https://www.taxtmi.com/caselaws?id=216239 The Revenue's appeal against the Commissioner of Income Tax (Appeals) was dismissed by the appellate tribunal. The tribunal upheld the CIT(A)'s decision to delete an addition of Rs. 73,10,193/- made by the Assessing Officer for the assessment year 2003-04. It was concluded that the AO erred in treating all amounts received by the assessee as income, emphasizing the distinction between income and receipts. The tribunal affirmed that only real income or profit is taxable, not mere receipts, and supported the consistent accounting method followed by the assessee. en-us Fri, 20 Jul 2012 00:00:00 +0530 Thu, 30 Aug 2012 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216239 The Revenue's appeal against the Commissioner of Income Tax (Appeals) was dismissed by the appellate tribunal. The tribunal upheld the CIT(A)'s decision to delete an addition of Rs. 73,10,193/- made by the Assessing Officer for the assessment year 2003-04. It was concluded that the AO erred in treating all amounts received by the assessee as income, emphasizing the distinction between income and receipts. The tribunal affirmed that only real income or profit is taxable, not mere receipts, and supported the consistent accounting method followed by the assessee. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216239