https://www.taxtmi.com/caselaws?id=35866 The High Court ruled in favor of the assessee, determining that the decretal amount was not taxable in the assessment year 1970-71 as it was in a state of flux due to a pending appeal by the State Government. The court held that the amount should be taxed in the year it was actually received, i.e., 1971-72. Additionally, the penalty of Rs. 1,25,000 imposed on the assessee for not declaring the decretal amount was waived by the Tribunal and upheld by the High Court, as the assessee had been transparent in its books and had not concealed any facts. en-us Thu, 21 Aug 1980 00:00:00 +0530 Wed, 17 Mar 2010 12:37:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35866 The High Court ruled in favor of the assessee, determining that the decretal amount was not taxable in the assessment year 1970-71 as it was in a state of flux due to a pending appeal by the State Government. The court held that the amount should be taxed in the year it was actually received, i.e., 1971-72. Additionally, the penalty of Rs. 1,25,000 imposed on the assessee for not declaring the decretal amount was waived by the Tribunal and upheld by the High Court, as the assessee had been transparent in its books and had not concealed any facts. Case-Laws Income Tax Thu, 21 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35866