https://www.taxtmi.com/caselaws?id=36391 The High Court affirmed the Income-tax Appellate Tribunal's decision to include an amount of Rs. 10,40,000 in the business profits of the assessee for the assessment year 1959-60, related to a construction contract. The Court held that the amount had accrued and been received, thus forming part of the total income for that year, rejecting the argument that it should be taxed in a subsequent year upon completion of the contract. The decision favored the tax department, with costs awarded to them. en-us Wed, 17 Sep 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36391 The High Court affirmed the Income-tax Appellate Tribunal's decision to include an amount of Rs. 10,40,000 in the business profits of the assessee for the assessment year 1959-60, related to a construction contract. The Court held that the amount had accrued and been received, thus forming part of the total income for that year, rejecting the argument that it should be taxed in a subsequent year upon completion of the contract. The decision favored the tax department, with costs awarded to them. Case-Laws Income Tax Wed, 17 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36391