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2017 (1) TMI 1260 - GUJARAT HIGH COURTPremium received on sale of assets - Addition on account of Revenue recognition of the premium received on allotment of plots - Held that:- Assessee was following cash method of accountancy and upto the preceding year of assessment, the income of the assessee was exempted under Section 10 (20A) of the Income Tax Act being the local authority. The year under consideration was the first year after the exemption period was over. Therefore, the learned Tribunal has rightly held that, no addition was called for on account of Revenue recognition of the premium received on allotment of plots by way of spreading the revenue for a period of 10/20/25 years on the basis of AG (Audit) Report. No substantial question of law. Appeal is ADMITTED to consider the following substantial question of law: (B) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in confirming the decision of CIT (A) and deleting addition of ₹ 20,68,73,968/on account of depreciation, when the assessee is assessed u/s. 11 (1) of the Act?”
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