https://www.taxtmi.com/caselaws?id=189322 A managing agent's contractual right to 5% commission on annual net profits accrued when those profits were ascertained at year-end, because that was the point at which the enforceable right to receive payment and the company's liability to pay arose. The absence of corresponding credit entries in the managed company's books did not defer accrual, since book treatment is not determinative of taxability where the right to income has crystallised. The commission was therefore assessable in the assessee's hands in the relevant assessment year. en-us Tue, 10 Jul 1962 00:00:00 +0530 Thu, 05 Jan 2017 17:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189322 A managing agent's contractual right to 5% commission on annual net profits accrued when those profits were ascertained at year-end, because that was the point at which the enforceable right to receive payment and the company's liability to pay arose. The absence of corresponding credit entries in the managed company's books did not defer accrual, since book treatment is not determinative of taxability where the right to income has crystallised. The commission was therefore assessable in the assessee's hands in the relevant assessment year. Case-Laws Income Tax Tue, 10 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189322