TMI BlogIncome recognition - No doubt, the Income-tax Act takes into account two points of time at which the...Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income, if income does not result at all, there cannot be a tax.” - income accrues when there is a corresponding liability on the other party. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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