https://www.taxtmi.com/caselaws?id=49722 Cash drawings in the company's books did not establish that the assessee had been assessed on a cash basis in prior years, because the entries were consistent with mercantile accounting; the earlier finding on cash basis was therefore unsupported. Managing agents' commission became taxable when it accrued under the managing agency agreement and the regular method of accounting, even though payment was deferred and the amount was placed in suspense due to a dispute. The right to receive had already arisen, and quantification was not a condition precedent to accrual. The commission was accordingly assessable for the relevant year. en-us Wed, 14 Oct 1953 00:00:00 +0530 Fri, 04 Mar 2016 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49722 Cash drawings in the company's books did not establish that the assessee had been assessed on a cash basis in prior years, because the entries were consistent with mercantile accounting; the earlier finding on cash basis was therefore unsupported. Managing agents' commission became taxable when it accrued under the managing agency agreement and the regular method of accounting, even though payment was deferred and the amount was placed in suspense due to a dispute. The right to receive had already arisen, and quantification was not a condition precedent to accrual. The commission was accordingly assessable for the relevant year. Case-Laws Income Tax Wed, 14 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49722