TaxTMI 
TaxTMI 
2009 (7) TMI 708
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....to as "the Act"), has been admitted vide order dated August 10, 2000 on the following two substantial questions of law : "(i) Whether on the facts and in the circumstances of the case and material available on the records, the Income-tax Appellate Tribunal is legally justified in holding that the Assessing Officer was not justified in disturbing the system of accounting regularly adopted by the a....
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.... Rs. 4,88,026 which was revised on August 7, 1989, showing the net income of Rs. 3,96,020. The assessee carried on the business on commercial scale as real estate developer, promoters, builders, property developers and selling agent of flats to be constructed thereon. It had entered into an agreement dated January 2, 1985 with the Reserve Bank of India for developing the property on commercial sca....
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....he profits, yet in the special circumstances of the present case as the trade results have been accepted both in the previous year and the subsequent year, it will disturb the entire method adopted by the assessee and would lead to reopening and adjustment in the opening and closing stock of the previous and subsequent year. The Commissioner of Income-tax (Appeals), therefore, accepted the claim o....
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....the Commissioner of Income-tax (Appeals) before the Income-tax Appellate Tribunal without success. 5. We have heard Sri Shambhu Chopra, learned standing counsel appearing for the Revenue. 6. He submitted that the work-in-progress ought to have been counted while computing the true profits and the failure to do so cannot be condoned. The submission though in law is correct but in the special circ....