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This appeal filed by the assessee pertaining to the Assessment Year (in short "AY") 2017-18 is directed against the order passed u/s 263 of the Income Tax Act, 1961 (in short the I.T.A. No.: 266/KOL/2022 Assessment Year: 2017-18 West Bengal Housing Infrastructure Development Corporation Limited.

7. That the PCIT has erred on facts of the case in concluding that the order dated 29.11.2019 under section 143(3) is erroneous and prejudicial to the interest of revenue ignoring the fact clearly disclosed and explained that the Credits for Interests on FDs have been I.T.A. No.: 266/KOL/2022 Assessment Year: 2017-18 West Bengal Housing Infrastructure Development Corporation Limited.
incometaxindiaefiling.gov.in I.T.A. No.: 266/KOL/2022 Assessment Year: 2017-18 West Bengal Housing Infrastructure Development Corporation Limited.
Please refer to the above.
2. In the instant case, Income Tax Return for the A.Y. 2017-18 wase-

filed on 23.10.2017 showing total income of Rs.119,57,66,850/-. During the year under consideration, the assessee company was engaged in the business of development of land, Housing and infrastructural facilities in New Town Project, Kolkata. The case was selected for scrutiny on the basis of CASS and the order u/s 143(3) was passed on 29.11.2019 with an assessed total income of Rs.235,52,10,355/-.

3.1 The computation of income submitted by the assessee is not acceptable as the value shown as Increase and Decrease in the value of Work in Progress of Rs.46,98,00,831/-is not correct and said figure was arrived after deducting the opening balance of Work in Progress from the closing balance of Work in Progress as shown in the note 4 of Audited Accounts as under: -

Decrease/(Increase) in the value of Work-in-Progress:
Closing Balance as on 31.03.2017 Rs. 2551,36,58,960/-
Opening Balance as on 01.04.2016 Rs. 2504,38,58,1297- I.T.A. No.: 266/KOL/2022 Assessment Year: 2017-18 West Bengal Housing Infrastructure Development Corporation Limited.