https://www.taxtmi.com/caselaws?id=55649 An advocate's receipts from clients held in a fiduciary capacity as client money are not professional income when received, because they retain their trust character until validly appropriated towards fees with client consent, under the governing professional accounting rules, or on settlement or completion of the matter. The ordinary rule that the character of a receipt is fixed at the time of receipt was applied, and the department could not displace a long-accepted accounting method merely at its discretion where it was not shown to be contrary to law. On that basis, the year-end accretion in clients' credit balances could not be taxed as the full professional receipt, and only the admitted untransferred fees were includible. en-us Fri, 07 Dec 1990 00:00:00 +0530 Mon, 29 Nov 2010 12:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55649 An advocate's receipts from clients held in a fiduciary capacity as client money are not professional income when received, because they retain their trust character until validly appropriated towards fees with client consent, under the governing professional accounting rules, or on settlement or completion of the matter. The ordinary rule that the character of a receipt is fixed at the time of receipt was applied, and the department could not displace a long-accepted accounting method merely at its discretion where it was not shown to be contrary to law. On that basis, the year-end accretion in clients' credit balances could not be taxed as the full professional receipt, and only the admitted untransferred fees were includible. Case-Laws Income Tax Fri, 07 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55649