https://www.taxtmi.com/caselaws?id=778255 Income-tax is chargeable only on income that has actually accrued or arisen, and the real-income principle applies where an assessee-bank under liquidation contends that receipts are diverted by overriding statutory obligations in favour of the Deposit Insurance and Credit Guarantee Corporation. The available record showed substantial liabilities, accumulated losses, a large DICGC claim and negative net worth, but the taxability of the credited amounts could not be determined from the returned figures alone. The factual position on accrual, diversion at source and the effect of liquidation required proper verification before any addition could be sustained. en-us Tue, 26 Aug 2025 00:00:00 +0530 Fri, 12 Sep 2025 08:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778255 Income-tax is chargeable only on income that has actually accrued or arisen, and the real-income principle applies where an assessee-bank under liquidation contends that receipts are diverted by overriding statutory obligations in favour of the Deposit Insurance and Credit Guarantee Corporation. The available record showed substantial liabilities, accumulated losses, a large DICGC claim and negative net worth, but the taxability of the credited amounts could not be determined from the returned figures alone. The factual position on accrual, diversion at source and the effect of liquidation required proper verification before any addition could be sustained. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778255