Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
Interest on fixed deposits subject to prohibitory orders and pending criminal proceedings was held not taxable on accrual because, under the real income principle and the governing circular, income arises only when receipt is sufficiently certain. The fact that the assessee had earlier offered the interest on accrual basis, or that TDS may have been deducted, did not make the uncredited interest taxable while entitlement to the deposits remained uncertain. The court added that if the assessee is ultimately held entitled to the deposits, appropriate additions may then be made. The Tribunal's deletion of the accrued-interest addition was upheld.
Interest on fixed deposits subject to prohibitory orders and pending criminal proceedings was held not taxable on accrual because, under the real income principle and the governing circular, income arises only when receipt is sufficiently certain. The fact that the assessee had earlier offered the interest on accrual basis, or that TDS may have been deducted, did not make the uncredited interest taxable while entitlement to the deposits remained uncertain. The court added that if the assessee is ultimately held entitled to the deposits, appropriate additions may then be made. The Tribunal's deletion of the accrued-interest addition was upheld.
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