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TMI Blog2013 (7) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... s further been held that section 44AC is a valid piece of legislation and is in adjunct to and explanatory to section 206C of the Act. - questions raised by the Department are academic in nature as the income has been calculated as per sections 28 to 43 of the Act - Decided against Revenue. - IT Appeal No. 202 of 2000 - - - Dated:- 25-4-2013 - PRAKASH KRISHNA AND Manoj Kumar Gupta, JJ. For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that 'Nirgam Mulya' was a part of bid money and did not form part of purchase price for the purpose of section 44AC of the Income Tax Act, 1961? 2. Heard Sri Shambhu Chopra, learned counsel for the Department and Sri Ashish Bansal, learned counsel for the assessee-respondent. 3. The dispute relates to the assessment year 1990-91. 4. The assessee is a country liquor contractor. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. 6. A Division Bench of this court in ITR No.108 of 1998 decided on 15th July 2005, Commissioner of Income Tax vs. Shanta Prasad Resham Singh has held that the provision of section 44AC do not dispense with the regular assessment in accordance with sections 28 to 43C of the Act. It has further been held that section 44AC is a valid piece of legislation and is in adjunct to and explanatory t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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