No Tax on amount not receivable under a void contract

1. Briefly stated relevant facts are that the assessee is a company engaged in providing business auxiliary services to ICICI Bank Ltd. During the F.Y. 2008-09 they ventured to provide such similar services to ICICI Home Finance Company Ltd. by entering into a contract dated 01.05.2008 with them. However, by letter dated 20.04.2009 the assessee was informed by the ICICI Home Finance Co. Ltd. that the agreement dated 01.05.2008 was declared void ab initio by the Board of Directors in their meeting held on 20.04.2009 as a result of which the transaction of income

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