Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Change in method of accounting system – Loss incurred - The ...


Accounting Method Change Isn't Grounds for Rejection if More Expenses Claimed, Says Court Decision.

November 23, 2013

Case Laws     Income Tax     HC

Change in method of accounting system – Loss incurred - The change cannot be rejected on the ground that it has resulted into claiming more expenditure during the year under consideration. - HC

View Source

 


 

You may also like:

  1. Disallowance of project management expenses claimed u/s 37 - Change in method of accounting in respect of project management expenses - assesee was well within its right...

  2. Change in method of revenue recognition - Non recognizing income by changing the method - There is no valid explanation for claiming expenses related to the CAS services...

  3. Rejection of books of account - Correct method of accounting - following cash system of accounting instead of accrual method of accounting - He has not cared to discuss...

  4. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

  5. Disallowance for warranty expenses - assessee is entitled to change the method of accounting with respect to claim of warranty expenses from ‘actual basis’ to ‘provision...

  6. The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition....

  7. Method of accounting – the assessee had right to adopt the changed system of accounting and by changing the system of accounting from mercantile to cash was a bona fide change - AT

  8. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

  9. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

  10. Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

  11. Adhoc Addition on account of personal use of car, on account of tour and travelling expenses and on account of telephone expenses - When undisputedly assessee has...

  12. Method of accounting - Change in method valuation of closing stock – if there is a bona fide change in the method of accounting which is consistently followed, no...

  13. Addition on account of difference in valuation of securiti - Reduction in profit due to change in valuation method of stock cannot be a reason to reject the claim of...

  14. Understatement of income on account of sale of energy - change in method of accounting of sales realization - if action of Ld. A.O and the Ld. CIT(A) in adding on...

  15. Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion...

 

Quick Updates:Latest Updates