https://www.taxtmi.com/caselaws?id=168756 The court dismissed the petition under section 66(2) of the Income-tax Act, ruling that the disputed amount did not accrue as income to the assessee for the assessment year 1953-54. Emphasizing the distinction between actual accrual of income and notional claims, the court held that only amounts that indisputably accrue or arise can be considered taxable income. Citing relevant case laws, including Commissioner of Income-tax v. Bombay Trust Corporation Ltd., the court affirmed that the disputed sum was rightly excluded from taxable income. en-us Mon, 29 Aug 1960 00:00:00 +0530 Wed, 25 Mar 2015 15:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168756 The court dismissed the petition under section 66(2) of the Income-tax Act, ruling that the disputed amount did not accrue as income to the assessee for the assessment year 1953-54. Emphasizing the distinction between actual accrual of income and notional claims, the court held that only amounts that indisputably accrue or arise can be considered taxable income. Citing relevant case laws, including Commissioner of Income-tax v. Bombay Trust Corporation Ltd., the court affirmed that the disputed sum was rightly excluded from taxable income. Case-Laws Income Tax Mon, 29 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168756