9911796707
TMI Blog2017 (12) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... e income of the assessee in financial year 2010-11 relatable to assessment year 2011-12. However, the differential amount which was shown by the assessee in the subsequent year was in fact receipt and not the profit of the assessee. The entire amount of ₹ 11,63,87,407/- would, therefore, be turnover of the assessee. Accordingly, the Tribunal was wholly justified in computing the profit at the rate of 1.96% of the differential amount and holding the same to be the income of the assessee. Even according to the revenue in the memorandum of appeal, it has been stated that the income embedded in the receipts could not be shifted to the next financial year. Therefore, it is only the income embedded in the receipts that was required to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 143(3) of the Act on 28.2.2014 by making addition of ₹ 1,71,40,163/- due to difference in receipts reflected in 26AS and in the return of income of the assessee. In the return of income, the assessee had disclosed gross profit at 13.50% on the total turnover of ₹ 9,92,47,244/- and net profit at 1.96% on the said turnover. As per 26AS, the assessee had received an amount of ₹ 11,63,87,407/-. Upon being confronted with regard to the difference, the assessee stated that the difference in receipts was the amount received from Nanded Waghela Municipal Corporation, which was received in the next financial year. The assessee submitted that though the tax was deducted at source by the Municipal Corporation in the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed or as may be deemed fit by the court. 7. From the undisputed facts as emerging from the record, it is evident that though the assessee had, in all, received ₹ 11,63,87,407/- in the year under consideration, the assessee had disclosed a total turnover of ₹ 9,92,47,244/- in the return of income. The differential amount was not shown in the return of income on the ground that such amount was received from the Municipal Corporation in the subsequent financial year. It is an admitted position that such income had ///accrued to the assessee in the financial year 2010-11 and hence, all the authorities below, including the Tribunal, held that such income would be the income of the assessee in financial year 2010-11 relatable ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
