https://www.taxtmi.com/caselaws?id=49424 The SC dismissed an appeal concerning income accrual for the previous year ending March 31, 1948, and expenditure deductibility under section 10(2)(xv) of the Indian Income-tax Act, 1922. The Court held that mere book-keeping entries cannot constitute income unless income actually results. The assessee-firm's reduction of management fees was part of securing long-term managing agency arrangements, not a gift to managed companies. The HC correctly concluded that the larger income neither accrued nor was received by the assessee-firm. 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 The SC dismissed an appeal concerning income accrual for the previous year ending March 31, 1948, and expenditure deductibility under section 10(2)(xv) of the Indian Income-tax Act, 1922. The Court held that mere book-keeping entries cannot constitute income unless income actually results. The assessee-firm's reduction of management fees was part of securing long-term managing agency arrangements, not a gift to managed companies. The HC correctly concluded that the larger income neither accrued nor was received by the assessee-firm. Case-Laws Income Tax Tue, 27 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49424