9911796707
TMI Blog2017 (7) TMI 1221X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's appeal on the ground that the income had not accrued - Held that:- As Revenue vehementally contended that the agreement was cancelled in September 2005 and that therefore, can have no effect on the assessee's tax liability for the assessment year 2003-04 corresponding to the financial year 2002-03 since the assessee followed the mercantile system accounting but had this been the sol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ITAT was right in law in allowing the appeal of the assessee, without appreciating the fact that such addition was based on the agreement existing in force during AY 2002-03 and the assessee following mercantile system of accounting itself has accounted for such income in AY 2001-02 and AY 2002-03?" 2. From the record it emerges that the assessee, a public sector undertaking, was engaged in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on mercantile system of accounting and therefore had to offer to tax the accrued income and further that for the assessment years 2001-02 and 2002-03, the assessee had, in fact, accepted similar amounts by way of accrued income. 3. The Tribunal, by the impugned judegment, allowed the assessee's appeal on the ground that the income had not accrued. It is this judgement the Revenue has challen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
