2016 (5) TMI 220

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....NT 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 17th May, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200708. 2. This appeal raises the following questions of law for our consideration :"( i) Whether on the facts and in the circumstances of the case, the Tri....

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....f Section 115JB of the Income Tax Act? (v) Whether the Tribunal was correct in its decision that the amounts received from various public sector companies were only advances and not receipts of income, based on the percentage completion method followed by the Company?" 3. Regarding Question Nos.(i) & (ii):Mr. Suresh Kumar, the learned counsel for the Revenue very fairly states that bot....

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....m of the amount received but an amounts relating to miles stones achieved in terms of the contract between the parties. The amounts in excess of that billed was shown as advance. The assessing Officer as well as the CIT (A) disallowed the same and sought to bring the entire amount received during the subject assessment years to tax with no nexus to the quantum of work done. (b) The impugn....