https://www.taxtmi.com/caselaws?id=219642 ITAT Calcutta allowed the assessee's appeal against CIT's order u/s 263 regarding treatment of advance rent received. The tribunal held that since the assessee maintained accounts on mercantile system of accounting, advance rent cannot be treated as rent receipt in the year of receipt. The assessee had offered advance rent as income in the relevant assessment year and it was accepted. CIT's finding u/s 263 was erroneous and without jurisdiction, making the order unsustainable in law. en-us Tue, 10 Jul 2012 00:00:00 +0530 Wed, 05 Mar 2025 18:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219642 ITAT Calcutta allowed the assessee's appeal against CIT's order u/s 263 regarding treatment of advance rent received. The tribunal held that since the assessee maintained accounts on mercantile system of accounting, advance rent cannot be treated as rent receipt in the year of receipt. The assessee had offered advance rent as income in the relevant assessment year and it was accepted. CIT's finding u/s 263 was erroneous and without jurisdiction, making the order unsustainable in law. Case-Laws Income Tax Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219642