TMI Blog1991 (7) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... ads thus : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner (Appeals) who held that the sum of Rs. 35,08,380 received by the assessee from Messrs. Mysore Power Corporation Ltd., on account of excess measurement is only a deposit and not income liable to tax, ignoring the fact that the assessee was off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of the Chakra project. Similarly, in the case of Savehakkalu Project it received Rs. 2,83,26,665. After deducting the cost of materials supplied, the assessee made a further deduction of Rs. 16,87,500 from the receipts of Chakra Project and Rs. 18,20,000 from the receipts of Savehakkalu Project and offered only the balance as receipts which could be taken into account for arriving at the profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------------------------------------------------------------------------------------------------------------ Soft rock 1,79,579.94 cu. m. 1,27,844 cu. m. 67,51,735.3 cu. m. excavation Hard rock 3,14,239.27 cu.m. 80,929.29 cu. m. 2,33,309.9 cu. m. ---------------------------------------------------------------------------------------------------------------------------------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mounted to hardly three per cent. (2) From the facts, it is seen that the assessee did receive amounts over and above what was due to it as per the work done by it. It is, therefore, reasonable to hold that the excess payments made by the Karnataka Power Corporation are in the nature of advances made to the assessee. (3) In this view, there is no bar in taking the sum of Rs. 35,08,380 as advan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt to income unless the receipt can be held to have accrued as income because the assessee acquired a right to receive the said sum as income. The finding in the instant case is quite otherwise. In fact, the interest of the Revenue has been safeguarded by the Appellate Tribunal by providing for verification of the adjustments and payments of such amount during the future years also. We may a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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