Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (6) TMI 343 - BOMBAY HIGH COURTAccrual of Income - The assessee had not received any amount as the Company U had denied that any amount was due and payable by it to the assessee company and arbitration proceeding is pending. The Commissioner (Appeals) held that no real income accrued in favour of the assesese. Tribunal held that once the assessee adopted the mercantile system, the income of the assesse would be assessable in the assessment year. Held that- there was no real accrual of income. There was dispute between the parties which was pending in arbitration, during the assessment year. The income of the assessee would be liable to be assessed only after passing of the award.
|