https://www.taxtmi.com/caselaws?id=59087 Taxable income accrues only when the assessee's right to receive it is determinate and enforceable in the relevant accounting year. Excess realisation on levy sugar sold under interim court orders, received against a bank guarantee while the price-fixation challenge remained pending and subject to statutory credit to the Fund, did not constitute accrued income. Likewise, a provisional sales tax set-off shown as a liability in the balance sheet, pending final assessment, was only a contingent claim and not present income. Both amounts were therefore held not taxable in the year in question. en-us Sat, 30 Oct 1982 00:00:00 +0530 Thu, 23 Dec 2010 18:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59087 Taxable income accrues only when the assessee's right to receive it is determinate and enforceable in the relevant accounting year. Excess realisation on levy sugar sold under interim court orders, received against a bank guarantee while the price-fixation challenge remained pending and subject to statutory credit to the Fund, did not constitute accrued income. Likewise, a provisional sales tax set-off shown as a liability in the balance sheet, pending final assessment, was only a contingent claim and not present income. Both amounts were therefore held not taxable in the year in question. Case-Laws Income Tax Sat, 30 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59087