2007 (11) TMI 270

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....of the court was delivered by M.M.KUMAR, J. - This order shall disposed of ITA Nos. 363, 364, 365, 366 and 369 of 2007. All these appeals have been filed under Section 260A of the Income Tax Act, 1961 (for brevity 'the Act') against the consolidated order dated 31.1.2007 (A-3)passed by the Income Tax Appellate Tribunal, Amritsar (for brevity 'the Tribunal'). List of all these appeals along with....

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.... cash basis when the evidence clearly show that it has been accounted on a mercantile basis." 3. The Tribunal has categorically held that the un-rebutted case of the assessee throughout has been that they are following the cash system of accounting for the interest income earned from the bank and according to Section 145 (1) of the Act, the income chargeable under the head 'profits and gains of....