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TMI Blog1995 (5) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. 2. The assessee, a registered firm in the two years under appeal, carried on business of purchase and sale of country liquor and Indian made foreign liquor. The assessee disclosed income based on regular books of accounts. The Assessing Officer (AO) was of the view that income in respect of sale of country liquor is to be determined under provision of s. 44AC(1)(a) and for determining expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of accounts under ss. 28 to 43C was not accepted. The assessee has come up in appeal and relied upon decision of Hon'ble Punjab & Haryana High Court in the case of Satpal & Co. It has further been pointed out that in asst. yr. 1989-90, the income of assessee from similar business has been computed by the AO vide order dt.27th March, 1995with reference to regular books of accounts and not und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputed under s. 44AC of the Act. According to her, decision in the case of Satpal & Co. was not final and issue was pending before Hon'ble Supreme Court. She further placed on record decision of Tribunal, 'D' Bench,Delhidt.30th Aug., 1994in the case of Madan Lal Vijay Kumar & Co.,Ghaziabadwherein the Bench held that income disclosed by liquor contractor as per books of accounts was taxable beyond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a of the High Court. In the light of above, we direct the AO to compute assessee's income under ss. 28 to 43C of IT Act with reference to books of accounts maintained by the assessee. The impugned orders of lower authorities are set aside and the matter restored to the file of AO for making fresh assessment in the light of above observations and after affording reasonable opportunity of being hear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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