https://www.taxtmi.com/caselaws?id=251865 The court upheld that the entire license fee of Rs. 15,68,50,000/- should be taxed in the year of receipt rather than spread over three years. The court emphasized that income accrues when the right to receive it is established, regardless of actual receipt. Additionally, the penalty under Section 271(1)(c) for concealment was deleted as the court found the assessee's conduct bona fide and the explanation offered reasonable, thereby allowing the appeal. en-us Thu, 25 Sep 2014 00:00:00 +0530 Tue, 18 Aug 2015 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251865 The court upheld that the entire license fee of Rs. 15,68,50,000/- should be taxed in the year of receipt rather than spread over three years. The court emphasized that income accrues when the right to receive it is established, regardless of actual receipt. Additionally, the penalty under Section 271(1)(c) for concealment was deleted as the court found the assessee's conduct bona fide and the explanation offered reasonable, thereby allowing the appeal. Case-Laws Income Tax Thu, 25 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251865