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1998 (1) TMI 3 - SUPREME COURT
In which assessment year the appellant is liable to be assessed in respect of mesne profits which were awarded in his favour - liability became ascertained only with the order of the trial court on December 22, 1962, and not earlier - Following the mercantile system of accounting, the mesne profits awarded by order dated December 22, 1962, were rightly taxed in the assessment year 1963-64 and it was wholly irrelevant as to when the amount awarded was in fact realised by the assessee