https://www.taxtmi.com/caselaws?id=443398 A statutory urban development authority's transfer of development charges to a sinking fund or development fund for future formation and development expenditure could not be disallowed merely because the amount was not spent in the relevant year. Applying the accrual system and following its own earlier years' treatment on identical facts, the Tribunal noted that receipts earmarked under Government directions for future public utility development need not be confined to actual payment within the same assessment year. The disallowance was therefore upheld as deleted, and the assessee succeeded on the issue. en-us Fri, 21 Apr 2023 00:00:00 +0530 Thu, 21 Sep 2023 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443398 A statutory urban development authority's transfer of development charges to a sinking fund or development fund for future formation and development expenditure could not be disallowed merely because the amount was not spent in the relevant year. Applying the accrual system and following its own earlier years' treatment on identical facts, the Tribunal noted that receipts earmarked under Government directions for future public utility development need not be confined to actual payment within the same assessment year. The disallowance was therefore upheld as deleted, and the assessee succeeded on the issue. Case-Laws Income Tax Fri, 21 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443398