https://www.taxtmi.com/caselaws?id=22364 The High Court of Bombay addressed a departmental reference regarding the accrual of profits from the business of Belapur Company Ltd. for the assessment year 1970-71. The court upheld the inclusion of Belapur Company's profits or losses in the assessee's total income for the entire previous year, ending on September 30, 1969, following an amalgamation with Gangapur Sugar Mills Limited. The court agreed with the Tribunal's interpretation that profits do not accrue day-to-day but must be ascertained at specific points, supporting the assessee's position. The court ruled in favor of the assessee, affirming the Tribunal's decision without awarding costs. en-us Fri, 22 Mar 1991 00:00:00 +0530 Wed, 09 Dec 2009 14:30:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22364 The High Court of Bombay addressed a departmental reference regarding the accrual of profits from the business of Belapur Company Ltd. for the assessment year 1970-71. The court upheld the inclusion of Belapur Company's profits or losses in the assessee's total income for the entire previous year, ending on September 30, 1969, following an amalgamation with Gangapur Sugar Mills Limited. The court agreed with the Tribunal's interpretation that profits do not accrue day-to-day but must be ascertained at specific points, supporting the assessee's position. The court ruled in favor of the assessee, affirming the Tribunal's decision without awarding costs. Case-Laws Income Tax Fri, 22 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22364