https://www.taxtmi.com/caselaws?id=49557 The managing agency commission under the agreement accrued only when it became due and payable at the end of the financial year; the clause fixing 3 1/2% on sales governed only computation of the amount. Reading the remuneration clause with the accrual clause, the Court held that no enforceable right or debt arose on each individual sale during the year. The income therefore accrued to the assessee company at year-end and not to the retiring managing agents on each sale. en-us Tue, 03 May 1960 00:00:00 +0530 Tue, 02 Sep 2014 20:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49557 The managing agency commission under the agreement accrued only when it became due and payable at the end of the financial year; the clause fixing 3 1/2% on sales governed only computation of the amount. Reading the remuneration clause with the accrual clause, the Court held that no enforceable right or debt arose on each individual sale during the year. The income therefore accrued to the assessee company at year-end and not to the retiring managing agents on each sale. Case-Laws Income Tax Tue, 03 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49557