https://www.taxtmi.com/caselaws?id=58570 Dividend income from an Indian company accrued to a non-resident shareholder on declaration, because section 8 of the Income-tax Act treats dividend as accruing on declaration, distribution or payment. Foreign exchange restrictions under the Foreign Exchange Regulation Act governed remittance and enforcement, but did not extinguish the shareholder's enforceable right to receive the dividend or defer accrual. A non-resident could not substitute a cash basis of accounting for the statutory accrual rule. The final dividend was therefore assessable in the year of declaration, and cash-basis treatment was rejected. en-us Sat, 29 Sep 1984 00:00:00 +0530 Mon, 20 Dec 2010 16:42:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58570 Dividend income from an Indian company accrued to a non-resident shareholder on declaration, because section 8 of the Income-tax Act treats dividend as accruing on declaration, distribution or payment. Foreign exchange restrictions under the Foreign Exchange Regulation Act governed remittance and enforcement, but did not extinguish the shareholder's enforceable right to receive the dividend or defer accrual. A non-resident could not substitute a cash basis of accounting for the statutory accrual rule. The final dividend was therefore assessable in the year of declaration, and cash-basis treatment was rejected. Case-Laws Income Tax Sat, 29 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58570