https://www.taxtmi.com/caselaws?id=25968 The High Court ruled in favor of the assessee, holding that the sum of Rs. 22.5 lakhs receivable from the U.K. company was not income but a casual and windfall gift. Additionally, the Rs. 22.5 lakhs credited to the profit and loss account did not accrue as income during the relevant year, as the actual payment was received in subsequent years. The Court emphasized that the payment lacked the character of income and referenced relevant case law to support its decision. en-us Wed, 09 Apr 1986 00:00:00 +0530 Tue, 02 Feb 2010 10:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25968 The High Court ruled in favor of the assessee, holding that the sum of Rs. 22.5 lakhs receivable from the U.K. company was not income but a casual and windfall gift. Additionally, the Rs. 22.5 lakhs credited to the profit and loss account did not accrue as income during the relevant year, as the actual payment was received in subsequent years. The Court emphasized that the payment lacked the character of income and referenced relevant case law to support its decision. Case-Laws Income Tax Wed, 09 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25968