1985 (12) TMI 126

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..... receipt of the assessee in the Asstt. yr. 1981-82. It is contended by Shri S. L. Batra, ld. authorised counsel of the assessee, that the amount of Rs. 22,813 was merely an advance which had been received in respect of hire purchase agreements which had not been concluded in the accounting year of the assessment year under appeal. According to him, the amount of Rs. 22,813 was merely an deposit an .....

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..... n concluded during the accounting period of the asst. yr. 1981-82. That being so, the assessee did not have any enforceable rights over that receipt and which could not be treated as a part of its income. It was only in the year in which the hire purchase transaction/ agreements were concluded that the advance of Rs. 22,813 could be said to have materialised into a receipt of income nature. Since .....

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