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Whether the amount received by the assessee would be the income of the company as defined in Section 5(1)(c) of the Income Tax Act, 1961?


Section 5 of the Income Tax Act, 1961 states the provisions relating to income that is taxable in the hands of the person during the previous year. Once the income is taxed on an accrual basis, tax need not be paid during the actual receipt of such income.

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