Assessee, a joint venture, filed return of income on basis of one set of audited financial statement. During scrutiny proceedings it filed another set of financial statement wherein additional amount of construction work in progress was reported.  Assessing Officer made the addition. CIT(A) confirmed the addition. On appeal the Tribunal held that the additional amount of construction work in progress was merely valuation difference. It had valued the construction work in progress for the purpose of Management Information System (MIS) account at a higher value for the purpose of consolidation with the financial statement of joint venture partner, i.e., HCC. Accordingly the addition was deleted.  (AY. 2014-15, 2015-16)