TaxTMI 
TaxTMI 
1991 (7) TMI 29
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.... us under the provisions of the Income-tax Act, 1961, reads thus : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner (Appeals) who held that the sum of Rs. 35,08,380 received by the assessee from Messrs. Mysore Power Corporation Ltd., on account of excess measurement is only a deposit and not income lia....
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....wer Corporation Ltd. regarding work executed in respect of the Chakra project. Similarly, in the case of Savehakkalu Project it received Rs. 2,83,26,665. After deducting the cost of materials supplied, the assessee made a further deduction of Rs. 16,87,500 from the receipts of Chakra Project and Rs. 18,20,000 from the receipts of Savehakkalu Project and offered only the balance as receipts which c....
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.... K. P. C. K. P. C. ------------------------------------------------------------------------------------------------------------------------------------------------ Soft rock 1,79,579.94 cu. m. 1,27,844 cu. m. 67,51,735.3 cu. m. excavation Hard rock 3,14,239.27 cu.m. 80,929.29 cu. m. 2,33,309.9 cu. m. ----------------------------------------------------------------------------------------....
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....ion made in this behalf by the assessee amounted to hardly three per cent. (2) From the facts, it is seen that the assessee did receive amounts over and above what was due to it as per the work done by it. It is, therefore, reasonable to hold that the excess payments made by the Karnataka Power Corporation are in the nature of advances made to the assessee. (3) In this view, there is no bar in t....