https://www.taxtmi.com/caselaws?id=177498 For income-tax purposes, receipt is treated as occurring when the sale transaction is completed in law and fact, not merely when a contractual right first arises. On the facts stated, the amount was received on 8 May 1929, within the relevant accounting year, and was therefore taxable for assessment year 1930-31. The text also states that a new factual contention requiring evidence, concerning prior possession of the house-sites, could not be raised for the first time at the appellate stage, so the refusal to admit that issue was justified. en-us Wed, 18 Sep 1935 00:00:00 +0530 Mon, 11 Jan 2016 15:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177498 For income-tax purposes, receipt is treated as occurring when the sale transaction is completed in law and fact, not merely when a contractual right first arises. On the facts stated, the amount was received on 8 May 1929, within the relevant accounting year, and was therefore taxable for assessment year 1930-31. The text also states that a new factual contention requiring evidence, concerning prior possession of the house-sites, could not be raised for the first time at the appellate stage, so the refusal to admit that issue was justified. Case-Laws Income Tax Wed, 18 Sep 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177498