https://www.taxtmi.com/caselaws?id=37384 The Karnataka High Court considered whether a waived advance became taxable income in the previous year ending 31 March 1966. It held that the waiver was not firmly committed by the creditor until 16 April 1966, so the amount accrued only after the close of the accounting year 1965-66 and not in the relevant previous year for assessment year 1966-67. On that basis, the waived sum could not be assessed as the assessee's income for that year, and the answer was against the Revenue and in favour of the assessee. en-us Wed, 12 Jul 1978 00:00:00 +0530 Mon, 29 Mar 2010 13:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37384 The Karnataka High Court considered whether a waived advance became taxable income in the previous year ending 31 March 1966. It held that the waiver was not firmly committed by the creditor until 16 April 1966, so the amount accrued only after the close of the accounting year 1965-66 and not in the relevant previous year for assessment year 1966-67. On that basis, the waived sum could not be assessed as the assessee's income for that year, and the answer was against the Revenue and in favour of the assessee. Case-Laws Income Tax Wed, 12 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37384