1985 (12) TMI 126

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.... Rs. 22,813 which, according to the ITO and the CIT(A) was assessable as a revenue receipt of the assessee in the Asstt. yr. 1981-82. It is contended by Shri S. L. Batra, ld. authorised counsel of the assessee, that the amount of Rs. 22,813 was merely an advance which had been received in respect of hire purchase agreements which had not been concluded in the accounting year of the assessment year....

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....ssessee appellant company in respect of hire purchase transactions which had not been concluded during the accounting period of the asst. yr. 1981-82. That being so, the assessee did not have any enforceable rights over that receipt and which could not be treated as a part of its income. It was only in the year in which the hire purchase transaction/ agreements were concluded that the advance of R....