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TMI Blog2017 (1) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... 20/25 years on the basis of AG (Audit) Report. No substantial question of law. Appeal is ADMITTED to consider the following substantial question of law: (B) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in confirming the decision of CIT (A) and deleting addition of ₹ 20,68,73,968/on account of depreciation, when the assessee is assessed u/s. 11 (1) of the Act?” - TAX APPEAL NO. 9 of 2017 - - - Dated:- 16-1-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1. Leave to replace the order of assessment. 2. Feeling aggrieved and dissatisfied with the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over. Therefore, the learned Tribunal has rightly held that, no addition was called for, of ₹ 12,92,00,000/on account of Revenue recognition of the premium received on allotment of plots by way of spreading the revenue for a period of 10/20/25 years on the basis of AG (Audit) Report. The learned Tribunal has held in Para No. 10.3 as under: We have heard the rival contentions and perused the material on record. The issue arising in this ground has raised pursuant to report of AG (Audit), Rajkot relating to Premium Grant and Capital Receipt for being not recognized as revenue so far and the suggestion was made to spread the premium for 25 years on account of waterfront / jetty and 10 years in the case of Alang. In our view, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received on allotment of plots by way of spreading the revenue for a period of 10/20/25 years on the basis of AG (Audit) Report. Thus, this ground of assessee s appeal is also allowed. 5. We are in complete agreement with the view taken by the learned Tribunal. Under the circumstance, the present Appeal qua question No. A is dismissed, as no substantial question of law arise. 6. Now so far as question No. B is concerned, as the fact that, other Appeal involving the same question of law being Tax Appeal No. 615/2012 is admitted by the Division Bench of this Court, the present Appeal is ADMITTED to consider the following substantial question of law: (B) Whether, on the facts and in the circumstances of the case, the Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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