https://www.taxtmi.com/caselaws?id=331387 The Assessee's appeal for the assessment year 2002-03 was dismissed. However, the appeal for the assessment year 2003-04 was partly allowed, specifically regarding the addition of income for shortfall in quantities under the "take or pay agreement." The Tribunal ruled in favor of the Assessee on this ground, following the principle that income accrues only when it becomes due and is accompanied by the corresponding liability of the other party to pay. en-us Tue, 19 Jul 2016 00:00:00 +0530 Mon, 22 Aug 2016 12:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331387 The Assessee's appeal for the assessment year 2002-03 was dismissed. However, the appeal for the assessment year 2003-04 was partly allowed, specifically regarding the addition of income for shortfall in quantities under the "take or pay agreement." The Tribunal ruled in favor of the Assessee on this ground, following the principle that income accrues only when it becomes due and is accompanied by the corresponding liability of the other party to pay. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331387