1997 (4) TMI 4 - SC - Income Tax

The question whether there was real accrual of income to the assessee-company in respect of the enhanced charges for supply of electricity has to be considered by taking the probability/improbability of realisation in a realistic manner - Tribunal rightly held that the claim at the increased rates on the basis of which necessary entries were made represented only hypothetical income and the impugned amounts as brought to tax by the Officer did not represent the income which had really accrued