TMI Blog2008 (5) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... he must give facts and figures in that regard that the impugned method of accounting adopted by the assessee results in under estimation of profits and is therefore rejected. Otherwise, the presumption would be that the entire exercise is Revenue neutral - 3378 OF 2008 with 3379 of 2008 - - - Dated:- 7-5-2008 - ORDER Leave granted. This Civil Appeal is directed against the judgment and order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidual plot to DLF and the profits worked out on that basis. The working shows that profit is worked out on sale of individual plots. According to the assessee, since there was no transfer of right, title and interest upto the date of execution of conveyance, income did not accrue to the assessee till the date of conveyance and, therefore, there was no accrual of income at the time of execution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat nature was ever made by the Department. In fact, the chart annexed at page 29 (Assessment Order) also does not indicate whether the impugned method of accounting followed by the assessee results in under estimation of the profits/net income. Therefore, though we do not agree with the reasons given by the High Court in its impugned judgment, since the Department has not gone into the above vita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstrate to the Court that the impugned method of accounting adopted by the assessee results in under estimation of profits and is therefore rejected. Otherwise, the presumption would be that the entire exercise is Revenue neutral. In this case, that exercise has never been undertaken. The AO was required to demonstrate both the methods, one adopted by the assessee and the other by the Department. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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