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2013 (11) TMI 1517 - AT - Income TaxMethod of accounting - Current liability - Purchase of negative of flim - Held that:- Amount of ₹ 10,00,000 was received as an advance by the assessee in the course of its business in the assessment year 2005-06. Even if the assessee following the cash system of accounting, the said advance of ₹ 10,00,000 would be considered as income of the assessee, in the year in which the assessee has performed the work. There is no material on record that the assessee has completed the work in the assessment year under consideration, viz, assessment year 2008-09. In view of the above, we consider it prudent that this issue be set aside to the file of the Assessing Officer to consider whether the income has accrued to the assessee in the assessment year under consideration, viz., assessment year 2008-09 in respect of the said advance amount received by the assessee in the assessment year 2005-06. The Assessing Officer will allow due opportunity of hearing to the assessee and decide the issue afresh after considering such evidences as may be furnished by the assessee by a reasoned order as per law - Matter remanded back - Decided in favour of assessee.
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