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2013 (12) TMI 847 - HC - Income TaxAccrual of interest - whether interest income was chargeable only after the compliance of the agreement - Held that:- Hon'ble Supreme Court in the case of C.I.T. vs. Bokaro Steel Ltd. [1998 (12) TMI 4 - SUPREME Court] has observed that it is real income, which is exigible and hypothetical or notional income is not taxable. In the instant case, member of the AOP have never received any amount except Rs.25 lac at the time of agreement dated 28.8.1989. More than two decades have passed but the assessee has never received any fruits. It appears that the assessee has not received any amount till date. No benefit has been received, so no addition can be made on the notional income. However, the department is always at liberty to charge tax as and when the amount will be received by the assessee. - Decided against the revenue.
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