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2011 (11) TMI 506 - HC - Income TaxReopening of assessment - income escaped assessment on ground that following mercantile system of accounting retention money is required to be taxed in the year in which bills are raised - Held that:- Scrutiny on issue which has been held in favor of the assessee in earlier AY and the assessee has followed uniform pattern of offering retention money received in the year of its receipt, year after year and in all previous years, the stand of the assessee has been accepted. Therefore, notice cannot be sustained in law and the same is, therefore, quashed - Decided in favor of the assessee
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