https://www.taxtmi.com/caselaws?id=26197 The High Court of Rajasthan dismissed the Revenue's application regarding the taxability of a lease amount of Rs. 2,50,000 received in instalments by a charitable trust engaged in film distribution. The Court upheld the Tribunal's decision that under the cash system of accounting, only actual receipts should be considered as income. Since the assessee followed the cash system, the future lease amount was rightly excluded from income in the assessment year 1976-77. The Court emphasized that income recognition should align with the accounting method employed, leading to the dismissal of the Revenue's application. en-us Mon, 09 Sep 1985 00:00:00 +0530 Wed, 03 Feb 2010 13:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26197 The High Court of Rajasthan dismissed the Revenue's application regarding the taxability of a lease amount of Rs. 2,50,000 received in instalments by a charitable trust engaged in film distribution. The Court upheld the Tribunal's decision that under the cash system of accounting, only actual receipts should be considered as income. Since the assessee followed the cash system, the future lease amount was rightly excluded from income in the assessment year 1976-77. The Court emphasized that income recognition should align with the accounting method employed, leading to the dismissal of the Revenue's application. Case-Laws Income Tax Mon, 09 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26197