https://www.taxtmi.com/caselaws?id=66014 The Tribunal partially allowed the appeal, determining that the sum of Rs. 1,48,954.59 could not entirely be considered the assessee's income. It excluded Rs. 33,879.99 from the income for the relevant year due to lodged claims and the price reduction clause invocation. However, it upheld the inclusion of Rs. 58,937.92 as the claim materialized later. The decision showcased a nuanced interpretation of income accrual under the mercantile system of accounting, taking into account contractual terms and specific circumstances. en-us Wed, 22 Apr 1987 00:00:00 +0530 Sat, 19 Feb 2011 18:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66014 The Tribunal partially allowed the appeal, determining that the sum of Rs. 1,48,954.59 could not entirely be considered the assessee's income. It excluded Rs. 33,879.99 from the income for the relevant year due to lodged claims and the price reduction clause invocation. However, it upheld the inclusion of Rs. 58,937.92 as the claim materialized later. The decision showcased a nuanced interpretation of income accrual under the mercantile system of accounting, taking into account contractual terms and specific circumstances. Case-Laws Income Tax Wed, 22 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66014