https://www.taxtmi.com/caselaws?id=6673 Income accrues when the contractual right to receive it arises, and a later waiver does not remove taxability of income already accrued. A monthly office allowance accrued from month to month under the remuneration agreement, so it remained taxable for the accounting year except for the last month's allowance, which was relinquished before the period ended. The managing agency commission and office allowance from another company, surrendered only after the close of the previous year, were also taxable because the right to receive them had already arisen during that year. en-us Thu, 17 Dec 1964 00:00:00 +0530 Sun, 01 Feb 2009 05:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6673 Income accrues when the contractual right to receive it arises, and a later waiver does not remove taxability of income already accrued. A monthly office allowance accrued from month to month under the remuneration agreement, so it remained taxable for the accounting year except for the last month's allowance, which was relinquished before the period ended. The managing agency commission and office allowance from another company, surrendered only after the close of the previous year, were also taxable because the right to receive them had already arisen during that year. Case-Laws Income Tax Thu, 17 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6673