Case Law Details
Case Name : DCIT Vs. S.V.S Prop mart Pvt. Ltd. (ITAT Delhi)
Related Assessment Year : 2006-07
Courts :
All ITAT ITAT Delhi
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DCIT Vs. S.V.S Prop mart Pvt. Ltd. (ITAT Delhi)
Assessing Officer has mentioned in the Assessment order about the submissions made by the assessee that the commission was not received by the assessee company on account of dispute with the said party. Since the commission income has not been settled and crystallized, the same has not accrued to the assessee company. The said contention of the assessee was not dealt with by the Assessing Officer. There was no finding given by the Assessing Officer that the amount was received by the assessee outside the books of account. This aspect was taken in...
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UNLESS A DEBT HAS BEEN CREATED IN FAVOR OF THE ASSESSEE IT CANNOT BE SAID THAT THE INCOME HAS ACCRUED TO IT or IT HAS A RIGHT TO RECEIVE the income as held in ED Sassoon & Co Ltd. (v) CIT (1954] 26 ITR @7 (SC); Seth Pushaal Mansingka (P) Ltd. (v) CIT (1967) 66 ITR 159 (SC) and CIT (v) Ashokbhai Chimanbhai (1965) 56 ITR 42 (SC).
So what ?! SO LONG AS THE LOWLY ao DOES NOT CARE or bother TO LEARN, or taught , HIS FIRST LESSoN ON SUCH ELEMENTAY CONCEPTS / PRINCIPLES, upheld /reminded of, courts are there to keep tutoring, at no cost to him !