2016 (8) TMI 225

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.... 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; "Whether, in the facts and circumstances of the ca....

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....eing 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 the assessee, submitted that the revenue authoriti....

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....counting. 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 of the agreed rate till the contractual issues were r....

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.... 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. The benefits represent, at best, a hypothetical income whi....