TaxTMI 
TaxTMI 
2010 (4) TMI 855
X X X X Extracts X X X X
X X X X Extracts X X X X
....-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 returns have been filed for the aforesaid ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar 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 State Government in the case of cold storage....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pted, 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 assessment years, therefore, there were escaped asses....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d 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. Therefore, we are of the view that there was material ....