https://www.taxtmi.com/caselaws?id=8250 Under the mercantile system, the unpaid balance of sale consideration accrued when the right to receive it arose and was taxable, as it was recoverable as a debt and not shown to be unrealizable. For income from property, legal ownership under section 9, not mere possession or ability to let out the premises, determined taxability; rental income from bungalows remained assessable in the transferor's hands until conveyance. Interest charged on the unpaid purchase price was also taxable as an accretion to income. Amounts later received under earlier sale agreements were taxable in the years of receipt, consistent with the accounting method regularly employed and the entries in the assessee's books. en-us Mon, 08 Feb 1971 00:00:00 +0530 Fri, 16 Sep 2016 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8250 Under the mercantile system, the unpaid balance of sale consideration accrued when the right to receive it arose and was taxable, as it was recoverable as a debt and not shown to be unrealizable. For income from property, legal ownership under section 9, not mere possession or ability to let out the premises, determined taxability; rental income from bungalows remained assessable in the transferor's hands until conveyance. Interest charged on the unpaid purchase price was also taxable as an accretion to income. Amounts later received under earlier sale agreements were taxable in the years of receipt, consistent with the accounting method regularly employed and the entries in the assessee's books. Case-Laws Income Tax Mon, 08 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8250