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2006 (6) TMI 80 - HC - Income TaxAccural of Income – lease - in accordance with the agreement between the assessee and the lessee, the amount of Rs. 4,00,000 became due on the execution of the agreement. There was no mechanism laid down in the agreement by which this amount could be recovered or could be held by way of deposit by the assessee - Tribunal is correct in law in holding that the lease amount received in advance by the assessee for leasing out the film for 5 years and to be adjusted towards the yearly lease amount for the next four years is taxable in the year of receipt, i.e, the previous year ending on March 31, 1986, when the assessee was maintaining the accounts on mercantile basis - Tribunal is correct in law in holding that the right of receiving the entire lease amount accrued to the assessee
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