https://www.taxtmi.com/caselaws?id=49424 Income-tax is chargeable only on real income that has actually accrued or been received, and a book entry alone cannot create taxable income. Where a later agreement within the same accounting period validly altered the commission arrangement, the assessee's contractual right was confined to the reduced commission. The larger amount credited in the books was therefore notional and did not represent income of the relevant year. The adjustment was part of the commercial bargain, not a post-accrual diversion of income by gift, so the larger commission was neither accrued nor received for tax purposes. en-us Tue, 27 Mar 1962 00:00:00 +0530 Mon, 09 Jun 2025 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49424 Income-tax is chargeable only on real income that has actually accrued or been received, and a book entry alone cannot create taxable income. Where a later agreement within the same accounting period validly altered the commission arrangement, the assessee's contractual right was confined to the reduced commission. The larger amount credited in the books was therefore notional and did not represent income of the relevant year. The adjustment was part of the commercial bargain, not a post-accrual diversion of income by gift, so the larger commission was neither accrued nor received for tax purposes. Case-Laws Income Tax Tue, 27 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49424