1993 (1) TMI 122

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.... included income from profession, property and interest. The assessee had sold some land for Rs. 2 lacs and had invested it in the IDBI Bonds to meet the requirements of s. 54E of the IT Act. As per the 3 year IDBI Capital Bonds Scheme, a photostat copy of which has been filed before us, the investment in these bonds qualified for exemption of tax on capital gains to the extent specified in s. 54E....

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....aintaining his accounts on cash basis. Although the assessee furnished written as well as oral arguments before him the Assessing Officer wrote in the order that a perusal of the records showed that the assessee was following cash system. In the same paragraph, he wrote that assessee had furnished certain instances where he followed the hybrid system of accounting. Thereafter, he simply wrote that....