DC-0051Doctrines · Tax · Wanted
Real Income
Scope
Income tax is on income that has actually accrued, not on hypothetical income, even under the mercantile system of accounting.
Authorities to start from
- CIT v. Shoorji Vallabhdas & Co., AIR 1962 SC 1389
- Godhra Electricity Co. Ltd. v. CIT, (1997) 4 SCC 530
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