Accrual of income - Addition on account of amount kept in Escrow ...
Income Tax
April 1, 2020
Accrual of income - Addition on account of amount kept in Escrow Account - slump sale - The word “accruing” and arising are used to contradistinguish the word “receive”. Income is said to be received when it reaches to the assessee; when right to receive the income vested to the assessee, it is said to be accrue or arise. The dormant profit cannot be equated with charged to tax under section 3 & 4 of the Income Tax Act.
View Source
