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TMI Blog2011 (8) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Commissioner of Income-tax (Appeals) in not sustaining the order of the Assessing Officer in rejecting the books of account and making additions on account of estimated profits at 10 per cent. from the total fees received by the assessee-company in various years covering the block period ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed income of each assessment year for the purpose of aggregation has to be computed without giving effect to set off of brought forward losses under Chapter VI or unabsorbed depreciation under section 32(2) of the Income-tax Act, 1961 ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the order of the Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Appellate Tribunal in para. 3.1.1 of its order is that, the Assessing Officer had estimated profits from the fees received by the assessee without there being any evidence or material found during the search. It is neither the case of the Revenue that the assessee had not accounted any part of the fees received nor is it the case of the Revenue that the assessee had inflated the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d purchased the debentures in question in the year 1999 and the same were reflected in the books of account maintained by the assessee. Therefore, whether interest on those debentures were includible in the total income on accrual basis or not was a question to be considered in the regular assessment and not in the block assessment. Therefore, no fault can be found with the decision of the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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