https://www.taxtmi.com/caselaws?id=24618 Deemed income on cessation of liability turns on final judicial determination: under the mercantile system the right to enhanced compensation accrues only when liability is finally extinguished. Pending appeals left no present right to the additional amount, so benefit of prior deductions crystallised only upon the Supreme Court judgment; the Kerala High Court found inclusion of the later refund in an earlier assessment year unlawful and quashed the assessment and revision orders to that extent. en-us Tue, 30 Aug 1988 00:00:00 +0530 Tue, 10 Feb 2026 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24618 Deemed income on cessation of liability turns on final judicial determination: under the mercantile system the right to enhanced compensation accrues only when liability is finally extinguished. Pending appeals left no present right to the additional amount, so benefit of prior deductions crystallised only upon the Supreme Court judgment; the Kerala High Court found inclusion of the later refund in an earlier assessment year unlawful and quashed the assessment and revision orders to that extent. Case-Laws Income Tax Tue, 30 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24618