https://www.taxtmi.com/caselaws?id=9606 The High Court ruled in favor of the Revenue regarding the accretion in contingency account No. II, deeming the amounts as the assessee's income due to the nature of hire purchase agreements. The court also held that the tax treatment of the accretion in the contingency account should be treated as income in the assessment year of collection. However, the court sided with the assessee on the conclusion of sale under hire purchase agreements and the accrual of dealer's margin, stating that the dealer's profit does not accrue upon the mere execution of the agreement by the hirer. Additionally, the court upheld the eligibility of a computer for investment allowance under the Income-tax Act. en-us Fri, 28 Oct 2005 00:00:00 +0530 Sat, 27 Jun 2009 19:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9606 The High Court ruled in favor of the Revenue regarding the accretion in contingency account No. II, deeming the amounts as the assessee's income due to the nature of hire purchase agreements. The court also held that the tax treatment of the accretion in the contingency account should be treated as income in the assessment year of collection. However, the court sided with the assessee on the conclusion of sale under hire purchase agreements and the accrual of dealer's margin, stating that the dealer's profit does not accrue upon the mere execution of the agreement by the hirer. Additionally, the court upheld the eligibility of a computer for investment allowance under the Income-tax Act. Case-Laws Income Tax Fri, 28 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9606