TMI Blog2019 (8) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... THAT:- Revenue has placed reliance on the observations of the Supreme Court in J. K. Industries Limited v. Union of India [ 2007 (11) TMI 401 - SUPREME COURT] where it is stated that matching principle today forms an important component of accrual basis of accounting. While as a general proposition this may be acceptable, the fact remains that the Assessee claimed the entire expense as rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an appeal by the Revenue against the order dated 18th January, 2019 passed by the Income Tax Appellate Tribunal (ITAT) in ITA No.2158/Del/2011 and cross objections 190/Del/2011 for the Assessment Year 2006-07. 2. The issue that is sought to be urged by the Revenue is whether the ITAT erred in affirming the order of the CIT (A) by allowing the Assessee to book all of the revenue e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral proposition this may be acceptable, the fact remains that the Assessee claimed the entire expense as revenue expenditure in his accounts for AY 2006-07 and if sought to be altered on the basis of the above principle it would indisputably affect the accounts of the subsequent year. This is significant because in the AY in question, the AO has not rejected the accounts on the basis that it does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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