Inflated cost of land - GAAP v/s Ind AS for financial statement ...
Income Tax
December 20, 2023
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
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