2002 (9) TMI 44

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....Respondents: M.S. Syali, Sr. Adv., Satyen Sethi and Manu K. Giri, Advs. JUDGMENT D.K. JAIN J. 1. These two appeals by the Revenue under section 260A of the Income-tax Act, 1961 (for short "the Act"), are directed against the two orders passed by the Income-tax Appellate Tribunal (for short "the Tribunal") in I.T.A. No. 119/Delhi of 1990 and I.T.A. No. 3101/Delhi of 1991, pertaining to the....

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....ome. He, accordingly, included the amount of interest accrued on such accounts in the total income of the assessee. 4. Aggrieved, the assessee preferred appeal to the Commissioner of Income-tax (Appeals) but without any success. The matter was taken up in further appeal to the Tribunal. The Tribunal, vide the impugned orders, has accepted the stand of the assessee that since the profits and gai....

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.... to the suspense account would not negate the accrual of income. It is asserted that the notion of real income cannot be brought into play when the income has already accrued to the assessee. It is, thus, submitted that a substantial question of law arises from the orders of the Tribunal. 7. Mr. Syali, on the other hand, would contend that since section 44 of the Act expressly makes the First S....

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....the First Schedule. It is not the case of the Revenue that the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. The scope of section 44 of the Act came up for consideration before the Supreme Court in General Insurance Corporation of India v. CIT [1999] 240 ITR 139, and their Lordships observed thus: "Section 44 of the Income-tax....