https://www.taxtmi.com/caselaws?id=367514 The High Court upheld the taxability of the amount of Rs. 1.69 Crores credited to the profit and loss account as income in the assessment year 2002-03. The court rejected the appellant's argument that it was notional income, emphasizing that it was recognized as real income in the profit and loss account. The court relied on precedent to categorize the gain as a revenue receipt, dismissing the appellant's plea to spread the income over subsequent years. The court found no substantial question of law in the case and dismissed the appeals without costs. en-us Mon, 17 Sep 2018 00:00:00 +0530 Fri, 21 Sep 2018 08:26:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367514 The High Court upheld the taxability of the amount of Rs. 1.69 Crores credited to the profit and loss account as income in the assessment year 2002-03. The court rejected the appellant's argument that it was notional income, emphasizing that it was recognized as real income in the profit and loss account. The court relied on precedent to categorize the gain as a revenue receipt, dismissing the appellant's plea to spread the income over subsequent years. The court found no substantial question of law in the case and dismissed the appeals without costs. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367514