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Commissioner of Income Tax-VI Versus Video Electronics Pvt. Ltd.

2015 (8) TMI 657 - DELHI HIGH COURT

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 ent .....

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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') 1995-96. For the year 1996-97, the lease rental was credited to .....

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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 .....

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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. A .....

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d to the treatment of the unrecovered advance to purchase the machinery. 3. Pursuant thereto an affidavit was filed by the Respondent placing on record the relevant details. 4. From the details provided it appears that the monies advanced to the two .....

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