Itta/170/2012 Of The Commissioner Of Income Tax-Ii v. M/.S. Treasure Island Pvt. Limited

IN THE HIGH COURT OF JUDICATURE, ANDHRAPRADESH AT HYDERABAD WEDNESDAY, THE TENTH DAY OF JULYTWO THOUSAND AND THIRTEEN PRESENT THE HON’BLE THE CHIEF JUSTICESRI KALYAN JYOTI SEN GUPTA AND THE HON'BLE MS. JUSTICE G.ROHINI I.T.T.A. No.170 OF 2012 Between: Commissioner of Income Tax-IIHyderabad. ..... Appellant AND M/s. Treasure Island Pvt. Ltd., Flat No. 601, Golden Green Apartments,Erramanzil, Hyderabad .....Respondent The Court made the following : JUDGMENT:(per the Hon’ble the Chief Justice Sri K.J. Sengupta) This appeal is sought to be filed against the judgmentand order of the learned Tribunal dated 27.7.2007 in relationto the assessment year 1997-1998, on the followingsuggested question of law: Whether on the facts and in the circumstances of thecase, the Tribunal was correct in law in holding that theentire membership fee collected in the year underconsideration cannot be taxed in that year and has to bedeferred to future years? We have heard the learned counsel for the appellantand gone through the impugned judgment and order. Thelearned Tribunal has decided the matter following earlierdecision of the Tribunal in the assessee’s own case for theassessment year 1996-1997. It has been consistently heldby the Tribunal that the assessee maintained books ofaccounts in conformity with the Accounting Standard 9 and,as such, the same has to be accepted. Thereafter, thelearned Tribunal has decided that the Assessing Officer isjustified in brining to tax the entire membership fee collectedto tax in the year under appeal. Therefore, we do not findany illegality in the judgment and order passed by thelearned Tribunal. Consequently, we dismissed the appeal. No order asto costs. ______________________ Kalyan Jyoti Sengupta, CJ. __________ G.Rohini, J.