COMMISSSIONER OF INCOME TAX Vs. K CHIRANJEEVI

JUDGEMENT

(1.) HAVING heard counsel, perused the order of the Tribunal, as also the instruction issued by the Board being Instruction No. 1310, dated February 26, 1980, we do not find any good reason to call for a reference.

(2.) THE Tribunal has held that the assessee, who is a film actor, maintained his accounts in the cash system, and that under the annuity policy, he was to receive the annuities in terms of the policy, though the producer had paid the full value of the policy for purchasing the policy. So far as the assessee is concerned, the amount would reach him only as and when the annuity was paid to him by the insurance company. Even in earlier assessment years, the assessee had been assessed to tax only on the amounts actually received by him during the year. THE tax case petition is dismissed.