https://www.taxtmi.com/caselaws?id=460758 The Court allowed the assessee's appeal, directing the AO to delete the income addition based on a void contract. It held that tax liability should be determined by real income, not book entries. The contract, declared void ab initio, resulted in no real income accruing to the assessee. The judgment clarified that contracts entered without Board consent are voidable for companies with certain share capital, and emphasized that tax should reflect actual income, not accounting entries. en-us Fri, 21 Apr 2017 00:00:00 +0530 Sat, 15 Feb 2025 17:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460758 The Court allowed the assessee's appeal, directing the AO to delete the income addition based on a void contract. It held that tax liability should be determined by real income, not book entries. The contract, declared void ab initio, resulted in no real income accruing to the assessee. The judgment clarified that contracts entered without Board consent are voidable for companies with certain share capital, and emphasized that tax should reflect actual income, not accounting entries. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460758