Case Name : Assam roller flour mills Vs. CIT
Citation : [1996] 88 taxman 153 (raj.)
Court :Rajasthan high court
Section : 37(1)
Meaning : In the mercantile system of accountancy, income is charged to tax and liability is allowed as deduction on the basis of ‘accrual’ or ‘arisal’. The two words ‘accruing’ or ‘arising’ are used in contradistinction to the words ‘receive’ or ‘pay’.