Arithmetic Mistake in Percentage Computation: ITAT Deletes ₹3.92 Cr Addition for Alleged Suppressed Revenue in Construction Project

The ITAT (Income Tax Appellate Tribunal) has deleted a ₹3.92 crore addition for alleged suppressed revenue in a construction project, citing an "arithmetic mistake in percentage computation." The tribunal found that the Assessing Officer had made an error in calculating the percentage of completion of the construction project, leading to an inflated assessment of suppressed revenue. This ruling highlights the importance of accurate calculations and proper application of accounting principles in tax assessments, providing relief to the assessee from an erroneous addition based on a computational error.