https://www.taxtmi.com/caselaws?id=179701 Income is taxable only when it is actually received or when a vested right to receive it has accrued to the assessee. On the facts noted, amounts deducted from dividend warrants by a Ceylon company and retained by it as tax never became the shareholders' money, because the company was entitled to keep those sums under the Ceylon income tax law and no debt arose in favour of the assessees. The Madras HC therefore treated the deductions as neither receipt nor accrual in the assessees' hands, and held that they were not includible in their total income. The rule relating to salaries deducted at source was held inapplicable because the dividend deductions were never paid over on the assessees' behalf. en-us Mon, 07 Jul 1958 00:00:00 +0530 Tue, 08 Mar 2016 14:16:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179701 Income is taxable only when it is actually received or when a vested right to receive it has accrued to the assessee. On the facts noted, amounts deducted from dividend warrants by a Ceylon company and retained by it as tax never became the shareholders' money, because the company was entitled to keep those sums under the Ceylon income tax law and no debt arose in favour of the assessees. The Madras HC therefore treated the deductions as neither receipt nor accrual in the assessees' hands, and held that they were not includible in their total income. The rule relating to salaries deducted at source was held inapplicable because the dividend deductions were never paid over on the assessees' behalf. Case-Laws Income Tax Mon, 07 Jul 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179701