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2021 (10) TMI 659 - AT - Income TaxDeemed income - accrual of income - year of accounting of e-auction sale - unaccounted sale proceeds of E-Auctioned Iron ore by Monitoring Committee - HELD THAT:- As per case M/S VEERABHADRAPPA SANGAPPA & CO. VERSUS THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE – 1, BELLARY. [2020 (12) TMI 1145 - ITAT BANGALORE] it is very necessary to examine, whether the quantity of goods sold was identified on the date of e-auction, and whether sale proceeds to be received during the assessment year under consideration are quantified by the M.C. If these two ingredients were verifiable on the date of e-auction, then only the assessee is required to recognize the income as deemed income accrued in the assessment year under consideration. Otherwise, the assessee is not required to recognize income in the assessment year under consideration. CIT(Appeals) has not examined these two ingredients. With these observations, we set aside the order of CIT(Appeals) and remit the issue back to the file of the Assessing Officer to examine these two ingredients and decide the issue afresh in the light of the above order of the Tribunal. Revenue's appeal is partly allowed for statistical purposes.
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