John Wallis, C.J.

1. The only question argued before us was whether money which became due to a money-lending firm in the course of its business by way of interest in the year of account, or year on the income of which the tax is to be assessed for the current year, is to be treated as part of the assessable income for that year of account, although it was not recovered or realized by the firm in that year, either in cash or by adjustment in the accounts.

2. "Income" is defined in the "Concise Oxford Dictionary of Current English", adapted from the great Oxford Dictionary and published at the Clarendon Press, as "Periodical (usually annual) receipts from ones business, lands, work, investments, etc.; income-tax (levied on this)." This is also the legal acceptation of the term, as appears from Strouds Judicial Dictionary and numerous definitions, some of which are there cited while others have been referred to by Mr. K.V. Krishnaswami in his argument for the petitioners. Lord Selbornes "income signifies what comes in" is the tersest, and at the same time sufficiently indicates that the taxation of interest which has not come in is not within the scope of an Income-tax Act. The