- (1.) The subject matter of challenge in the appeal is a judgment and order dated 29th October, 2010 passed in ITA No.1018/Kol/2010 pertaining to the assessment year 2005-06 by which the learned Income Tax Appellate Tribunal "C" Bench, Kolkata allowed an appeal preferred by the assessee against an order passed under section 263 holding that the order dated 12th September, 2007 passed under section 143(3) of the Income Tax Act was erroneous and prejudicial to the interest of the revenue. The assessing officer was directed by the Commissioner of Income Tax to reassess the income of the assessee in the light of the discussions made by him.
(2.) Aggrieved by the order of the learned Tribunal, the reveue has come up in appeal. The following questions have been suggested. "(i) Whether in view of the facts of the instant case the Tribunal was justified in quashing the order dated 29th October, 2010 passed by the said Commissioner ignoring the fact that on and from 01.04.1997 mixed system of accounting has been prohibited and the assessee should maintain either cash or mercantile system as provided under Section 145 of the Income Tax Act, 1961 and departure therefrom made the entire system of accounting as unrated and illegal (ii) Whether the order of ITAT is at all sustainable as the ITAT has passed an order not sanctioned by the provisions of law as such the order of ITAT is perverse (iii) Whether the Learned Tribunal was justified in not considering the proposition of law laid down by the Hon 'ble Supreme Court in the case of ED Sassoon and Company Ltd. v. CIT reported in 26 ITR 27(SC) that income received or deemed to be received in the previous year is eligible to tax and there is absolutely nothing in the Income Tax Act, 1961 to permit the assessee to treat a part of his income as deferred income (iv) Whether the Learned Tribunal was justified in relying on the following decisions where neither in the Tribunal in the case of R.N. Jhunjhunwala v. Asst.CIT, Circle - 54, Kolkata nor before the High Court at Calcutta in CIT v. R.N. Jhunjhunwala passed in G.A. No.588 of 2008, arising out of I.T.A No. 6.124 of 2008, considered the question of accessibility and moreover the said order passed by the Hon 'ble High Court at Calcutta has been challenged before the Hon 'ble Supreme Court, which is pending adjudication -
(3.) The appeal is at the admission stage.;