https://www.taxtmi.com/caselaws?id=276054 Compensation for wrongful termination of a managing agency accrued when the agency was terminated, because the agreement itself fixed a complete formula for compensation and the existence of litigation did not defer accrual. Section 10(5A) treated specified compensation as business income, but it did not displace the ordinary computation rules or the assessee's regular method of accounting. As the compensation had accrued in 1951, it was not taxable in assessment year 1956-57; however, interest awarded by decree arose only on the decree and was taxable in that year. en-us Wed, 01 Mar 1967 00:00:00 +0530 Fri, 26 Oct 2018 11:12:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276054 Compensation for wrongful termination of a managing agency accrued when the agency was terminated, because the agreement itself fixed a complete formula for compensation and the existence of litigation did not defer accrual. Section 10(5A) treated specified compensation as business income, but it did not displace the ordinary computation rules or the assessee's regular method of accounting. As the compensation had accrued in 1951, it was not taxable in assessment year 1956-57; however, interest awarded by decree arose only on the decree and was taxable in that year. Case-Laws Income Tax Wed, 01 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276054