https://www.taxtmi.com/caselaws?id=257747 ITAT held that the Assessing Officer, Circle 6(1) had valid jurisdiction as the assessee submitted to that Circle and failed to object under s.124(3)(a); the CIT(A) lacked power to entertain the additional jurisdictional ground. Change to cash accounting was not bona fide to shift income to an earlier year, so revenue's view restored. Instalments and hire-purchase receipts received on sale of houses/flats are taxable on receipt (cash system) with corresponding cash expenditures allowable; unreconciled earlier instalments to be considered year-wise. Issues on CPF/ FDR investments remitted for further scrutiny. Interest on FDRs allowed on receipt basis; depreciation and administrative expenses allowed; bad-debt claims disallowed; earnest-money and airport-land contributions remitted/decided largely for revenue. en-us Fri, 06 Dec 2013 00:00:00 +0530 Tue, 02 Sep 2025 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257747 ITAT held that the Assessing Officer, Circle 6(1) had valid jurisdiction as the assessee submitted to that Circle and failed to object under s.124(3)(a); the CIT(A) lacked power to entertain the additional jurisdictional ground. Change to cash accounting was not bona fide to shift income to an earlier year, so revenue's view restored. Instalments and hire-purchase receipts received on sale of houses/flats are taxable on receipt (cash system) with corresponding cash expenditures allowable; unreconciled earlier instalments to be considered year-wise. Issues on CPF/ FDR investments remitted for further scrutiny. Interest on FDRs allowed on receipt basis; depreciation and administrative expenses allowed; bad-debt claims disallowed; earnest-money and airport-land contributions remitted/decided largely for revenue. Case-Laws Income Tax Fri, 06 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257747