Recognition of income on accrual basis to be considered from view point of a prudent assessee

Case Law Details Case Name : CIT Vs. M.s Neon Solutions P. Ltd. (Bombay High Court), IT Appeal No. 2251 & 2360 of 2013, 05.04.2016 Appeal Number : Date of Judgement/Order : Related Assessment Year : Courts : All High Courts (1233) Bombay High Court (292)  Download Judgment/Order  CA Saurabh Chokhra Brief of the case: 1. The Hon’ble Bombay High Court in the above cited case held that even in mercantile system of accounting an item would be regarded as accrued income only if there is certainty of receiving it and not when it has been waived. Earning of the inco...