stated that a sum of 165,86,78,346/- is cash
discount which was not considered in sales tax returns ... order. It was also not
known to the ld. AO whether such cash discount was paid in cash or
account payee cheques. Therefore, he held
stated that a sum of 165,86,78,346/- is cash
discount which was not considered in sales tax returns ... order. It was also not
known to the ld. AO whether such cash discount was paid in cash or
account payee cheques. Therefore, he held
various other pages submitted that the
assessee is following cash system of accounting and the
corresponding income has been offered ... Tribunal in the said decision has held that where assessee
following the cash system of accounting, would be entitled
to credit of entire amount
difference in TDS receipts by absolutely ignoring that the
assessee is following Cash Method of Accounting which is well
recognized as per section ... That the AO erred in by not allowing the assessee the Cash Method of
Accounting being followed by the assessee regularly since the inception
While in respect of his
transaction with the 1st company, he adopted cash
system, as regards the transaction with the 2nd
company, he adopted ... submits that it is
open for an assessee to adopt partly the cash system
and partly, the mercantile system and even while
holding the same
Year-2010-11
assessee for Rs.8,41,240/-. The assessee following cash system of
accounting did not offer consultancy income ... Rule 37BA(3) does not apply
to his case as he follows cash system of accounting and as per section
submitted that provision of Rule 37BA is
inapplicable where assessee is following cash system of accounting since if
TDS is deducted however payment ... record. It is noticed that in the instant case assessee as adopted
cash method of accounting. He furnished his return of income claiming
credit
2015
in dispute that the assessee's system of accounting is cash and not
maintaining any books of account.
7. AO made addition ... record. It is noticed that in the instant
case assessee as adopted cash method of accounting. He
furnished his return of income claiming credit
contention is that since he has offered
professional receipts for tax on cash/receipt basis as he
follows cash system of accounting; therefore, charging ... charged professional income, under
scrutiny, in earlier years and subsequent years on
cash/receipt basis.
7.2 The entire provisions regarding the method of
accounting were
amount and date of receiving share capital.
(b) Mode of transaction (cash / cheque / DD).
(c) Confirmation from the share-holders / subscribers.
(d) Copy of Income ... whereas the valuer of the Assessee had followed the
'Discounted Free Cash Flow' or 'DCF' method for valuation of
the shares
