https://www.taxtmi.com/caselaws?id=69961 The Tribunal ruled in favor of the assessee, determining that the income from the transactions accrued in the previous year ended 31-3-1980, not in 1979. The agreements were considered executory until the film was certified for release, and as the film was certified and released in 1979, the income was deemed to accrue in the subsequent year. The Commissioner's order under section 263 of the Income-tax Act, 1961 was canceled, upholding the correctness of the assessment made by the ITO. The Tribunal emphasized adherence to legal principles governing income accrual in such transactions. en-us Mon, 14 May 1984 00:00:00 +0530 Wed, 13 Apr 2011 11:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69961 The Tribunal ruled in favor of the assessee, determining that the income from the transactions accrued in the previous year ended 31-3-1980, not in 1979. The agreements were considered executory until the film was certified for release, and as the film was certified and released in 1979, the income was deemed to accrue in the subsequent year. The Commissioner's order under section 263 of the Income-tax Act, 1961 was canceled, upholding the correctness of the assessment made by the ITO. The Tribunal emphasized adherence to legal principles governing income accrual in such transactions. Case-Laws Income Tax Mon, 14 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69961