Court held that the highest rate of Income-tax attracted to both the assessees was uniform for the assessment years 2010-11 and 2011-12. Since the rate of Income-tax in the assessment years 2010-11 and 2011-12 was uniform, it was of no consequence to the Revenue whether to allow the expenditure in the assessment year 2010-11 or 2011-12.No question of law . Followed CIT v Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom) (HC), CIT v. Aditya Builders Ltd. (2015) 378 ITR 75 (Bom.) (HC) CIT v Triveni Engineering and Industries Ltd (2011) 336 ITR 374 (Delhi) (HC) CIT v. Gujarat State Forest Development (2007) 288 ITR 28 (Guj.) (HC) (AY. 2011-12, 2012-13)
PCIT v. Rajesh Prakash Timblo (2019) 415 ITR 334/ (2020) 185 DTR 34/ 313 CTR 91 (Bom.)(HC) PCIT v. Vidya Rajesh Timlo (2019) 415 ITR 334/(2020) 185 DTR 34 / 313 CTR 91 (Bom.)(HC)
S. 37(1) : Business expenditure-Year of allowability of expenditure-Method of accounting-Rate of tax is same in both assessment years-Question academic-No question of law. [S. 145, 260A]