https://www.taxtmi.com/caselaws?id=5671 The Supreme Court determined that mesne profits awarded in a specific performance suit are taxable in the assessment year when the amount is ascertained by the trial court, not when the right to receive them accrues. The Court upheld the High Court's decision, ruling that the mesne profits were rightly taxed in the assessment year 1963-64, irrespective of the actual receipt in a later accounting year. The Court dismissed the appeals and awarded no costs, emphasizing that the timing of actual realization is irrelevant for tax assessment purposes. en-us Wed, 21 Jan 1998 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5671 The Supreme Court determined that mesne profits awarded in a specific performance suit are taxable in the assessment year when the amount is ascertained by the trial court, not when the right to receive them accrues. The Court upheld the High Court's decision, ruling that the mesne profits were rightly taxed in the assessment year 1963-64, irrespective of the actual receipt in a later accounting year. The Court dismissed the appeals and awarded no costs, emphasizing that the timing of actual realization is irrelevant for tax assessment purposes. Case-Laws Income Tax Wed, 21 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5671