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TMI Blog2017 (4) TMI 1613X X X X Extracts X X X X X X X X Extracts X X X X ..... us year u/s 139(1) - HELD THAT:- The transaction dealt with in Chowringhee s case [ 1972 (10) TMI 4 - SUPREME COURT] related to auction and the nature of the income derived by an auctioneer in the process of auction. In contradistinction thereto, are the decisions of Noble Hewitt (India) (P) Ltd. [ 2007 (9) TMI 238 - DELHI HIGH COURT] , which make a nice distinction between Chowringhee s case and instances where Profit and Loss accounts and Service Tax accounts are maintained separately following mercantile system of accounting. As rightly noticed therein, it is not for the Income Tax department to make out a case relating to the correctness or otherwise of the mercantile system of accounting, resorted to and maintained by an assessee. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... included as part of receipts of the assessee and thereby in the present case, the provision of Section 43-B are attracted?" 2. Heard learned Counsel for the revenue and learned Counsel for the respondent-assessee. The fundamental issue that arises for decision is, as to whether a particular amount which is subject matter of the appeal is to be treated as relatable to Value Added Tax (VAT) payable by the assessee and, if so, whether it has to be actually paid by him before filing of the return under the Income Tax Act. This question is relevant, having regard to the manner in which the question of law has been framed. The issue as to whether Section 43-B of the Income Tax is attracted even when the assessee does not claim any deduction on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... separate account for tax collected, the collection would have been only of a composite amount. The transaction dealt with in Chowringhee's case (supra) related to auction and the nature of the income derived by an auctioneer in the process of auction. In contradistinction thereto, are the decisions of the High Court of Delhi in Commissioner of Income Tax v. Noble & Hewitt (India) (P) Ltd., 2008 305 ITR 0324, which make a nice distinction between Chowringhee's case and instances where Profit and Loss accounts and Service Tax accounts are maintained separately following mercantile system of accounting. As rightly noticed therein, it is not for the Income Tax department to make out a case relating to the correctness or otherwise of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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