C", Delhi
Date: 2/17/2026
Parties Involved
appellantDeputy Commissioner of Income Tax, Circle 16(1)
respondentKrish Icon
Facts Summary
The assessee, an AOP formed by M/s. Krish Infrastructure P. Ltd. and M/s. Amco India Ltd., filed its return of income for AY 2016-17 declaring income of Rs.2,57,38,320/-. The case was selected for limited scrutiny. The assessee explained that it is consistently following Accounting Standard-7 (AS-7) to recognize profit on project completion method basis. The AO rejected assessee’s submissions, extrapolated sales revenue to the remaining 30% of the unsold area, and made an addition of Rs.7,02,25,…
Decision in favour of
Assessee
Legal Issues
- 1. Rejection of assessee’s accounts and addition of Rs.7,02,25,175/- by AO.
- 2. Disallowance of inter-state VAT paid by third party amounting to Rs.42,51,655/- by AO.