9911796707
TMI Blog2003 (12) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... " - The question is answered in favour of the Revenue and against the assessee - - - - - Dated:- 17-12-2003 - Judge(s) : R. JAYASIMHA BABU., S. R. SINGHARAVELU. JUDGMENT The judgment of the court was delivered by R. JAYASIMHA BABU J.-The question referred to us for consideration is: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrears in respect of earlier years has been granted by the Bank of India for repayment as per agreed schedule. The balance outstanding as above amounting to Rs. 43.571akhs will be charged in the company's accounts in the year of payment." It was thus clear that in this year the company did not pay any amount as customs duty which it was disputing and in respect of which it had furnished a bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further appeal to the Tribunal resulted in success. Section 115J(1A) reads thus: "Every assessee, being a company, shall, for the purposes of this section prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956." The other parts of that provision are not required to be set out for the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est which had been funded, in this accounting year. That manner of preparing its accounts, even according to the assessee, does not violate the provisions of Parts II and III of Schedule VI of the Companies Act. It is the case of the assessee that the account so prepared is in conformity with those provisions. The assessee must stand by its own proclaimed assertion that what it has placed before ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
