https://www.taxtmi.com/caselaws?id=290953 An unrealized decretal amount entered in the assessee's books was held not to constitute taxable income under the Income-tax Act, 1922, because a mere book entry did not convert an unreceived decree into income in its ordinary sense. The court noted that the territorial language in section 4 did not enlarge the meaning of income, and that the definitions and computation provisions did not support taxing an amount that had not been realized. The account system was also found to be directed to ascertaining the family's financial position for the year, not to treating the decree as income received. The assessment failed to that extent. en-us Fri, 30 Mar 1934 00:00:00 +0530 Fri, 23 Oct 2020 11:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290953 An unrealized decretal amount entered in the assessee's books was held not to constitute taxable income under the Income-tax Act, 1922, because a mere book entry did not convert an unreceived decree into income in its ordinary sense. The court noted that the territorial language in section 4 did not enlarge the meaning of income, and that the definitions and computation provisions did not support taxing an amount that had not been realized. The account system was also found to be directed to ascertaining the family's financial position for the year, not to treating the decree as income received. The assessment failed to that extent. Case-Laws Income Tax Fri, 30 Mar 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290953