https://www.taxtmi.com/caselaws?id=28667 A statutory right to receive interest on compensation arose under the Indian Electricity Act and the Punjab Electricity Act when payment was delayed; the later umpire's award merely quantified that pre-existing obligation and did not create a new entitlement. The repeal of the Punjab Electricity Act did not extinguish accrued rights or liabilities. For tax purposes, income accrues when the right to receive it becomes enforceable, so the entire interest could not be taxed only in assessment year 1963-64. The Tribunal's treatment of the whole amount as taxable in that year was rejected, while apportionment for the relevant year was left for fresh consideration. en-us Fri, 21 May 1982 00:00:00 +0530 Wed, 24 Feb 2010 16:15:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28667 A statutory right to receive interest on compensation arose under the Indian Electricity Act and the Punjab Electricity Act when payment was delayed; the later umpire's award merely quantified that pre-existing obligation and did not create a new entitlement. The repeal of the Punjab Electricity Act did not extinguish accrued rights or liabilities. For tax purposes, income accrues when the right to receive it becomes enforceable, so the entire interest could not be taxed only in assessment year 1963-64. The Tribunal's treatment of the whole amount as taxable in that year was rejected, while apportionment for the relevant year was left for fresh consideration. Case-Laws Income Tax Fri, 21 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28667