https://www.taxtmi.com/caselaws?id=8481 The excess arising on transfer of an electrical undertaking was taxable under section 41(2) only when the amount payable became due and ascertainable, not merely when possession passed to the Government or when receipt occurred. The court distinguished accrual of income from the statutory timing rule, and held that where the sale price was disputed and later fixed by compromise, the liability remained unascertained until settlement. The ordinary contractual principle that sale consideration becomes due when determined supported that reading. The amount was therefore assessable in assessment year 1963-64, and the reference was answered in favour of the Revenue. en-us Mon, 17 Apr 1972 00:00:00 +0530 Sun, 26 Apr 2009 22:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8481 The excess arising on transfer of an electrical undertaking was taxable under section 41(2) only when the amount payable became due and ascertainable, not merely when possession passed to the Government or when receipt occurred. The court distinguished accrual of income from the statutory timing rule, and held that where the sale price was disputed and later fixed by compromise, the liability remained unascertained until settlement. The ordinary contractual principle that sale consideration becomes due when determined supported that reading. The amount was therefore assessable in assessment year 1963-64, and the reference was answered in favour of the Revenue. Case-Laws Income Tax Mon, 17 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8481