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2014 (7) TMI 46 - PUNJAB & HARYANA HIGH COURTAdvance money in books of accounts - accrual of income – Held that:- Tribunal rightly held that if an amount is received in the course of trading transaction, even though it is not taxable in the year of receipt as being of revenue character, the amount changes its character, when the amount becomes the assessee’s own money because of limitation or by any other statutory or contractual right - When such a thing happens, the commonsense demands that the amount should be treated as income of the assessee - the amount was assessable as income of the assessee under the head ‘income from business’ and not as unexplained credits u/s 68 of the Act. The entries which had been shown in the books of account of the assessee were not treated to be income u/s 41(1) or 68 of the Act – Relying upon Commissioner of Income-Tax Versus TV Sundaram Iyengar And Sons Limited [1996 (9) TMI 1 - SUPREME Court] - where the amount which was initially of capital nature but had changed its character to be of revenue nature, it was treated to be taxable income of the assessee - the amount found credited in the books of account of the assessee, the liability to pay back the same had ceased to exist - the Tribunal had rightly treated it to be assessee's taxable income – as such no substantial question of law arises for consideration – Decided against assessee.
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