2013 (5) TMI 51

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cate For the Respondent : Mr. Krishna Murari, Advocate ORDER Heard learned counsel for the parties. 2. The Assessing officer vide assessment order dated 21.12.2009 held that, Section 145 of the Income Tax Act provides that either cash or mercantile system of accounting has to be followed and therefore, there is no scope of realising income in cash and expenses in mercantile system. The....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he ratio of the decision of Delhi High Court. 4. In view of the said decision, the C.I.T.(A) and the I.T.A.T. accepted the method of accounting of the assessee and which was in accordance with the Instruction No.9949 of the Reserve Bank of India and therefore, addition was deleted. 5. In view of the above reasons, we are of the considered opinion that on this point, no question of law is inv....