https://www.taxtmi.com/caselaws?id=418022 Accrual of period-linked income depends on when the contractual right to receive vests, not merely on the passage of time or the mercantile system of accounting. Here, cold storage charges for the cycle ending in November were not taxable in the year ending 31 March because the right to receive arose only on completion of the storage obligation, not during February to March. Direct input expenditure relating to the uncompleted part of the same cycle could not be treated as current-year revenue cost; it had to be carried forward and matched against the year in which the corresponding income accrued. en-us Fri, 24 Dec 2021 00:00:00 +0530 Mon, 27 Jun 2022 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418022 Accrual of period-linked income depends on when the contractual right to receive vests, not merely on the passage of time or the mercantile system of accounting. Here, cold storage charges for the cycle ending in November were not taxable in the year ending 31 March because the right to receive arose only on completion of the storage obligation, not during February to March. Direct input expenditure relating to the uncompleted part of the same cycle could not be treated as current-year revenue cost; it had to be carried forward and matched against the year in which the corresponding income accrued. Case-Laws Income Tax Fri, 24 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418022