https://www.taxtmi.com/caselaws?id=284995 An unrealised decretal amount entered in the books was held not to constitute taxable income under the Income-tax Act, 1922, because "income" was construed in its ordinary sense as money actually received, and the words "accruing or arising" were treated as referring to territorial nexus rather than enlarging that meaning. The account entries were also accepted as a method of ascertaining the family's financial position, not as evidence that the decretal amount had been received for tax purposes. On those facts, the revenue could not tax the unrealisd amount. en-us Fri, 30 Nov 1934 00:00:00 +0530 Fri, 20 Dec 2019 15:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284995 An unrealised decretal amount entered in the books was held not to constitute taxable income under the Income-tax Act, 1922, because "income" was construed in its ordinary sense as money actually received, and the words "accruing or arising" were treated as referring to territorial nexus rather than enlarging that meaning. The account entries were also accepted as a method of ascertaining the family's financial position, not as evidence that the decretal amount had been received for tax purposes. On those facts, the revenue could not tax the unrealisd amount. Case-Laws Income Tax Fri, 30 Nov 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284995