2023 (7) TMI 1470 - HC - Income Tax

Addition of advance from customers - Accrual of income - revenue recognition - year of assessment - whether these amounts constituted income liable to be taxed in the assessment year under consideration? - ITAT deleted addition - HELD THAT - Revenue, informs us that the proposed question is covered in favour of the respondent/assessee by the judgment of the Supreme Court in Taparia Tools Ltd. vs. Joint Commissioner of Income Tax, 2015 (3) TMI 853 - SUPREME COURT No interference is called for qua the impugned order which has been passed by the Tribunal, as no substantial question of law arises for our consideration. Appeal dismissed.

Summary

The appeal concerns Assessment Year 2007-08 and challenges an order related to AYs 2005-06 and 2006-07. The appellant proposed a legal question regarding addition made by the Assessing Officer, but it was found in favor of the respondent based on a Supreme Court judgment. The High Court decided not to interfere with the Tribunal's order as no substantial question of law arose, and the appeal was closed.