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TMI Blog1982 (5) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... 81 may be referred to the High Court of Judicature at Bombay u/s 256(1) of the IT Act, 1961: "Where, on the facts and in the circumstances of the case, the Tribunal was right in holding that the whole of the compensation stipulated for payment on retirement from I.B.M. World Trade Corpn on grounds of redundance had not accrued to the assessee and hence was not taxable in the asst yr. 1977-78." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alments did not become due and payable to him in the assessment year under consideration and as such the same could not be taxed in the year. 4. On appeal, the CIT (Appeals) held that the compensation relating to the second and third instalments payable to the assessee in the subsequent two year had neither become "due" nor was "received" by him in the assessment year under consideration and as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, i.e., one-third at separation, one third on 30th April, 1977 and the balance one-third on 30th April, 1978." Evidently, the amounts of compensation relating to the second and third instalments did not accrue or become payable to the assessee in the assessment year under consideration and since the assessee did not have any right to claim those amounts in the first year, the same were not ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration and since the assessee did not have any right to claim these amounts in the first year the same were not taxable in this assessment year. The Tribunal further held that only the amount relating to the first instalment become due to the assessee during the assessment year under consideration and so the same was taxable in the year. Evidently, this is a finding of fact and d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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