https://www.taxtmi.com/caselaws?id=20946 The High Court affirmed the Tribunal's decision that the Income-tax Officer wrongly assessed a profit of Rs. 1,75,000 in the assessee's hands for the assessment year 1972-73. The Court held that the entire amount of Rs. 8 lakhs did not accrue to the assessee on the date of the agreement but only when the debt became due as per the specified dates in the agreement. The income was to be taxed on a receipt basis, following the terms of the agreement. The decision favored the assessee. en-us Thu, 19 Nov 1992 00:00:00 +0530 Wed, 18 Nov 2009 12:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20946 The High Court affirmed the Tribunal's decision that the Income-tax Officer wrongly assessed a profit of Rs. 1,75,000 in the assessee's hands for the assessment year 1972-73. The Court held that the entire amount of Rs. 8 lakhs did not accrue to the assessee on the date of the agreement but only when the debt became due as per the specified dates in the agreement. The income was to be taxed on a receipt basis, following the terms of the agreement. The decision favored the assessee. Case-Laws Income Tax Thu, 19 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20946