https://www.taxtmi.com/caselaws?id=238381 The Supreme Court remitted the matter to the Commissioner of Income Tax (Appeals) for examination of provisions made in accounts, emphasizing the distinction between profits and gross receipts. The Court highlighted the assessing officer's duty to determine if obligations are linked to income or its source. The judgment focused on the theory of overriding title in income accrual or application, directing a reconsideration based on established legal principles. The High Court's decision was set aside, and the case was returned for a fresh review, keeping all contentions open for further consideration. en-us Fri, 18 Oct 2013 00:00:00 +0530 Tue, 22 Oct 2013 07:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238381 The Supreme Court remitted the matter to the Commissioner of Income Tax (Appeals) for examination of provisions made in accounts, emphasizing the distinction between profits and gross receipts. The Court highlighted the assessing officer's duty to determine if obligations are linked to income or its source. The judgment focused on the theory of overriding title in income accrual or application, directing a reconsideration based on established legal principles. The High Court's decision was set aside, and the case was returned for a fresh review, keeping all contentions open for further consideration. Case-Laws Income Tax Fri, 18 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238381