https://www.taxtmi.com/caselaws?id=6294 Income became taxable on accrual when it fell due under the managing agency agreement, and a later unilateral relinquishment did not prevent inclusion in total income because accrual is distinct from receipt under the mercantile system. The relinquished commission and office allowance were therefore rightly assessed as income. The same amounts were not deductible under section 10(2)(xv) because the surrender was voluntary and not shown to have been laid out wholly and exclusively for the assessee's business or on grounds of commercial expediency. The deduction claim was accordingly rejected. en-us Tue, 05 Oct 1971 00:00:00 +0530 Mon, 10 Feb 2025 14:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6294 Income became taxable on accrual when it fell due under the managing agency agreement, and a later unilateral relinquishment did not prevent inclusion in total income because accrual is distinct from receipt under the mercantile system. The relinquished commission and office allowance were therefore rightly assessed as income. The same amounts were not deductible under section 10(2)(xv) because the surrender was voluntary and not shown to have been laid out wholly and exclusively for the assessee's business or on grounds of commercial expediency. The deduction claim was accordingly rejected. Case-Laws Income Tax Tue, 05 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6294