2016 (8) TMI 225

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ARKAR, ADVOCATE FOR THE OPPONENT : MR M.R. BHATT, SR. ADVOCATE FOR MRS MAUNA M BHATT, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A of the Incometax Act, 1961 is filed against the order dated 23.11.2006 passed by the Incometax Appellate Tribunal, Ahmedabad in ITA No.2665/Ahd/2005 raising the following substantial question of law; "Whethe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dismissed the appeal filed by the assessee. Being aggrieved by the same, the assessee filed second appeal before the Tribunal. However, the Tribunal dismissed the appeal filed by assessee, by impugned order dated 23.11.2006. Hence, this appeal. 3. We have heard learned counsel for both the sides and perused the documents on record. 4. Mr.S.N. Soparkar, learned Senior Advocate appearing for t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at assessee was following the mercantile system of accounting. The revenue authorities made the addition of accrued income on the ground that assessee had carried out work according to the satisfaction of ONGC and had raised the bill at the agreed rate. Therefore, it is not a case where the assessee had not carried out the contractual work. In fact, the ONGC had undertaken to make interim payment ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessee. 21. Insofar as the present case is concerned, even if it is assumed that the assessee was entitled to the benefits under the advance licences as well as under the duty entitlement pass book, there was no corresponding liability on the customs authorities to pass on the benefit of duty free imports to the assessee until the goods are actually imported and made available for clearance.....