Held that the transaction of sale of property was undertaken by the assessee during the financial year 2006-07 pertaining to the assessment year 2007-08 but the assessee did not record the entry in the books of account and continuously showed the property in the balance-sheet till the assessment year 2012-13. Hence, the books of account of the assessee did not reveal the correct factual position of properties owned by the assessee till 2012-13. In response to notice the purchaser submitted that it had not purchased any property from the assessee during the financial year 2011-12. The sale deed showed that the assessee had sold the land on March 21, 2007 which fell within the ambit of assessment year 2007-08 and the recital in the sale deed stated that the assessee had received sale consideration at the time of execution and registration of sale deed. Entries in the books of account are not determinative of the true nature of the transaction and of the income. Therefore, following the principle of tax jurisprudence that the right income should be taxed in the right hands, under right head of income in the right year of assessment, the Assessing Officer was to tax the income or profits accrued to the assessee from sale of the land or property in the assessment year 2007-08.(AY.2012-13)