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<h1>Compensation for breach of contract taxable in the year of award. Decision upheld in favor of assessee.</h1> The High Court of Madhya Pradesh held that compensation received for breach of contract was taxable in the year of the award. The right to receive ... Accrual, Income The High Court of Madhya Pradesh held that compensation received by the assessee for breach of contract was legally taxable in the year when the award was made. The court found that the right to receive the compensation accrued to the assessee when the award was made in 1975. The Tribunal's decision was upheld, and the answer to the question was in the affirmative, against the Revenue.
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