2017 (1) TMI 1260

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....Leave to replace the order of assessment. 2. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal dated 27.04.2016 passed in ITA No. 2933/Ahd/2009 for assessment year 200304, Revenue has preferred the present Tax Appeal for the following proposed substantial questions of law: "(A) Whether the assessee was not duty bound t....

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....d question No. A is concerned, it is required to be noted that, as observed by the learned Tribunal, the assessee was following cash method of accountancy and upto the preceding year of assessment, the income of the assessee was exempted under Section 10 (20A) of the Income Tax Act being the local authority. The year under consideration was the first year after the exemption period was over. There....

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....l statements so that the true income gets reflected in the year under consideration, because the impugned premium of Rs. 131 crores was not pertaining to one specific year but was for many years and the suggestion was made to bifurcate the amount on the basis of lease period. It is worthwhile to mention here that we have already held that the assessee is not carrying on any business activity, rath....

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....this section and certainly whatever amount which have been received prior to 01.04.2002 gets covered therein. Therefore, in our view, no addition was called for Rs. 12,92,00,000/on account of Revenue recognition of the premium received on allotment of plots by way of spreading the revenue for a period of 10/20/25 years on the basis of AG (Audit) Report. Thus, this ground of assessee's appeal is al....