https://www.taxtmi.com/caselaws?id=790982 A 99-year timeshare membership fee linked to continuing obligations for facilities and amenities was not taxable in full in the year of receipt, because deferred income may be recognised over the service period under the matching principle. The Court treated the receipt as connected to future performance rather than immediate income. It also held that an accrued liability to provide the promised facilities in later years was not contingent merely because the expenditure would be incurred later, so estimated future expenditure was deductible on settled accounting principles. The substantial questions were decided for the assessee. en-us Tue, 28 Apr 2026 00:00:00 +0530 Mon, 04 May 2026 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790982 A 99-year timeshare membership fee linked to continuing obligations for facilities and amenities was not taxable in full in the year of receipt, because deferred income may be recognised over the service period under the matching principle. The Court treated the receipt as connected to future performance rather than immediate income. It also held that an accrued liability to provide the promised facilities in later years was not contingent merely because the expenditure would be incurred later, so estimated future expenditure was deductible on settled accounting principles. The substantial questions were decided for the assessee. Case-Laws Income Tax Tue, 28 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790982