TMI Blog2016 (10) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the issue has rightly appreciated and has rightly allowed the appeal preferred by the assessee. Assessee was a Government Corporation and has shown the liability in spite of stay order granted by the Court and in our view, the view taken by the Tribunal is just and proper. The issues are required to be answered in favour of the assessee and against the Department. - D.B. Income Tax Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Rajasthan High Court was in favour of the assessee? (ii) Whether on the proper appreciation of the provisions of the Customs Act, import procedure etc. it could be said that the demurrage/wharfage charges had not accrued to the assessee particularly when the assessee followed mercantile system of accounting and there was existing right in favour of the assessee to receive the char ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant Mr. Mathur contended that the assessee has not followed the correct procedure. The Supreme Court has held that it was their income and income under the relevant year was on mercantile system. Learned counsel for the petitioner has tried to rely upon the decision of this Court and also decision of the Supreme Court. Firstly, Commissioner of Income-Tax, Jaipur Vs. Vijay Laxmi Trading Co. Ltd., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency was kept in case they fail they have to make huge liability for the relevant year but after that relevant year is their income. 5. We have heard Mr. Mathur and Mr. Ranka. 6. Taking into consideration the evidence on record, we are of the opinion that the Tribunal while considering the issue has rightly appreciated and has rightly allowed the appeal preferred by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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