Trimurti Grihanirman Pvt. Ltd. v. PCIT, Kol-2

Parties Involved

Facts Summary

Trimurti Grihanirman Pvt. Ltd. (appellant) is aggrieved with an order passed by the Principal Commissioner of Income Tax, Kolkata-2 (respondent) under Section 263 of the Income Tax Act, 1961. The order revised an assessment order under Section 143(3) of the Act, directing an amount of Rs. 2,19,48,063/- to be taxed as an alleged shortfall in 'work-in-progress' (WIP) inventory. The appellant has appealed against this order, arguing that the assessment order was not erroneous or prejudicial to the interest of the revenue. The appellant has provided detailed explanations and documentation to support its position, including details of finance costs, project expenses, and other relevant expenditures. The Tribunal has reviewed the arguments and evidence presented by both parties and has concluded that the appellant has duly accounted for the value of WIP in its accounts, and there is no understatement of income. The Tribunal has quashed the impugned order and allowed the appeal of the appellant.…

Legal Issues

• 1. Whether the order passed by the Principal Commissioner of Income Tax, Kolkata-2 is erroneous and prejudicial to the interest of the revenue?
• 2. Whether the appellant has duly accounted for the value of WIP in its accounts?

Judgment Outcome

Decided in favour of Assessee.

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