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2015 (8) TMI 657 - DELHI HIGH COURT

2015 (8) TMI 657 - DELHI HIGH COURT - TMI - Accrual of income - Treatment of the reversing of the lease rentals of the machinery in the books of accounts of the Respondent Assessee - treatment of the unrecovered advance to purchase the machinery - Held that:- The monies advanced to the two entities for the purposes of their purchasing 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 t .....

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ances, with the Assessee not having claimed the benefit of Section 32AB of the Act, the question of treating lease rental as income on accrual basis did not arise. - Decided against revenue. - ITA No.172/2014, ITA No.174/2014, ITA No.175/2014 - Dated:- 3-8-2015 - S. Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr. Rohit Madan, Senior Standing counsel with Mr. Akash Vajpai, Adv. For the Respondent : Mr. Gaurav Mittal and Mr. Deepanshu Jain, Adv. ORDER 1. These appeals under Section 260A .....

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