https://www.taxtmi.com/highlights?id=50362 Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income, if income does not result at all, there cannot be a tax.” - income accrues when there is a corresponding liability on the other party. en-us Sat, 23 Nov 2019 12:07:18 +0530 Sat, 23 Nov 2019 12:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=50362 Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income, if income does not result at all, there cannot be a tax.” - income accrues when there is a corresponding liability on the other party. Highlights Income Tax Sat, 23 Nov 2019 12:07:18 +0530 https://www.taxtmi.com/highlights?id=50362