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2016 (8) TMI 225 - GUJARAT HIGH COURTAccrual of income - whether that disputed income is exigible to tax even when the same has not accrued to the assessee as held by ITAT - Held that:- In view of the fact that ONGC had disputed the liability, it cannot be said that there was any corresponding liability on the ONGC to pay the accrued amount to the assessee. Only when a corresponding liability arises on the ONGC to pay up the accrued amount, the income will become taxable. Thus, the authorities below as also the Tribunal seriously erred in holding that the disputed income is exigible to tax. - Decided in favour of the assessee
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