https://www.taxtmi.com/caselaws?id=203616 The Tribunal ruled in favor of the assessee in a tax dispute regarding the amount received pending finality of an arbitrator's award. It was held that under the mercantile system of accountancy, income accrues only upon finalization of the dispute, following the precedent set in Commissioner of Income Tax v. Hindustan Housing and Land Development Trust Ltd. The court distinguished previous cases cited by the revenue, emphasizing that the disputed amount was not taxable until the matter was resolved. As a result, the appeal of the revenue was dismissed in favor of the assessee. en-us Tue, 22 Feb 2011 00:00:00 +0530 Thu, 09 Jun 2011 08:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203616 The Tribunal ruled in favor of the assessee in a tax dispute regarding the amount received pending finality of an arbitrator's award. It was held that under the mercantile system of accountancy, income accrues only upon finalization of the dispute, following the precedent set in Commissioner of Income Tax v. Hindustan Housing and Land Development Trust Ltd. The court distinguished previous cases cited by the revenue, emphasizing that the disputed amount was not taxable until the matter was resolved. As a result, the appeal of the revenue was dismissed in favor of the assessee. Case-Laws Income Tax Tue, 22 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203616