9911796707
TMI Blog2011 (8) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee firm 2. The ld.CIT(A) erred in overlooking the system of accounting consistently followed by the assessee firm viz., The project completion method and the fact that even on-money is taxable in accordance with the method of accounting consistently followed by the assessee. 3. CIT(A) erred in sustaining the addition even though there was no accrual of income in the previous year relevant to assessment year 1999-2000. 4. The ld.CIT(A) erred in sustaining the addition of ₹ 7,50,000/- as business income of assessment year 1999- 2000 even though the said income had already been taxed in assessment year 2003-04 u/s 143(3). 5. The addition of ₹ 7,50,000/- be deleted and the income of the assessee firm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 453/PN/98 and C.O.No.17/PN/99 of the Pune Bench, dt.29-6-2005 for the proposition that the unaccounted receipt, if any, found during the investigation by the revenue need not be taxed on cash basis, they have to be assessed on par with the other receipts of the business. Paragraph 3.1 was relevant and the same was read out before us. In the light of the above legal position, the learned counsel for the assessee mentioned that the CIT(A) erred in not following the said order of the Tribunal, Pune Bench while deciding the issue raised before the Tribunal. The learned counsel for the assessee also referred to paragraph 3.8 of the CIT(A) s order in this regard. Otherwise, the facts are that the impugned income of ₹ 7.5 lacs which was admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It may also happen that the assessee may have intention to hide the whole or part of cash ales and such intention may detected in the course of search or survey. Nonetheless, a cash receipt does not partake a different character from other receipt merely because it was received in cash and possibly because there as some intention to evade its disclosure to the department. We are of the view that the character of receipt is to be found out from the nature of transaction. In the instant case, the assessee received certain amounts by way of cheques and received certain other amounts by way of cash, which were detected in the course of survey. Both these receipts were in pursuance of agreements for sale of flat/shop. The assessee has been reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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