TMI Blog1993 (9) TMI 346X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961, the Tribunal has referred the following questions of law to this Court for opinion : (1) Whether, on the facts and in the circumstances of the case, the income, profits and gain of the assessee from the contract business should be assessed on accrual basis in a year when a particular contract is completed or in each accounting year on the basis of work-in-progress ? (2) Whether, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the income from business of contract was rejected by the ITO. The Tribunal, on consideration of the facts and circumstances of the case, came to a conclusion that the ITO was not justified in rejecting the method of accounting of the assessee and resorting to proviso to s. 145(1) of the Act. 3. The counsel for the parties are agreed that the same system is being followed by the assessee eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We do not find any infirmity in the said finding. We, therefore, refuse to interfere with the same. 5. In that view of the matter, we answer question No. 2 in the affirmative and in favour of the assessee. 6. Having regard to answer to question No. 2, question No. 1 need not be answered. 7. So far as the third question is concerned, it is also agreed that the controversy therein is cove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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