Contract money and compensation on delayed payment is business income

ITO Vs Late Shri Chandi Ram (ITAT Jaipur) In ITO Vs Late Shri Chandi Ram, ITAT Jaipur reviewed the contentions presented by the Departmental Representative (DR) and the Authorized Representative (AR) regarding the taxation of business income. The bench carefully examined the records, including audited accounts and relevant notes, while considering the arguments put forth by both sides. The bench noted that the assessee had received a demand draft on November 20, 2010, which was subsequently deposited in their bank account. The amount was recorded in the assessee’s books of account for t...