The Commissioner Of Income Tax, Chandigarh v. M/S Chandigarh Industrial Tourism Development Corporation Limited

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. ITA No. 243 of 2003 Date of decision: 29.9.2010 The Commissioner of Income Tax, Chandigarh -----Appellant Vs. M/s Chandigarh Industrial Tourism Development Corporation Limited ----Respondent CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOELHON’BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Ms. Urvashi Dhugga, Advocate for the revenue.Ms. Radhika Suri, Advocate for the respondent. Adarsh Kumar Goel,J. This order will dispose of ITA Nos.243 of 2003 and 387 of2004 as learned counsel for the parties agree that both the appealsinvolve common question. In ITA No.243 of 2003, appeal of the revenue is undersection 260A of the Income Tax Act, 1961 (for short, ‘the Act’) againstorder of the Income Tax Tribunal, Chandigarh Bench ‘B’ Chandigarhdated 21.4.2003 in ITA No.744/Chandi/97 for the assessment year1991-92, raising following substantial question of law:- “Whether on the facts and in the circumstances of thecase, the ITAT was right in law in allowing the income ofthe assessee to be taxed on receipt basis and not onaccrual basis even though the assessee was followingmercantile system of accounting?” Learned counsel for the parties further agree that the saidquestion is covered against the revenue by judgment of this Court in CIT v. Chandigarh Industrial and General Development Corporation Limited, (2009) 319 ITR 85. Accordingly, these appeals are dismissed. (Adarsh Kumar Goel) Judge September 29, 2010‘gs’ (Ajay Kumar Mittal) Judge