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Bechtel International Inc vs. DDIT (ITAT Mumbai)

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: October 30, 2015 (Date of pronouncement)
DATE: April 5, 2016 (Date of publication)
AY: 2002-03
FILE: Click here to download the file in pdf format
CITATION:
Income does not accrue if the debtor is in a precarious financial position and recovery is doubtful

The Tribunal held that income did not accrue in the hands of the assessee owing to the precarious financial condition of the debtor notwithstanding that:

a) Services were rendered and the income was recorded in the books of account of the assessee during the relevant year

b) bad debts were claimed in subsequent years when the dispute was settled.

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