https://www.taxtmi.com/caselaws?id=274820 The High Court upheld the Tribunal's decision in an appeal against the ITAT judgment on tax liability for a shortfall in quantities under a "take or pay agreement" for AY 2003-04. The Court found no error in the Tribunal's ruling that the income had not accrued, despite the Revenue's argument based on the mercantile system of accounting and the cancellation of the agreement in 2005. The Court dismissed the Tax Appeal, stating that no question of law arose from the case. en-us Tue, 04 Jul 2017 00:00:00 +0530 Thu, 06 Sep 2018 07:20:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274820 The High Court upheld the Tribunal's decision in an appeal against the ITAT judgment on tax liability for a shortfall in quantities under a "take or pay agreement" for AY 2003-04. The Court found no error in the Tribunal's ruling that the income had not accrued, despite the Revenue's argument based on the mercantile system of accounting and the cancellation of the agreement in 2005. The Court dismissed the Tax Appeal, stating that no question of law arose from the case. Case-Laws Income Tax Tue, 04 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274820