https://www.taxtmi.com/caselaws?id=468698 Advance collections under membership schemes were not taxable on receipt where the assessee retained a real and enforceable obligation to refund the amount with premium until the member either used the entitlement or elected surrender, so no right to appropriate the sums had yet accrued. The provision for holiday membership surrender value was deductible because the liability arose when the relevant event occurred during the membership period, was capable of reasonable estimation, and was an accrued business obligation under the mercantile system rather than a contingent liability. en-us Fri, 21 Feb 2014 00:00:00 +0530 Mon, 18 May 2026 11:10:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468698 Advance collections under membership schemes were not taxable on receipt where the assessee retained a real and enforceable obligation to refund the amount with premium until the member either used the entitlement or elected surrender, so no right to appropriate the sums had yet accrued. The provision for holiday membership surrender value was deductible because the liability arose when the relevant event occurred during the membership period, was capable of reasonable estimation, and was an accrued business obligation under the mercantile system rather than a contingent liability. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468698