https://www.taxtmi.com/caselaws?id=15953 The High Court ruled in favor of the assessee, holding that the technical know-how fees of Rs. 5 lakhs should not be included in the assessee's income for the assessment year. The Court agreed with the Tribunal that since the amount was not realized and the accounting method was on a cash basis, it could not be taxed in that year. Emphasizing the importance of actual receipt for taxability, the Court discharged the rule issued, with no costs awarded. The case highlights the significance of accounting methods and board resolutions in determining the tax treatment of income. en-us Mon, 22 Dec 1997 00:00:00 +0530 Mon, 31 Aug 2009 11:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15953 The High Court ruled in favor of the assessee, holding that the technical know-how fees of Rs. 5 lakhs should not be included in the assessee's income for the assessment year. The Court agreed with the Tribunal that since the amount was not realized and the accounting method was on a cash basis, it could not be taxed in that year. Emphasizing the importance of actual receipt for taxability, the Court discharged the rule issued, with no costs awarded. The case highlights the significance of accounting methods and board resolutions in determining the tax treatment of income. Case-Laws Income Tax Mon, 22 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15953