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of <h1>Supreme Court Clarifies Distinction Between Income Accrual and Receipt in Key Rulings.</h1> The Supreme Court has clarified the distinction between the accrual and receipt of income in several cases. In E.D. Sassoon & Co. Ltd. v CIT, it was noted that 'accrues,' 'arises,' and 'is received' are distinct terms, with 'accrues' and 'arises' indicating a right to receive income before it is actually received. In Morvi Industries Limited v CIT, the Court stated that income accrues when it becomes due, regardless of when it is paid. Similarly, in CIT v Excel Industries Limited, the Court emphasized that income accrues when there is a corresponding liability to pay it. These rulings highlight the difference between income accrual and receipt.
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