https://www.taxtmi.com/caselaws?id=326968 The Tribunal upheld the CIT(A)'s decision accepting the assessee's method of offering capital gains for tax on a receipt basis. The disputed amount of Rs. 20 crores was deemed contingent upon future profits, not guaranteed, and therefore only the actual received or accrued amount should be taxed. The Tribunal found that the deferred consideration did not constitute taxable income under Section 45(1) of the Income Tax Act as it was not received or accrued in the relevant assessment year. The appeal was dismissed, affirming the Tribunal's decision. en-us Tue, 29 Mar 2016 00:00:00 +0530 Fri, 29 Apr 2016 11:26:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326968 The Tribunal upheld the CIT(A)'s decision accepting the assessee's method of offering capital gains for tax on a receipt basis. The disputed amount of Rs. 20 crores was deemed contingent upon future profits, not guaranteed, and therefore only the actual received or accrued amount should be taxed. The Tribunal found that the deferred consideration did not constitute taxable income under Section 45(1) of the Income Tax Act as it was not received or accrued in the relevant assessment year. The appeal was dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Tue, 29 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326968