https://www.taxtmi.com/caselaws?id=276698 Managing agency commission surrendered bona fide under a contractual proviso, on grounds of commercial expediency while accounts were being settled, did not constitute real income for the accounting year. The mercantile method of accounting did not make the book entry conclusive, because accrual depended on the true legal rights and the real nature of the transaction. The annual character of income tax and the doctrine of real income were treated as capable of working together, and the surrendered balance was excluded from the assessee's total income for the assessment year. en-us Sat, 02 Apr 1960 00:00:00 +0530 Fri, 16 Nov 2018 10:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276698 Managing agency commission surrendered bona fide under a contractual proviso, on grounds of commercial expediency while accounts were being settled, did not constitute real income for the accounting year. The mercantile method of accounting did not make the book entry conclusive, because accrual depended on the true legal rights and the real nature of the transaction. The annual character of income tax and the doctrine of real income were treated as capable of working together, and the surrendered balance was excluded from the assessee's total income for the assessment year. Case-Laws Indian Laws Sat, 02 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276698