PADAMANARAYANA ASAWA Vs. DEPUTY COMMISSIONEOR OF INCOME-TAX

JUDGEMENT

(1.) Heard the learned senior counsel Sri Seshachala along with Sri G.M.Gangadhar learned counsel for the appellant and Sri Y.V.Raviraj, Senior standing counsel for the Revenue in detail.

(2.) The substantial question of law that arises for consideration is:

(3.) The learned counsel for the Revenue would vehemently submit that the arguments now being advanced, by placing a reliance on Sections 145A and 10(37) of the Income Tax Act is not the case that was canvassed before the authorities below and that the new case now being canvassed by the appellant requires to be examined by the Assessing Officer, which is not in dispute that is for the Assessment Year 2004-05. The income by way ofinterest and the compensation amount were declared on accrual basis. That the law with regard to the method of computation of the income came to be settled by the Hon'ble Apex Court in the case of Commissioner of Income Tax Vs. Ghanshyam, 2009 315 ITR.1 (SC)], wherein the Hon'ble Apex Court was pleased to lay down the law that the computation of income sought to be made on receipt basis.