https://www.taxtmi.com/caselaws?id=23569 The High Court upheld the Tribunal's decision in a case involving the cancellation of an order under section 263 of the Income-tax Act, 1961. The dispute centered on the tax liability of an excess amount collected by a public limited company during legal proceedings over the price of sugar fixed by the Government. The Court ruled that the excess amount did not constitute income for the company until the final determination of the levy price, emphasizing the disputed nature of the right to receive payment. This decision aligned with legal principles stating that income arises only upon the resolution of such disputes, not at the time of collection. en-us Tue, 28 Nov 1989 00:00:00 +0530 Mon, 21 Dec 2009 18:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23569 The High Court upheld the Tribunal's decision in a case involving the cancellation of an order under section 263 of the Income-tax Act, 1961. The dispute centered on the tax liability of an excess amount collected by a public limited company during legal proceedings over the price of sugar fixed by the Government. The Court ruled that the excess amount did not constitute income for the company until the final determination of the levy price, emphasizing the disputed nature of the right to receive payment. This decision aligned with legal principles stating that income arises only upon the resolution of such disputes, not at the time of collection. Case-Laws Income Tax Tue, 28 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23569