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2015 (10) TMI 1469 - ITAT CHENNAI

2015 (10) TMI 1469 - ITAT CHENNAI - TMI - Addition made towards unearned income - assessee used to raise invoices against services to be rendered - CIT(A) deleted the addition - Held that:- Consedring the contention of AR hat the deferred income in this assessment year was carried forward and duly taken into account in the next assessment year and offered for taxation the Bench put a question to the ld. AR to show how it was offered for taxation in respect of each assessment year. The ld. AR of .....

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the file of the AO for fresh consideration. - Decided in favour of revenue for statistical purposes. - ITA Nos. 1229 to 1232/Mds/2015 - Dated:- 21-8-2015 - SHRI CHANDRA POOJARI AND SHRI CHALLA NAGENDRA PRASAD, JJ. For The Appellant : Dr. B. Nischal, JCIT For The Respondent : Shri Saroj Kumar Parida, Advocate ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER These appeals by the Revenue are directed against the common order of the Commissioner of Income-tax(Appeals) dated 13.3.2015 for the assessment .....

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ofit and loss account. According to the Assessing Officer, the same is liable for taxation. The Assessing Officer observed that the assessee has adopted a device to postpone the income for the purpose of tax only while crediting its account by the same amount in the previous year relevant to the assessment year. The Assessing Officer also stated in the assessment order that similar issue was considered in the case of Sify Ltd., sister concern of the assessee company. Aggrieved by this, the asses .....

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ITA No.191/2010-11 in the case of M/s. Sify Technologies Ltd. for assessment year 2003-04, in ITA No.171/2011-12 in the case of M/s. Sify Communications Ltd. for assessment year 2006-07, in ITA Tr.1/2010-11/LTU(A) in the case of M/s. Sify Technologies Ltd. for assessment year 2007-08 and also the order of ITAT, B Bench, Chennai in ITA No.851/Mds/2013 dated for assessment year 2008-09, wherein identical issue was allowed in favour of the assessee and decided against the department. After consider .....

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sioner of Income-tax(Appeals) further observed that on identical issue, in assessee s own case, for the assessment year 2008-09, the Tribunal held that the assessee had recognized the income correctly and allowed the claim. Accordingly, he directed the Assessing Officer to delete the addition made in all the assessment years under consideration. Against this, the Revenue is in appeal before us. 5. The ld. DR submitted that the CIT(A) erred in not appreciating the fact that the assessee used to r .....

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ision of the Supreme Court in the case of Chowringee Sales Bureau P. Ltd. (87 ITR 542), wherein it was held that if a receipt is a trading receipt, the fact that it was not shown as such in the books does not prevent the taxability of such income. The ld. DR further submitted that on an identical issue, the decision of the ITAT in the assessee s own case in ITA No.851/Mds/2013 dated 4.10.2013, has not been accepted by the department and carried in further appeal u/s.260A. Accordingly, the ld. D. .....

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in assessment year 2003-04 and Rs. 69,10,620/- in assessment year 2006-07 to the income of the assessee on the ground that the assessee was following the mercantile system of accounting and therefore, the income accrued during the year was liable to tax according to the method of accounting followed by the assessee and that the assessee has adopted a device by which deferred income has been taken directly to balance sheet under current liabilities instead of crediting the same to the profit and .....

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