9911796707
TMI Blog1995 (5) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... e two years under appeal, carried on business of purchase and sale of country liquor and Indian made foreign liquor. The assessee disclosed income based on regular books of accounts. The Assessing Officer (AO) was of the view that income in respect of sale of country liquor is to be determined under provision of s. 44AC(1)(a) and for determining expenditure, provisions of s. 44AC(3) were to be app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t accepted. The assessee has come up in appeal and relied upon decision of Hon'ble Punjab Haryana High Court in the case of Satpal Co. It has further been pointed out that in asst. yr. 1989-90, the income of assessee from similar business has been computed by the AO vide order dt.27th March, 1995with reference to regular books of accounts and not under s. 44AC of the Act. In the above order, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to her, decision in the case of Satpal Co. was not final and issue was pending before Hon'ble Supreme Court. She further placed on record decision of Tribunal, 'D' Bench,Delhidt.30th Aug., 1994in the case of Madan Lal Vijay Kumar Co.,Ghaziabadwherein the Bench held that income disclosed by liquor contractor as per books of accounts was taxable beyond provisions of s. 44AC of IT Act. The excess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we direct the AO to compute assessee's income under ss. 28 to 43C of IT Act with reference to books of accounts maintained by the assessee. The impugned orders of lower authorities are set aside and the matter restored to the file of AO for making fresh assessment in the light of above observations and after affording reasonable opportunity of being heard to the assessee. 6. In the result, bot ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
