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2014 (8) TMI 718 - AT - Income TaxAddition of cash settlement of bills – Mercantile system followed - Held that:- as the system of accounting followed by the assessee is mercantile, in our considered view the lower authorities were justified in taxing the balance amount of ₹ 35 lakhs as income of the assessee for the year under consideration. We are in agreement with the contention of the assessee that if ₹ 35 lakhs is taxed during the year consideration, then it would amount to double taxation as the assessee has shown the very same income in subsequent Assessment Year 2010-11, which has been accordingly taxed. We hold that the assessee shall be at liberty to approach the appropriate authority in this regard for doing the needful in the matter. – Decided against Assessee.
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