2010 (4) TMI 855

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....ssued under section 148 of the Income-tax Act, 1961 (hereinafter referred to as the "Act"), for the assessment years 1997-98 and 1999-2000.   2. The brief facts giving rise to the present writ petition are that the petitioner is running a cold storage. In para. 8 of the writ petition, it is stated that the petitioner is maintaining its account on the mercantile basis and the income-tax ret....

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....not been disclosed in the assessment year 1999-2000 and, therefore, there were escaped assessments.   3. Heard Sri R. R. Agrawal, learned counsel for the petitioner and Sri Ashok Kumar, learned standing counsel. 4. Learned counsel for the petitioner submitted that since the year 1990-91, the petitioner had adopted the method of accountancy in accord- ance to notification issued by the S....

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....mercantile system of accountancy has been adopted, therefore, the rent should be disclosed on accrual basis and since for the months of February and March, 1997 and 1999, admittedly the rent had been accrued, thus, such rent should have been disclosed by the asses- see in the assessment years 1997-98 and 1999-2000 respectively but the petitioner had not disclosed such rent in the relevant assessme....

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....etition, the petitioner has admitted that it had maintained the books of account on the mercantile basis. It is not in dispute that the rent for the months of February and March, 1997, which had been accrued have not been disclosed in the assessment year 1997-98 and for the months of February and March, 1999, which had been accrued, have not been disclosed in the assessment year 1999-2000. Therefo....