Allegation of under Statement of Revenue in P&L account is Baseless as TDS is Deducted on VAT Amount: ITAT quashes Revisionary Order [Read Order]

Allegation - Allegation of under Statement of Revenue - Revenue - P & L account - TDS - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal  (ITAT) held that the allegation of Principal Commissioner of Income Tax (PCIT) that the assessee has under stated the revenue shown in  Profit and Loss (P&L) account is due to tax being deducted on Value Added Tax (VAT) amount, thus quashed the revisionary order under Section 263…

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