1983 (1) TMI 150

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....as enhanced by the Govt. Under the Notification but a condition was imposed that old stock would be sold at an old rate. The assessee disputed such restriction imposed by the Govt. And dispute was carried to the Hon'ble High Court under a writ petition. Pending the writ, the High Court permitted the assessee to sell the old stock at the enhanced rate, subject to the condition that a separate accou....

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....l. The assessee also failed in appeal before the AAC. 2. The submission of Shri Ranka, ld. counsel for the assessee before me is that in any case the impugned amount cannot be taxed in the year under appeal as assessee's income. The submission of Shri Kanka is that even on mercantile system of accounting, no right was vested in the assessee with regard to the amount refunded by the Collector to....

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....sessee, but at all stages it was subjected to conditions and, therefore, there was no vested right of the assessee in the amount. On the other hand, the revenue argues that the assessee is in possession of the amount refunded by the Collector and that unless the order of the High Court is reversed by the Supreme Court, the assessee has a vested right in the impugned amount. The Hon'ble Supreme Cou....

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....f the right to receive the income is, therefore, embedded in tce concept of accrual of income while considering the question of taxability of such income under the provisions of the IT Act. The point at issue has to be seen in the light of the above legal position. The question for consideration is whether the assessee had acquired any enforceable right in the year under appeal. The High Court pas....