https://www.taxtmi.com/caselaws?id=25222 The High Court ruled in favor of the assessee, determining that the differential amount from the sale of sugar stock should not be considered as income for the assessment year. The court emphasized that until the damages claim was decided, no income accrued to the assessee, and the difference could not be treated as income based on accounting principles. The Tribunal's decision to exclude the differential amount from the assessee's income was upheld, with the understanding that if the damages claim was successful in the future, only the portion related to the business would be taxable income in the year of determination. en-us Mon, 01 Feb 1988 00:00:00 +0530 Wed, 27 Jan 2010 12:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25222 The High Court ruled in favor of the assessee, determining that the differential amount from the sale of sugar stock should not be considered as income for the assessment year. The court emphasized that until the damages claim was decided, no income accrued to the assessee, and the difference could not be treated as income based on accounting principles. The Tribunal's decision to exclude the differential amount from the assessee's income was upheld, with the understanding that if the damages claim was successful in the future, only the portion related to the business would be taxable income in the year of determination. Case-Laws Income Tax Mon, 01 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25222