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2006 (1) TMI 76 - HC - Income Tax
Accural of Income - Under the Income-tax Act, the income accrued or received by the assessee alone is taxable - Income-tax is a levy on income - Tribunal was right in holding that moneys retained by the contractors, as a percentage of the bills raised to be paid after the contract is completed is to be treated as income only when the moneys are actually received, even though the appellant is following a mercantile system of accounting – revenue appeal dismissed