https://www.taxtmi.com/caselaws?id=342793 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] decision in dismissing the revenue's appeals for the assessment years 2005-06, 2006-07, 2010-11, and 2011-12. The ITAT ruled that the disputed sale price, kept in the contingent sales account due to pending disputes, did not accrue as revenue for the relevant financial years. The Tribunal emphasized the consistent application of the mercantile system of accounting and the real income principle in recognizing revenue, in line with legal precedents and the assessee's argument. en-us Fri, 28 Apr 2017 00:00:00 +0530 Thu, 11 May 2017 20:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342793 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] decision in dismissing the revenue's appeals for the assessment years 2005-06, 2006-07, 2010-11, and 2011-12. The ITAT ruled that the disputed sale price, kept in the contingent sales account due to pending disputes, did not accrue as revenue for the relevant financial years. The Tribunal emphasized the consistent application of the mercantile system of accounting and the real income principle in recognizing revenue, in line with legal precedents and the assessee's argument. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342793