https://www.taxtmi.com/caselaws?id=218148 Book entries are not conclusive for taxability: income from immovable property transactions was held not to have really accrued where title did not pass, consideration was not actually realised, and the agreements were later cancelled. On that basis, the revised return filed within time under section 139(5) was treated as valid because it withdrew a wrong statement in the original return. By contrast, the waiver of principal under a one-time settlement scheme was treated as taxable business-related income, with the addition sustained in the absence of any distinguishing feature from binding precedent. The result was partial relief to the assessee. en-us Tue, 23 Oct 2012 00:00:00 +0530 Mon, 05 Nov 2012 20:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218148 Book entries are not conclusive for taxability: income from immovable property transactions was held not to have really accrued where title did not pass, consideration was not actually realised, and the agreements were later cancelled. On that basis, the revised return filed within time under section 139(5) was treated as valid because it withdrew a wrong statement in the original return. By contrast, the waiver of principal under a one-time settlement scheme was treated as taxable business-related income, with the addition sustained in the absence of any distinguishing feature from binding precedent. The result was partial relief to the assessee. Case-Laws Income Tax Tue, 23 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218148