https://www.taxtmi.com/caselaws?id=49322 For section 23A purposes, commercial profits must be determined on actual accounting principles, not by equating them with assessable income. Income included in tax assessment does not automatically form part of commercial profits if it had not accrued or become due during the accounting period. Under the managing agency agreement, the commission was payable only after the audited accounts were adopted at the general meeting, so it did not accrue in the relevant year and could not be added to profits merely because it was assessed as income. en-us Wed, 24 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49322 For section 23A purposes, commercial profits must be determined on actual accounting principles, not by equating them with assessable income. Income included in tax assessment does not automatically form part of commercial profits if it had not accrued or become due during the accounting period. Under the managing agency agreement, the commission was payable only after the audited accounts were adopted at the general meeting, so it did not accrue in the relevant year and could not be added to profits merely because it was assessed as income. Case-Laws Income Tax Wed, 24 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49322