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2015 (10) TMI 17 - AT - Income TaxReopening of assessment - pre-received income undisclosed - Held that:- As decided in assessee’s own case for the assessment year 2008-09 the assessee was bifurcating the trading receipts of one year into five years, thereby shifting the profits of one year into five years which was not a correct method of computing the profits and gains of business. When the assessee had debited the entire cost of acquisition of rights of distribution, exploitation and exhibition of the films to the profit and loss account, there was no reason why the entire amount received by her from the lessees on account of sale of lease rights of the films should not be credited to the profit and loss account in one year. There was no estoppels in these matters and the Assessing Officer was not bound by the incorrect method of accounting followed by the assessee or even accepted by the department in earlier years. The Assessing Officer therefore correctly made addition because the whole amount had accrued to the assessee and received by her in all the accounting years. See Smt. G. Krishnammal. Versus DCIT [1997 (8) TMI 122 - ITAT MADRAS-C] - Decided against assessee.
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