https://www.taxtmi.com/caselaws?id=192443 Income accrues for tax purposes when the assessee acquires a present enforceable right to receive it during the previous year, even if actual payment is later. On the mercantile basis, a post-year-end waiver does not extinguish income already accrued, unless there was a genuine bilateral modification of the commission arrangement within the accounting year itself. On the facts stated, no reliable in-year alteration of the managing agency commission was shown, so the remuneration had already accrued before the later relinquishment and remained taxable. en-us Tue, 28 Jan 1964 00:00:00 +0530 Thu, 01 Jun 2017 15:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192443 Income accrues for tax purposes when the assessee acquires a present enforceable right to receive it during the previous year, even if actual payment is later. On the mercantile basis, a post-year-end waiver does not extinguish income already accrued, unless there was a genuine bilateral modification of the commission arrangement within the accounting year itself. On the facts stated, no reliable in-year alteration of the managing agency commission was shown, so the remuneration had already accrued before the later relinquishment and remained taxable. Case-Laws Income Tax Tue, 28 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192443