Raising of invoices per se won’t result in accrual of income

Brief of the case:

The ITAT Mumbai in the above cited case held that raising of invoices per se doesn’t result in accrual of income rather an income can be considered to have been accrued only when there is a corresponding liability of the other party to pay the amount to the assessee and there is realistic probability of realization of the income to the assessee.

Facts of the case:

• The assessee is a closely held company incorporated in USA. In Ind

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