https://www.taxtmi.com/caselaws?id=77878 The High Court held that no real income accrued to the appellant due to ongoing dispute and arbitration proceedings, aligning with the principles established in Godhra Electricity Company Ltd. v. CIT [1997] 225 ITR 746. Income tax is imposed on actual income, not hypothetical income, emphasizing the importance of real income accrual. The court ruled in favor of the appellant, stating that income would only be taxable upon conclusion of arbitration, issuance of an award, and receipt of income, overturning the Tribunal's decision and highlighting the significance of real income accrual in tax assessments. en-us Thu, 26 Jun 2008 00:00:00 +0530 Tue, 13 Sep 2011 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77878 The High Court held that no real income accrued to the appellant due to ongoing dispute and arbitration proceedings, aligning with the principles established in Godhra Electricity Company Ltd. v. CIT [1997] 225 ITR 746. Income tax is imposed on actual income, not hypothetical income, emphasizing the importance of real income accrual. The court ruled in favor of the appellant, stating that income would only be taxable upon conclusion of arbitration, issuance of an award, and receipt of income, overturning the Tribunal's decision and highlighting the significance of real income accrual in tax assessments. Case-Laws Income Tax Thu, 26 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77878