https://www.taxtmi.com/caselaws?id=416016 The Tribunal upheld the addition of Rs. 4 crores to the assessee's income for the relevant assessment year, dismissing the appeal and confirming the AO's computation of income on an accrual basis. The Tribunal found that the fixed income had accrued to the assessee under the mercantile system of accounting, rejecting the arguments regarding the revised agreement as a self-serving document for tax avoidance. The Tribunal concluded that the addition was justified under sec. 145(2) of the Income-tax Act, emphasizing the recognition of income upon accrual. en-us Mon, 29 Nov 2021 00:00:00 +0530 Mon, 20 Dec 2021 09:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416016 The Tribunal upheld the addition of Rs. 4 crores to the assessee's income for the relevant assessment year, dismissing the appeal and confirming the AO's computation of income on an accrual basis. The Tribunal found that the fixed income had accrued to the assessee under the mercantile system of accounting, rejecting the arguments regarding the revised agreement as a self-serving document for tax avoidance. The Tribunal concluded that the addition was justified under sec. 145(2) of the Income-tax Act, emphasizing the recognition of income upon accrual. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416016