On appeal, the CIT(A) held that the amount of
\nRs. 47,92,500 was billed by the Assessee in the subsequent year
\ni.e., AY 2008-09 and offered to tax by Assessee as well as assessed to tax by the \u00a0AO in the said year. Since, the rate of tax on the income assessed was the same in both the years i.e., AY\u00a02007-08 and
\nAY 2008-09, it was held that the interest of the Revenue will not be affected. Accordingly, the addition made by the Ld. CIT(A) was deleted. Order of Tribunal is affirmed by the Tribunal. Followed CIT v. Excel\u00a0 Industries Ltd ( 2013) 358 ITR 295 (SC) , CIT v. Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom.)(HC), CIT v. Vishnu Industrial Gasses Pvt. Ltd. (Delhi ) (HC) ( ITA N0 229 of 1988 dt. 6-05-2008). (ITA Nos. 6787, 6489\/Mum\/2014, dt.\u00a0 27-02-2019\u00a0\u00a0 (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3) : Assessment\u2013Accrual of income-Year of taxability\u2013Rate of tax-The income was offered in the subsequent year (basis the billing done), tax rate being the same, interest of revenue was not affected, therefore income could not be taxed on accrual basis in the current year. [S. 2(24), 5]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7524","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Xm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7524"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7524\/revisions"}],"predecessor-version":[{"id":19662,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7524\/revisions\/19662"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}