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TMI Blog2014 (1) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... . Santhanam Shri Suresh Malik For the Respondent : Shri Asok Suri ORDER Per P. M. Jagtap, A. M. By these miscellaneous applications, the assessee is seeking rectification of the mistake alleged to have crept in the common order of the Tribunal 10.04.2013 passed in ITA No.997/Mum/2006 and ITA No.6274/Mum/2006. 2. The ld. Counsel for the assessee submitted that one of the common issues involved in the appeals of the Revenue for A.Y. 2002-03 and 2003-04 as raised in ground no.7 and 3 was relating to the deletion by the ld. CIT(A) of the addition made by the AO on account of interest receivable on advance paid by the assessee to M/s Ceat Tires ltd. He submitted that the bench at the time of hearing expressed the view that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons is review of the decision of the Tribunal, which is not beyond the scope of section 254(2). 4. We have considered the rival submissions and also perused the relevant material on record. We have also seen the relevant notings made in our log book at the time of hearing. As noted in the log-book, the submission made by the ld. DR in support of the revenue's case on this issue was that interest was receivable by the assessee on advance paid to M/s CEAT Tyres Ltd. as per the agreement as held by the AO and the income on account of such interest therefore had accrued to the assessee during the year under consideration. He further submitted that there was nothing on record to show that the interest so accrued was agreed to be waived and dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that Income Tax is a levy on income and Income Tax Act takes into account points of time at which the liability to tax is attracted viz. the accrual of income or its receipt. If the right to receive a particular income is vested in the assessee as per the agreement or understanding, the same can be said to have accrued to the assessee in the relevant year unless such right is waived by him as a result of revised agreement or understanding. If there is such waiver in the relevant year, the income so waived could not be accrued to the assessee in that year and accordingly the same could not be assessed to tax in his hands in that year. As rightly submitted by the ld. D.R., nothing has been brought on record in the present case either befor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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