TMI Blog2015 (8) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... sing machinery in the name of the Assessee did not fructify in the actual purchase of machinery. The Assessee filed a suit against one of the entities for recovery of the monies. When the Assessee learnt that no machinery was actually purchased, a revised return was filed. It is stated that the lease rental income was reversed and tax of the said amount was paid during the Assessment Year ('AY') 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act, 1961 ('Act') are directed against an order dated 13th September 2013 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA Nos. 2020/2021 2013/Del/2011 for the Assessment Years ('AYs') 1996-97, 1997-98 19995-96 respectively. 2. At the hearing of these appeals on 6th February 2015, the Respondent was asked to respond to two queries. One related to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment Year ('AY') 1995-96. For the year 1996-97, the lease rental was credited to the Profit Loss Account and was treated as income. In 1997-98, the Assessee stopped crediting lease rental and, therefore, did not show it in the accounts. 5. Therefore, in the facts and circumstances, with the Assessee not having claimed the benefit of Section 32AB of the Act, the question of treati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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