9911796707
TMI Blog2002 (10) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal was correct in rejecting the assessee's contention that proceeds from sale of horses are to be considered for assessment only under the head "Capital gains" and not under any other head of income? - 3. On the facts and in the circumstances of the case, whether the Tribunal was correct in holding that the horses are not personal effects of the assessee? - 4. Whether, on the facts and cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as correct in holding that the receipts from lease and sale of horses are assessable as income in the hands of the assessee? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in rejecting the assessee's contention that proceeds from sale of horses are to be considered for assessment only under the head "Capital gains" and not under any other head of income? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entire income by way of lease of the horses should be assessed on the basis of accrual or on the basis of the income received in those assessment years. Admittedly, the assessee is maintaining the mercantile system of accounting and the entire income accrued in the year of auction and it is not open to the assessee to claim that it should be assessed proportionately in the year of receipts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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