https://www.taxtmi.com/caselaws?id=19399 The Income-tax Appellate Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to delete a sum from the assessee's income. The Tribunal emphasized that income must be ascertained and received to be taxed, citing precedent that income can only be taxed upon final determination and receipt. The Tribunal noted that civil suits and a writ petition were pending regarding the claimed losses, and until compensation was decided, it would be premature to tax the entire amount as income. The Tribunal directed the Income-tax Officer to determine the final figure within three months for taxation, ruling in favor of the assessee without awarding costs. en-us Thu, 21 Jul 1994 00:00:00 +0530 Thu, 05 Nov 2009 18:27:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19399 The Income-tax Appellate Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to delete a sum from the assessee's income. The Tribunal emphasized that income must be ascertained and received to be taxed, citing precedent that income can only be taxed upon final determination and receipt. The Tribunal noted that civil suits and a writ petition were pending regarding the claimed losses, and until compensation was decided, it would be premature to tax the entire amount as income. The Tribunal directed the Income-tax Officer to determine the final figure within three months for taxation, ruling in favor of the assessee without awarding costs. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19399