Case Law Details
Case Name : CIT Vs Mrs. Hemal Raju Shete (Bombay High Court)
Appeal Number : IT Appeal No.-2348/2013
Date of Judgement/Order : 29/03/2016
Related Assessment Year : 2006-07
Courts :
All High Courts Bombay High Court
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Brief of the case:
The Hon’ble Bombay High court in the above cited case held that a consideration receivable by the transferor which is contingent on happening of a future event the outcome of which is uncertain and cannot be predicted with a reasonable degree of certainty. Such a consideration cannot be said to have accrued merely on execution of agreement and can be taxed only on the vesting of right on favorable outcome of the event.
Facts of the case:
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