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1 - 10 of 11 (0.80 seconds)The Income Tax Act, 1961
Section 147 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Bombay vs Mogul Line Ltd., Bombay on 11 September, 1961
The matter of taxability cannot be decided on the basis of the entries
which the assessee may choose to make in his accounts but has to
be decided in accordance with the provisions of law (CIT Vs Mogul
Line Ltd. 1962, 46 ITR 590 600 (Bom).
The Commissioner Of Income-Tax vs M/S. Mcmillan & Co on 16 October, 1957
3.6 If the true income from profits and gains cannot properly be
ascertained on the basis of the assessee's method, the income must
be computed upon such basis and in such manner as the AO may
determine (CIT Vs. McMillan & Co. (1958) 33 ITR 182, 187(SC), CIT
Vs. British Paints India Ltd (1991) 188 ITR 44 (SC).
3.7 Therefore, the income of the assessee's under assessment by
sum of Rs. 4188.90 lakh which reflects the amount which has already
become due to the assessee in terms of the contracts but is not
accounted in the profit and loss account.
M/S. Chowringhee Sales Bureau (P) Ltd vs C.I.T., West Bengal on 10 October, 1972
5. os wp 294-19.doc
the fact it is not so shown in the account books of an assessee does
not prevent the assessing authority from treating it as a trading
receipt (Chowringee Sales Bureau P. Ltd. Vs CIT (1973) 87 ITR 542,
548-9(SC).
Section 148 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax, Calcutta vs British Paints India Ltd on 13 December, 1990
3.6 If the true income from profits and gains cannot properly be
ascertained on the basis of the assessee's method, the income must
be computed upon such basis and in such manner as the AO may
determine (CIT Vs. McMillan & Co. (1958) 33 ITR 182, 187(SC), CIT
Vs. British Paints India Ltd (1991) 188 ITR 44 (SC).
3.7 Therefore, the income of the assessee's under assessment by
sum of Rs. 4188.90 lakh which reflects the amount which has already
become due to the assessee in terms of the contracts but is not
accounted in the profit and loss account.
Punjab Distilling Industries Ltd vs Commissioner Of Income-Tax, Punjab on 9 February, 1965
In other words a trading receipt docs not cease to be so
by being written up in the books in a particular manner (Purjab
Distilling Industries Ltd. Vs CIT 1959, 35 ITR 519, 523(SC).
Commissioner Of Income Tax, U.P.-Ii, ... vs Bazpur Co-Operative Sugar Factory ... on 6 May, 1988
It is the true nature and quality of the receipt
and into the head under which it is entered in the account books
which would prove decisive if a receipt is a trading receipt the fact
that it is not so shown in the account books of the assessee would
not prevent the assessing authority from treating it as a trading
receipt (CIT Vs Bazpur Cooperative Sugar Factory Ltd. 1988 172 ITR
321, 329(SC), Khattar Kiln Co. Vs CIT 1983 140 ITR 425, 428 Punj).