1994 (7) TMI 28

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....te Tribunal has referred the following question of law arising out of its order dated July 28, 1986, in respect of the assessment year 1981-82 under section 256(1) of the Income-tax Act, 1961: " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in upholding the decision of the Commissioner of Income-tax (Appeals) deleting the sum of Rs. ....

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....llowed to open the shops from 10 a.m. to 4 p.m. instead of 10 a.m. to 10 p.m. on August 18 and 20, 1980. As per separate order, shops were to be closed on certain dates from 10 a.m. to 7 p.m. Thus the total claim of loss against the above closure is of Rs. 4,09,200. The Income-tax Officer asked the assessee as to why the said amount be not treated as its income. It was submitted by the assessee th....

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....d by the Tribunal that it is premature to say what will be the ultimate fate of the assessee's claim and the entire claim could not be brought to tax within this year and the Department will be at liberty to bring it to tax as and when the assessee gets any further amount from the Government. We tried to find out and seek information as to what ultimately happened in the case, but no such informat....

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....ing such year, or (c) accrues or arises to him outside India, during such year. On the basis of these provisions it has to be seen that the income must be received or deemed to be received or accrued or arisen or must be deemed to accrue or arise. This section refers to an ascertained amount which can be received or deemed to be received or accrued or deemed to be accrued. If the amount itself is ....