RAJESH BALIA,J. - (1.) THESE four appeals arise out of the order passed by the Tribunal on 12th Oct., 2001, in each case on an application moved by the appellant -assessee under Section 254(2) of the IT Act for rectifying its order dt. 22nd Feb., 2000 passed in appeals relating to asst. yrs. 1993 -94, 1994 -95, 1995 -96, 1996 -97 (four years).
(2.) THE controversy for the present purpose pertains to the assessment of the income derived by the appellant -assessee by way of interest on debentures and securities for the aforesaid assessment years. The controversy has earlier' been raised relating to the asst. yrs. (sic -1989 -90), 1991 -92 and 1992 -93 which has been subject -matter of the decision of the Tribunal passed in ITA Nos. 5/Jp/1992 and 1060 and 1061/Jp/1994 decided by a common order dt. 29th Oct., 1998. The -ground No. 1 dealt by the Tribunal in its order dt. 29th Oct., 1998 was against the sustenance of addition on account of interest on securities/ debentures on accrual basis. There was no dispute that the interest income was accounted for and taken into books of account by the appellant on accrual basis following the mercantile system. However, while computing income under the provision for IT' Act for levy of tax, the assessee has shown lesser income as he had reduced its interest income shown in the books by the amount which was not declared and did not become receivable during the accounting year relevant to assessment year in question. The assessee claimed that Section 145, which is a machinery provision and is not charging section, has not really made any alteration in the method adopted by the assessee,
(3.) THE AO has rejected the claim of the assessee and enhanced the income declared by the assessee by disallowing the claim of the assessee for reducing its income which was claimed to have not become due to be received during the relevant accounting period.;