https://www.taxtmi.com/caselaws?id=29288 Hire charges from trucks were treated as not having accrued as taxable income for the relevant period because the company's resolution was construed as operating prospectively from the time it was passed. On that construction, accrual for April 1958 had not yet arisen when the resolution took effect, and later accruals were effectively prevented. The alleged collusion was found to lack factual foundation, and the absence of a fresh agreement did not negate the modification of the prior arrangement. The real income principle was applied: tax cannot be levied on income that has not actually accrued in substance, even if book entries might suggest otherwise. en-us Tue, 08 Dec 1981 00:00:00 +0530 Fri, 12 Mar 2010 10:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29288 Hire charges from trucks were treated as not having accrued as taxable income for the relevant period because the company's resolution was construed as operating prospectively from the time it was passed. On that construction, accrual for April 1958 had not yet arisen when the resolution took effect, and later accruals were effectively prevented. The alleged collusion was found to lack factual foundation, and the absence of a fresh agreement did not negate the modification of the prior arrangement. The real income principle was applied: tax cannot be levied on income that has not actually accrued in substance, even if book entries might suggest otherwise. Case-Laws Income Tax Tue, 08 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29288