consideration received in exchange

It is only then that the consideration received in exchange, the compensation for the release/ transfer of ownership can be said to have been so in one's own right, and the income embedded therein, accrued to the recipient. In fact, it matters little even if the consideration stands not actually received in-as-much as a debt has inured in favour of the transferor. Then, again, income cannot be said to have arisen if uncertainty to
any significant extent exists as to the ultimate realisation of income, so that the existence of a legal debt or a civil liability is itself not sufficient to hold of accrual of income. The Standard is thus set in terms broader than the legal concept.




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