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TMI Blog2014 (6) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... current assessment year should be brought to tax under the head "income from business" and not under the specific provisions of Section 56(2) of the Act i.e., under the head "income from other sources" - the income from non-performing asset should be recognised only when it is actually received - Decided in favor of assessee. Allowability of expenses u/s 37 of the Act – Held that:- The AO shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l before the Tribunal was directed against the order dated 16.03.2005 passed by the Commissioner of Income Tax (Appeals)-1, Bangalore, whereby, the appeal filed by the respondent-assessee before the said authority, against the order of the Assessing Officer dated 28.03.2000, was partly allowed. 2. In this appeal, the Revenue has formulated the following substantial questions of law:- (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught to tax by permitting assessee to adopt mixed systems of accounting for this purpose contrary to Section 145 of the Act which has been amended and made applicable to the current assessment year where only two systems of accounting are permissible? 3. Learned counsel for the parties, state that all the three questions are covered by two judgments of this Court. The first judgment is dated 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion of law is concerned, i.e., covered by the judgment dated 26.09.2012 in ITA No.1126/2006. 5. Mr.Aravind, learned counsel for the Revenue, however, submitted that by this judgment, the matter was remanded to the Assessing Officer for fresh consideration and while doing so, certain observations were made which are likely to influence the Assessing Officer while deciding the matter after re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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