https://www.taxtmi.com/caselaws?id=24972 The High Court ruled that the entire amount of Rs. 1,32,132, including Rs. 66,066 received in S.Y. 2027, was taxable in the assessment year 1973-74. The Court disagreed with the Tribunal's conclusion that the amount received in S.Y. 2027 was taxable as business income for the assessment year 1972-73, clarifying that the amounts were advances and only became profit upon the completion of the sale in S.Y. 2028. The Court answered both issues against the assessee, with no order as to costs, and the Revenue assured that the assessee's assessment for the assessment year 1972-73 would be appropriately amended to prevent double taxation. en-us Mon, 11 Apr 1988 00:00:00 +0530 Sat, 23 Jan 2010 14:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24972 The High Court ruled that the entire amount of Rs. 1,32,132, including Rs. 66,066 received in S.Y. 2027, was taxable in the assessment year 1973-74. The Court disagreed with the Tribunal's conclusion that the amount received in S.Y. 2027 was taxable as business income for the assessment year 1972-73, clarifying that the amounts were advances and only became profit upon the completion of the sale in S.Y. 2028. The Court answered both issues against the assessee, with no order as to costs, and the Revenue assured that the assessee's assessment for the assessment year 1972-73 would be appropriately amended to prevent double taxation. Case-Laws Income Tax Mon, 11 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24972