https://www.taxtmi.com/caselaws?id=289671 A managing agency commission accrues when the contractual right arises on the year's net profits, even if payment is postponed until audit certification; that delay affects only payment, not accrual. A waiver made after the accounting year does not prevent taxation of the commission, because a post-accrual relinquishment is treated as disposal of income already accrued rather than a failure of accrual. The text also notes that cases involving altered commission arrangements are distinguishable where the agreement itself was varied during the accounting year. en-us Thu, 28 Feb 1963 00:00:00 +0530 Thu, 13 Aug 2020 14:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289671 A managing agency commission accrues when the contractual right arises on the year's net profits, even if payment is postponed until audit certification; that delay affects only payment, not accrual. A waiver made after the accounting year does not prevent taxation of the commission, because a post-accrual relinquishment is treated as disposal of income already accrued rather than a failure of accrual. The text also notes that cases involving altered commission arrangements are distinguishable where the agreement itself was varied during the accounting year. Case-Laws Income Tax Thu, 28 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289671