Income accrues only when due and on corresponding liability of other party to pay


Last updated: 23 March 2020

Court :
High Court of Judicature at Bombay)

Brief :
This order of ITAT Mumbai, upheld by the Bombay High Court further establishes the principle that for an income to accrue to a person, corresponding liability to pay should also arise to the other party.

Citation :
Principal Commissioner of Income Tax, Pune v. M/s. Rohan Projects

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