2007 (7) TMI 286

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....on of this court, which are claimed to have emerged from the order dated July 20, 1998, passed in I.T.A. No. 432 (ASR)/1992, in respect of the assessment year 1987-88 : "1. Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal is justified in law in dismissing the appeal of the Revenue whereby upholding the action of the Com-missioner of Income-tax (Appeals) in deleting the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, holding that there was neither any concealment nor default for furnishing inaccurate particulars of income ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in law in confirming the deleti....

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....ing an appeal before the Tribunal. The Tribunal dismissed the appeal, vide order dated July 20, 1998, with the observation in the concluding paragraph 6, which read as under : "6. In the case in hand the receipt of Rs. 4,70,135 is the bone contention and that receipt was shown by the assessee during 1986-87 on accrual basis after effecting the change in the method of accountancy. The learned Departmental representative was not able to point out any provision in which permission of the Assessing Officer was required in the year under consideration to effect the change of accounting system. The important fact was whether the assessee had shown the receipt or not. The assessee had shown it in the assessment year 1986-87 and the Department h....