Receipt for income-tax arises on completed transaction, and new fact-based claims cannot be raised for the first time on appeal.

For income-tax purposes, receipt is treated as occurring when the sale transaction is completed in law and fact, not merely when a contractual right first arises. On the facts stated, the amount was received on 8 May 1929, within the relevant accounting year, and was therefore taxable for assessment year 1930-31. The text also states that a new factual contention requiring evidence, concerning prior possession of the house-sites, could not be raised for the first time at the appellate stage, so the refusal to admit that issue was justified.

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Issues: (i) whether the sum of Rs. 50,000 was received by the assessee on 3 April 1929 or only on 8 May 1929 for the purpose of assessment under section 4(2) of the Income-tax Act, 1922; (ii) whether the assessee could be permitted at the appellate stage to raise a new factual contention requiring evidence as to prior possession of the house-sites.

Issue (i): whether the sum of Rs. 50,000 was received by the assessee on 3 April 1929 or only on 8 May 1929 for the purpose of assessment under section 4(2) of the Income-tax Act, 1922.

Analysis: The payment, the agreement to sell, and the ultimate execution of the sale deed formed one completed transaction. The amount was not received merely because a contractual right arose on the date of payment; in the circumstances, the money could be said to have been received only when the transaction was completed by execution of the sale deed and the house-sites were effectively obtained. That date fell within the accounting year.

Conclusion: The sum was received on 8 May 1929 and was taxable in the accounting period relevant to the assessment year 1930-31, in favour of Revenue.

Issue (ii): whether the assessee could be permitted at the appellate stage to raise a new factual contention requiring evidence as to prior possession of the house-sites.

Analysis: The question of prior possession had not been raised before the original taxing officer. It depended on evidence and could not properly be introduced for the first time in appeal. The refusal to allow the assessee to adduce evidence was therefore justified.

Conclusion: The appellate authority rightly declined to entertain the new factual contention, in favour of Revenue.

Final Conclusion: The reference was answered by holding that the amount was received during the accounting period and the assessee was liable to be taxed on it for the assessment year 1930-31.

Ratio Decidendi: For income-tax purposes, receipt occurs when the transaction is completed so that the amount is actually obtained in law and fact, and a new factual issue requiring evidence cannot be raised for the first time in appeal.

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