2015 (12) TMI 281
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.... in deleting the addition made on account of annual listing fees received from its member on accrual basis." 2. Similar ground of appeal was raised by revenue in the case of assessee for the A.Y. 2006-07 and 2007-08. Perusal of the assessment orders show that as per the AO, the assessee company had not accounted the annual listing fee of Rs. 79,48,500/- for A.Y. 2008-09 and Rs. 69,33,400/- for A.Y. 2009-10 as Income and had been written off. The AO held that this should not have been done and, therefore, he added the amount of Annual List Fees for the assessment years under consideration. 3. On appeal, the ld. CIT (A) following the order of the Jaipur Bench of the ITAT in the case of assessee in ITA No. 661/JP/2010 dated 11.02.2011 for t....
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....at consistently in the same manner the appellant was accounting annual listing fee. As per the said method wherever for 3 years annual fee is not recovered it is not recognized as revenue and following this policy even if annual listing fee is recognized as revenue but not recovered then regularly by following proper method of taking approval of full board such amount is written off by debiting bad debts written off and crediting to the member concerned account. This is the reason why in the income and expenditure account there is a debit of listing fees written off by Rs. 11,12,300/- which has been refere4d by assessing officer. Further AS-1 has been notified by the Central Government u/s 145(2) which recognized the consideration of pruden....