https://www.taxtmi.com/caselaws?id=377928 The High Court held that the amounts collected by the Assessee from customers for ground rent payable to Chennai Port Trust, previously shown as liabilities, should be treated as income under Section 41(1) of the Income Tax Act. The Court ruled that since the liability had been conclusively determined by TAMP, the amounts became taxable income for the Assessment Year 2003-2004. The Court sided with the Revenue, determining that the disputed liabilities had ceased to exist, and thus were subject to taxation. en-us Tue, 26 Mar 2019 00:00:00 +0530 Wed, 01 May 2019 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377928 The High Court held that the amounts collected by the Assessee from customers for ground rent payable to Chennai Port Trust, previously shown as liabilities, should be treated as income under Section 41(1) of the Income Tax Act. The Court ruled that since the liability had been conclusively determined by TAMP, the amounts became taxable income for the Assessment Year 2003-2004. The Court sided with the Revenue, determining that the disputed liabilities had ceased to exist, and thus were subject to taxation. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377928