9911796707
TMI Blog1992 (1) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... the following four questions have been referred to this court under section 256(1) of the Income-tax Act, 1961 (for short "the I.T. Act"). "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was not liable to be assessed in respect of the interest income on accrual basis ? 2 Whether, on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who were close relatives. The entire consideration was not received immediately and the unpaid price carried interest as per agreement. The assessee showed a sum of Rs. 2,734 as interest received for the assessment year 1973-74. The Income-tax Officer taxed the interest on accrual basis for the years 1974-75, 1975-76 and 1976-77. The assessee was co-owner of the plot in Shivsagar Estate, Worli, B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It was not allowed by the Income-tax Officer. For the assessment year 1973-74, the assessee claimed deduction of the amount of repair cess. It was not allowed by the Income-tax Officer. The assessee earned income also from other sources. She did not maintain regular account books and did not follow the mercantile system of accounting. The Commissioner dismissed the appeals of the assessee. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not be taxed on accrual basis since it also falls under the head "Other sources". The share of compensation paid to the trust for retention of part of consideration even before the registration of the sale deed was not deductible out of the income from house property as the liability was personal and did not create any superior title to a part of the rent in favour of the purchaser. In the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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