https://www.taxtmi.com/caselaws?id=269388 The Tribunal upheld the deletion of an addition of accrued interest by the Commissioner of Income Tax (Appeals) in a case concerning compensation received by the assessee, emphasizing that income tax liability arises only upon unconditional receipt of income. The interest income was deemed contingent on the resolution of litigation and could not be taxed until conclusively settled. Relying on precedents, the Tribunal dismissed the Revenue's appeal, affirming that the interest income on unpaid compensation could only be taxed when the litigation was finalized, in line with the Income Tax Act and legal principles. en-us Fri, 20 Nov 2015 00:00:00 +0530 Mon, 14 Dec 2015 10:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269388 The Tribunal upheld the deletion of an addition of accrued interest by the Commissioner of Income Tax (Appeals) in a case concerning compensation received by the assessee, emphasizing that income tax liability arises only upon unconditional receipt of income. The interest income was deemed contingent on the resolution of litigation and could not be taxed until conclusively settled. Relying on precedents, the Tribunal dismissed the Revenue's appeal, affirming that the interest income on unpaid compensation could only be taxed when the litigation was finalized, in line with the Income Tax Act and legal principles. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269388