https://www.taxtmi.com/caselaws?id=795138 Under mercantile accounting, income accrues only when the right to receive is vested, unconditional, enforceable and reasonably certain. A contractual tranche contingent on unfulfilled obligations, subject to an assignee's cost-adjustment mechanism and disputed in recovery proceedings does not constitute taxable real income merely because it is contractually claimed. The notes also explain that property-tax and advertisement costs connected with a real-estate project may be claimed when corresponding revenue is recognised under the percentage completion method, where the costs were carried in work-in-progress, paid through the taxpayer's account, and their business nexus and genuineness are established without double deduction. en-us Wed, 08 Jul 2026 00:00:00 +0530 Fri, 17 Jul 2026 08:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795138 Under mercantile accounting, income accrues only when the right to receive is vested, unconditional, enforceable and reasonably certain. A contractual tranche contingent on unfulfilled obligations, subject to an assignee's cost-adjustment mechanism and disputed in recovery proceedings does not constitute taxable real income merely because it is contractually claimed. The notes also explain that property-tax and advertisement costs connected with a real-estate project may be claimed when corresponding revenue is recognised under the percentage completion method, where the costs were carried in work-in-progress, paid through the taxpayer's account, and their business nexus and genuineness are established without double deduction. Case-Laws Income Tax Wed, 08 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795138