2013 (9) TMI 964

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....0/- made by the Assessing Officer, by Commissioner of Income Tax (Appeals), which have been affirmed by the tribunal. The Assessing Officer had noticed that grant of Rs.35 crores was sanctioned by the Government in the said year to improve air connectivity in North-Eastern Region. The respondent-assessee had taken on lease four ATR-42-320 aircrafts forfive years from Ms/ Aviande Transport Regional (ATR). 3. The respondent-assessee had authorised and had spread this grant over a period of five years as the lease period of the aircrafts was sixty months. The Assessing Officer disagreed and held that once the respondent-assessee had received the grant of Rs.35 crores from the Ministry of Finance and Company Affairs, the same could not have ....

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....g standard, which were prescribed by the Institute of Chartered Accountants. It was held that the accounts of the respondent should give true and fair view of the profit and loss account. Reference has been made to judgments of the Supreme Court in CIT versus Woodward Governor India Private Limited, (2009) 312 ITR 254 (SC), CIT versus Bilahari Investments (P) Limited, (2008) 299 ITR 1 (SC) and J.K. Industries Limited & Another versus Union of India & Others, (2007) 312 CTR (SC) 301. 5. The findings recorded by the two appellate authorities is that the standard followed by the respondent was as per accounting standard AS-12 prescribed by the Institute of Chartered Accountants. The said method of accounting cannot be faulted or ignored. It....