TMI Blog2007 (5) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... followed by the Assessee, there would always be some outstanding bills – since the Assessee was maintaining its accounts on a mercantile system and kept a running account with its clients, additions are not justified - 451 of 2007 - - - Dated:- 15-5-2007 - MADAN B. LOKUR and V. B. GUPTA JJ. R. D. Jolly for the appellant. JUDGMENT 1. The Revenue is aggrieved by an order dated 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tanding at the end of the preceding year. The Assessing Officer was not satisfied with this explanation and added a sum of Rs.18,49,727/- as undisclosed receipts of the Assessee. 4. In appeal, the Commissioner of Income Tax (Appeals) was satisfied with the accounts and the chart of details furnished by the Assessee. It was held that in view of the mercantile system followed by the Assessee, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
