https://www.taxtmi.com/caselaws?id=335854 The tribunal held that the sums received by the assessee were deemed trading receipts and taxable in the relevant assessment year. Despite following the mercantile system of accounting, the actual receipt of income in that year prevailed over accounting principles. The interest received was considered part of business receipts and not separately taxable. The enforceable right to receive compensation by a specific date, as directed by the court, influenced the taxability of the received amount. Ultimately, the department prevailed, and the appeals were dismissed without costs. en-us Mon, 05 Dec 2016 00:00:00 +0530 Sun, 11 Dec 2016 23:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335854 The tribunal held that the sums received by the assessee were deemed trading receipts and taxable in the relevant assessment year. Despite following the mercantile system of accounting, the actual receipt of income in that year prevailed over accounting principles. The interest received was considered part of business receipts and not separately taxable. The enforceable right to receive compensation by a specific date, as directed by the court, influenced the taxability of the received amount. Ultimately, the department prevailed, and the appeals were dismissed without costs. Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335854