9911796707
TMI Blog2015 (6) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer on account of disallowance of retention money. 3. The brief facts of the case are that assesse has filed its return of income electronically on 24-10-2005 declaring total income of Rs. 41,60,580/-. The case of the assessee was selected for scrutiny assessment and a notice u/s. 143(2) was issued and served upon the assessee. It emerges out that an assessment order was passed u/s. 143(3) on 26-12-2007 wherein income of the assessee was determined at Rs. 51,90,380/-. The dispute travelled up to the Tribunal and the Tribunal has set aside the issues for fresh examination. The Assessing Officer has issued a notice u/s. 143(2) and 142(1). According to the Assessing Officer, assessee has claimed retention money of Rs. 7 lacs which h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following Mercantile System of accounting and in Mercantile System of accounting the retention money is accrued to the assessee as soon the entries are posted in the books of account. He observed that the assessee itself in the past was showing income on the basis of entire turnover. Similar type of retention money clause was there and that the assessee has changed his method of accounting. He, therefore, brought to tax the retention money of Rs.99,99,041/-. 4. On appeal, the CIT(A) deleted the addition by observing that his predecessor in the case of the assessee itself in the earlier Assessment Years 2002-03, 2005-06 and 2006-07 vide appellate order No.CIT(A)/VLS/95/05-06 dated 14.12.2005 and that he himself in the A.Y. 2007-08 vide a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our of the assessee which is also not disputed by the learned DR. However, the authorities below have no occasion to examine the facts of the case in the light of the above decisions cited by the learned Counsel for the assessee. Both the parties agreed that the matter may be remanded to the file of the AO for reconsideration of the issue in the light of the decision delivered by the Hon'ble Punjab & Haryana High Court and the Hon'ble Supreme Court (supra). We find force in the submissions of both the parties that the matter requires reconsideration in the light of the above decisions. We accordingly, set aside the orders of the authorities below and restore this issue to the file of the AO for reconsideration of the same in the lig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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