2002 (10) TMI 64

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of law: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the receipts from lease and sale of horses are assessable as income in the hands of the assessee? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in rejecting the assessee's contention that proceeds from sale of horses are to be considered for....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on by the assessee. One incidental question that arises in this year is whether the entire income by way of lease of the horses should be assessed on the basis of accrual or on the basis of the income received in those assessment years. Admittedly, the assessee is maintaining the mercantile system of accounting and the entire income accrued in the year of auction and it is not open to the assesse....