https://www.taxtmi.com/caselaws?id=28847 Hire charges of Rs. 28,000 for dumpers were held not to have accrued to the assessee for the assessment year 1976-77 because the amount remained under dispute and had been placed in suspense pending arbitration. The Tribunal found that the assessee had taken back possession of the dumpers and that the contractual stipulation for hire charges thereafter operated as a penal clause, so only damages for breach could arise. As the right to recover the amount had not crystallised, the sum was neither received nor taxable as accrued income, and it was excluded from total income. en-us Thu, 25 Feb 1982 00:00:00 +0530 Mon, 08 Mar 2010 11:21:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28847 Hire charges of Rs. 28,000 for dumpers were held not to have accrued to the assessee for the assessment year 1976-77 because the amount remained under dispute and had been placed in suspense pending arbitration. The Tribunal found that the assessee had taken back possession of the dumpers and that the contractual stipulation for hire charges thereafter operated as a penal clause, so only damages for breach could arise. As the right to recover the amount had not crystallised, the sum was neither received nor taxable as accrued income, and it was excluded from total income. Case-Laws Income Tax Thu, 25 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28847