https://www.taxtmi.com/caselaws?id=388831 The High Court upheld the Tribunal's decision that a sum of Rs. 20 crore was not taxable in the assessment year 2012-13 due to non-fulfillment of conditions. The Court emphasized that income tax is levied on income, and if income does not result, there is no tax liability. The tax on the Rs. 20 crore was paid in the subsequent year. The Court found the Tribunal's decision reasonable and legally sound, dismissing the appeal and affirming that the tax liability did not arise in the relevant assessment year. en-us Mon, 18 Nov 2019 00:00:00 +0530 Tue, 26 Nov 2019 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388831 The High Court upheld the Tribunal's decision that a sum of Rs. 20 crore was not taxable in the assessment year 2012-13 due to non-fulfillment of conditions. The Court emphasized that income tax is levied on income, and if income does not result, there is no tax liability. The tax on the Rs. 20 crore was paid in the subsequent year. The Court found the Tribunal's decision reasonable and legally sound, dismissing the appeal and affirming that the tax liability did not arise in the relevant assessment year. Case-Laws Income Tax Mon, 18 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388831