Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Apr-21-1997
Reported in : (1998)65ITD17(Hyd.)
..... 83,931 did not in fact accrue to the assessee for the purposes of computation of taxable income under the provisions of the it act, 1961 is not at all valid or justified.6.2. the learned departmental representative further submitted that the method of accounting adopted by the assessee is a recognised method ..... the arguments of dastur, the learned counsel appearing for the assessee, that there cannot be any concession or estoppel or res judicata in income-tax proceedings and recorded a finding that notwithstanding the transfer of a part of deposit to revenue income, the assessee was not is stopped from claiming that ..... dis. no. 27(4)-it/43, dt. 23rd march, 1943, dealing with depreciation on assets acquired under hire-purchase agreement.the cit(a) then proceeded to formulate another question as to whether the sod method adopted by the appellant to account for finance charges is a method of accounting or only a ..... accrues in accordance with the contract entered into by the parties as has been held by the supreme court in cit vs. chamanlal mangaldas & co. (1960) 39 itr 8 (sc) and the adoption of the index method of accounting for recognising revenue for book purposes cannot give rise to any accrual of ..... account. for this purpose, he invited our attention towards the judgment of hon'ble supreme court in the case of cit vs. chamanlal mangaldas & co. (1960) 39 itr 8 (sc) at p. 14. the relevant extract from the said judgment are reproduced hereunder : "counsel for the appellant relied on the .....Tag this Judgment!