https://www.taxtmi.com/caselaws?id=60597 Under the mercantile system, lease rent accrued month by month when it became contractually due, even though the lessee disputed liability and civil proceedings were pending; the assessee's enforceable right to receive the rent was not extinguished by postponed payment. A direction to defer taxability until final disposal of the court proceedings was also unsustainable because it conflicted with the statutory time limit for completing assessments, and each assessment year had to be examined separately without applying res judicata. The Assessing Officer's assessments were therefore restored for the years under appeal. en-us Tue, 10 Sep 1996 00:00:00 +0530 Fri, 07 Jan 2011 11:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60597 Under the mercantile system, lease rent accrued month by month when it became contractually due, even though the lessee disputed liability and civil proceedings were pending; the assessee's enforceable right to receive the rent was not extinguished by postponed payment. A direction to defer taxability until final disposal of the court proceedings was also unsustainable because it conflicted with the statutory time limit for completing assessments, and each assessment year had to be examined separately without applying res judicata. The Assessing Officer's assessments were therefore restored for the years under appeal. Case-Laws Income Tax Tue, 10 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60597