Dismissing the appeal the Court held that the aspects that under the mercantile system only actually accrued income was taxable and the income from unclaimed stored goods accrued merely due to indefinite storage, had been decided on concession. Appeal was dismissed. SLP was dismissed. Court also observed that if the assessee believed that its counsel wrongly conceded before the High Court on a point of law, it was expected of it to immediately prefer an appropriate application before the High Court and get the matter clarified. It was too late in the day to level such allegations.
Central Warehousing Corporation. v. PCIT (2025) 476 ITR 520 (SC) Editorial: Central Warehousing Corporation v CIT (2025) 476 ITR 516 (Delhi)(HC)
S. 260A : Appeal-High Court-Method of accounting-Bonded warehouses-Accrual basis-Matter remanded to the Assessing Officer on concession by assessee-Appeal dismissed by high Court-If the assessee believed that its counsel wrongly conceded before the High Court on a point of law, it was expected of it to immediately prefer an appropriate application before the High Court and get the matter clarified. It was too late in the day to level such allegations-SLP rejected. [S. 254(1), Art. 136]