9911796707
TMI Blog1999 (10) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal, Cochin Bench (in short "the Tribunal") : At the instance of the Revenue : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact, and whether it had any material in holding that the margin of 50 per cent. can be allowed for the delay in receipt of the sale pattials from the consignee and the balance alone need be taken for the purpose of computing the income ? 2. Whether, on the facts and in the circumstances of the case the after having found that the pattials were prepared in a whimsical manner as and when chosen by the consignee and that it appeared to have been got up at a stretch, whether the Tribunal was justified in fixing the margin at 50 per cent ?" At the instance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ----------------------------------------------------------------------------- Name of consignee Quantity Gross amount of sales Exps. to be allowed as per sale pattials therefrom ------------------------------------------------------------------------------------------------- M/s Kerala Supari Centre 6692-24-200 1,28,09,834 6,05,875 M/s Ibrahim Bros 200-20-000 2,28,084 29,543 ------------------------------------------------------------------------------------------------- The assessee's claim before the Assessing Officer was that sale pattials in respect of the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the assessee submitted that the undisputed position being that the method of accounting as adopted for the previous period was being followed, there was no scope for making any addition. As and when the sale pattials were received, they were duly reflected in the accounts and income returns were filed. It is to be noted that the system of accounting followed by the assessee was not strictly the mercantile system or cash system. It was a mixed system. Though it is trite law that profits of a particular year have to be determined in that year and if the accounts are not reliable, resort can be made to section 145(2) of the Act. yet it would depend upon the factual position. The Tribunal analysed the materials on record at length. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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