2012 (9) TMI 922

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..... son ltd. Vs. Jindal Exports Ltd., (2001 (5) TMI 881 - SUPREME COURT OF INDIA). This Court also noticed that having regard to the terms of the repealed Arbitration Act, 1940, an award could not be enforceable. The same was the case with the foreign award; the Court had to first adjudicate as to the enforceability. In these circumstances, the assessee’s right to interest was a mere claim, till .....

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..... of this appeal are that the assessee filed its return on 31st October, 2005; it was selected for scrutiny. The appeal is inter alia directed against the inclusion of the interest of ₹ 6,64,71,000/- alleged to have accrued during the year under consideration, holding that the sum had accrued on account of an award made in the assessee s favour. The CIT (Appeals) accepted the assessee?s conte .....

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..... sessee s right to interest was a mere claim, till the date of the judgment of the Court dated 4th December, 2006. In other words, the right to interest crystallized after the judgment of the Court. Till then, it was inchoate. For this reason, the Tribunal s finding cannot be faulted with. No substantial question of law arises. The appeal is therefore dismissed. - - TaxTMI - TMITax - Income .....

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