https://www.taxtmi.com/caselaws?id=204913 The High Court upheld the decision that the Rs. 3 crores received by the assessee from M/s Daewoo Motors India Ltd constituted income assessable for the year 1998-1999. The Court ruled that the amount accrued as income upon receipt, dismissing the Revenue's appeal and determining that the penalty under Section 271(1)(c) was not applicable as the assessee did not conceal income or furnish inaccurate particulars. en-us Wed, 03 Aug 2011 00:00:00 +0530 Mon, 10 Dec 2012 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204913 The High Court upheld the decision that the Rs. 3 crores received by the assessee from M/s Daewoo Motors India Ltd constituted income assessable for the year 1998-1999. The Court ruled that the amount accrued as income upon receipt, dismissing the Revenue's appeal and determining that the penalty under Section 271(1)(c) was not applicable as the assessee did not conceal income or furnish inaccurate particulars. Case-Laws Income Tax Wed, 03 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204913