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Dcit, Alappuzha vs Kreem Foods Private Ltd, ... on 3 October, 2018 cites

C.I.T. Madras vs T. V. Sundram Iyengar (P) Ltd on 9 April, 1975

The assessee never admitted this amount as income in the books. Only accrued income arose to the assessee during the relevant previous year also can be brought to tax under the Income-tax provisions which is a settled law. In other words, there must be a debt owned to the assessee and until this is created in favour of the assessee as a debt due to the assessee, it cannot be said as income accrued. Hence, the decision relied by the Jr. D. R. in the case of CIT vs. T. V. Sundaram lyengar and Sons cited supra, is clearly distinguishable on facts. In that case, assessee itself admitted this as income as per the book entries. Hence, it is distinguishable.
Supreme Court of India Cites 12 - Cited by 145 - Y V Chandrachud - Full Document
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