https://www.taxtmi.com/caselaws?id=69432 The Tribunal dismissed the Revenue's appeal, affirming that Section 44BBB of the IT Act was not applicable for the assessment year 1994-95. It held that income should be recognized when paid or payable, rejecting the retrospective application of the section. Prior assessments with accepted losses could not be revisited without proper procedures. The Tribunal found no grounds to tax the income in 1994-95 based on the assessee's letter. en-us Mon, 23 Feb 2004 00:00:00 +0530 Fri, 15 Jun 2012 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69432 The Tribunal dismissed the Revenue's appeal, affirming that Section 44BBB of the IT Act was not applicable for the assessment year 1994-95. It held that income should be recognized when paid or payable, rejecting the retrospective application of the section. Prior assessments with accepted losses could not be revisited without proper procedures. The Tribunal found no grounds to tax the income in 1994-95 based on the assessee's letter. Case-Laws Income Tax Mon, 23 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69432