right to seek performance of the contract

The law provides either party the right to seek performance of the contract and, thus, has to be regarded as an enforceable legal right. Of course, this has to be coupled with the uncertainty, i.e., as to the price or the ultimate realisation of income,if any, that may exist in as much as no income can be said to have accrued where uncertainty to any significant extent obtains, qua any contract, with regard thereto - which is again a matter of fact, to be assessed on the conspectus of the facts and circumstances of the case, on the basis of the best available information. Finally is the question of the stage of completion of a project. This assumes relevance in determining the extent to which income can be said to have accrued, its quantification.

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