Case Law Details
Case Name : Pr. CIT Vs. Rohan Projects (Bombay High Court)
Appeal Number : ITA No. 1345 of 2017
Date of Judgement/Order : 18/11/2019
Related Assessment Year : 2012-13
Courts :
All High Courts Bombay High Court
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Pr. CIT Vs. Rohan Projects (Bombay High Court)
Background: It is commonly understood that execution of an agreement leads to completion of a transaction and that the consideration agreed therein accrues to the seller. However, accrual of the consideration completely or in part depends upon the express terms mentioned in the agreement or any other type of document executed between the parties for carrying out a transaction.
This order of ITAT Mumbai, upheld by the Bombay High Court further establishes the principle that for an income to accrue to a person, corresponding liability to pay should also arise to the other party.
Facts of the case:
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