https://www.taxtmi.com/caselaws?id=332002 The High Court ruled in favor of the respondent-assessee in a tax dispute concerning the treatment of receipts as accrued income from granting development rights. The court emphasized that income cannot be considered accrued until the actual sale of development rights occurs, highlighting the importance of the effective date as per the agreement. The revenue's appeal was dismissed as the court found no actual sale of development rights during the assessment years, invalidating the argument based on the accrual system of accounting. The court upheld the ITAT's findings, affirming the decision in favor of the assessee. en-us Fri, 12 Aug 2016 00:00:00 +0530 Tue, 06 Sep 2016 21:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332002 The High Court ruled in favor of the respondent-assessee in a tax dispute concerning the treatment of receipts as accrued income from granting development rights. The court emphasized that income cannot be considered accrued until the actual sale of development rights occurs, highlighting the importance of the effective date as per the agreement. The revenue's appeal was dismissed as the court found no actual sale of development rights during the assessment years, invalidating the argument based on the accrual system of accounting. The court upheld the ITAT's findings, affirming the decision in favor of the assessee. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332002