Section 145(1) Income Tax Act: Outstanding Payments Not Taxable Due to Lack of Accrual or Receipt.

Correct method of accounting u/s 145 (1) - real income - the bills that are not received by the assessee are not at all admitted by the person who is supposed to pay it and there is no obligation of payment on the shoulder of Organizing Committee - Thus the outstanding payments has neither accrued to the assessee, nor received by it - not taxable .....

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