https://www.taxtmi.com/caselaws?id=326888 The Supreme Court held that the notice issued under Section 148 of the Income Tax Act to reopen the assessment for the appellant-assessee for the year 1989-1990 lacked jurisdiction and authority. The Court emphasized that income accrual occurs when the right to receive income is vested in the assessee, ruling that despite retrospective rent enhancement, the right to receive it only vested in 1994, not during the assessment year. The Court set aside the High Court's order and allowed the appeal, clarifying the significance of a vested right to receive income for it to be considered as accrued or arisen. en-us Tue, 19 Apr 2016 00:00:00 +0530 Fri, 15 Feb 2019 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326888 The Supreme Court held that the notice issued under Section 148 of the Income Tax Act to reopen the assessment for the appellant-assessee for the year 1989-1990 lacked jurisdiction and authority. The Court emphasized that income accrual occurs when the right to receive income is vested in the assessee, ruling that despite retrospective rent enhancement, the right to receive it only vested in 1994, not during the assessment year. The Court set aside the High Court's order and allowed the appeal, clarifying the significance of a vested right to receive income for it to be considered as accrued or arisen. Case-Laws Income Tax Tue, 19 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326888