https://www.taxtmi.com/caselaws?id=235418 The Tribunal ruled in favor of the assessee, holding that the amount received was not unconditionally received as it was wrapped with litigation, and the income did not accrue as the assessee was not the undisputed owner. However, the High Court determined that the assessee was liable to pay tax on the received income under Section 4 of the Income Tax Act, emphasizing that the liability arose upon receipt regardless of pending litigations. The Court set aside the previous order, requiring the assessee to pay tax on the received amount with the potential for refund or adjustment if repayment occurred in the future. en-us Tue, 05 Mar 2013 00:00:00 +0530 Tue, 23 Jul 2013 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235418 The Tribunal ruled in favor of the assessee, holding that the amount received was not unconditionally received as it was wrapped with litigation, and the income did not accrue as the assessee was not the undisputed owner. However, the High Court determined that the assessee was liable to pay tax on the received income under Section 4 of the Income Tax Act, emphasizing that the liability arose upon receipt regardless of pending litigations. The Court set aside the previous order, requiring the assessee to pay tax on the received amount with the potential for refund or adjustment if repayment occurred in the future. Case-Laws Income Tax Tue, 05 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235418