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TMI Blog2013 (7) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... - Held that:- Certain amount payable by the A.P. TRANSCO to the respondent - assessee is in dispute and such dispute is yet to be resolved by arbitration. Merely because the assessee has raised a bill for recovery of certain amount, it does not partake the character of 'income'. If the amount is disputed and the same is pending adjudication in arbitration, there is no crystallization and quantifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it has correctly done so. - Decided in favour of assessee. - ITAT Appeal No. 72 of 2013 - - - Dated:- 23-7-2013 - KALYAN JYOTI SENGUPTA, CJ AND K C BHANU, J JUDGEMENT Per : Kalyan Jyoti Sengupta, CJ : This appeal is preferred against the judgment and order of the learned Tribunal, dt.18.5.2012, in relation to assessment year 2001-02 and is sought to be admitted on the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . J.V. Prasad, and after going through the impugned judgment and order of the learned Tribunal, it appears that certain amount payable by the A.P. TRANSCO to the respondent - assessee is in dispute and such dispute is yet to be resolved by arbitration. Merely because the assessee has raised a bill for recovery of certain amount, it does not partake the character of 'income'. If the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x, even though in book-keeping, an entry is made about a hypothetical income which does not materialize. The aforesaid ratio is systematically followed by all concerned and relying on the same, the learned Tribunal has deleted the said income and we think that it has correctly done so. Under the circumstances, we do not find any merit in this appeal and the same is accordingly dismissed. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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