https://www.taxtmi.com/caselaws?id=396548 Income accrues only when the assessee acquires an enforceable right to receive it; where joint venture consideration is linked to staged contractual performance, only the amount due in the relevant year is taxable and the balance remains contingent until conditions are met. Once project income is estimated at 10% of receipts, a separate disallowance under section 40A(3) does not survive, because individual expenditure items are no longer separately adjudicated on that basis. The material also notes that section 44AD relief is unavailable where gross receipts exceed the statutory threshold. en-us Mon, 06 Jul 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396548 Income accrues only when the assessee acquires an enforceable right to receive it; where joint venture consideration is linked to staged contractual performance, only the amount due in the relevant year is taxable and the balance remains contingent until conditions are met. Once project income is estimated at 10% of receipts, a separate disallowance under section 40A(3) does not survive, because individual expenditure items are no longer separately adjudicated on that basis. The material also notes that section 44AD relief is unavailable where gross receipts exceed the statutory threshold. Case-Laws Income Tax Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396548