9911796707
TMI Blog1977 (3) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... y during the succeeding year in the assessment for the asst. yr. 1970-71. 2. The assessee is a firm and the relevant asst. yr. is 1970-71. The corresponding accounting period ended on 31st March, 1970. The accounts were maintained on mercantile system. It was the assessee's business in the plying of three buses, and one of such buses bearing No. WGP 650 met with accidents twice on 29th May, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year it would appear that the realisation of the claim for the insurance company was not as doubtful as the assessee tried to make out. The AAC found that the amount had not been included in the income of the year in which it was received. 4. Before us the learned counsel for the assessees contends that with the filing of the claim with the insurance company the right of the assessee to receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that both the accidents occurred during the previous year relevant to the asst. yr. 1970-71 and the ITO as well as the AAC were perfectly justified in including the sum of Rs. 12,178 in the assessment for the asst. yr. 1970-71. 5. We have given our due consideration to the rival submissions and are of the opinion that the authorities below were not justified in including the sum of Rs. 12,178 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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