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ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income

Dated:- 4-10-2017 - Manual - ICDS I : Accounting Policies The Honorable Supreme Court in the case of E.D. Sassoon & Co. Ltd. v CIT [1954 (5) TMI 2 - SUPREME Court] discussed the concepts of accrual , arisal and receipt . The relevant observations .....

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ich makes its meaning plainer than the word 'receiving' itself. The words 'accrue' and 'arise' also are not defined in the Act. The ordinary dictionary meanings of these words have got to be taken as the meanings attaching to .....

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ing accrues' should not be taken as synonymous with 'arises' but in the distinct sense of growing up by way of addition or increase or as an accession or advantage; while the word 'arises' means comes into existence or notice or p .....

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and perhaps the two words seem to denote the same idea or ideas very similar, and the difference only lies in this that one is more appropriate than the other when applied to particular cases. It is clear, however, as pointed out by Fry, L.J., in Co .....

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' and indicate a right to receive. They represent a state anterior to the point of time when the income becomes receivable and connote a character of the income which is more or less inchoate The Honorable Supreme Court in the case in Morvi Indus .....

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to accrue when it becomes due. The postponement of the date of payment has a bearing only in so far as the time of payment is concerned, but it does not affect the accrual of income. The moment the income accrues, the assessee gets vested with the ri .....

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