1977 (3) TMI 52

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....e sustainance of an addition of Rs. 12,175, being the receipts from insurance company during the succeeding year in the assessment for the asst. yr. 1970-71. 2. The assessee is a firm and the relevant asst. yr. is 1970-71. The corresponding accounting period ended on 31st March, 1970. The accounts were maintained on mercantile system. It was the assessee's business in the plying of three buses,....

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....yr. 1970-71. According to him, though the claim was fully realised in the succeeding year it would appear that the realisation of the claim for the insurance company was not as doubtful as the assessee tried to make out. The AAC found that the amount had not been included in the income of the year in which it was received. 4. Before us the learned counsel for the assessees contends that with th....

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....esentative strongly supports the authorities below, and particularly points out to us that both the accidents occurred during the previous year relevant to the asst. yr. 1970-71 and the ITO as well as the AAC were perfectly justified in including the sum of Rs. 12,178 in the assessment for the asst. yr. 1970-71. 5. We have given our due consideration to the rival submissions and are of the opin....