The additional compensation and interest received thereon is ...

Taxpayer to Be Assessed for Error: Reported Compensation on Accrual Basis Instead of Year Received.

January 30, 2015

Case Laws Income Tax AT

The additional compensation and interest received thereon is proposed to tax in the year of receipt. As the assessee has erroneously declared additional compensation and interest on accrual basis, the said returns will be assessed on a protective measure. - AT

View Source

← Previous Next →

The additional compensation and interest received thereon is ...

Taxpayer to Be Assessed for Error: Reported Compensation on Accrual Basis Instead of Year Received.

January 30, 2015

Case Laws Income Tax AT

You may also like:

Accrual of interest income on delayed payment of compensation for land acquisition – the interest received is to be assessed on accrual basis year to year and not to be...

Disallowance of provision for professional cost - Accounts of the company are audited by reputed CA firm and therefore it cannot be said that it is an inadvertent error....

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

Accrual of income - Selection of year of assessment - the entire sum was received upfront in the year in question and TDS was also deducted on that basis - ITAT erred in...

Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

Rectification of errors in filing GST Returns - The case involved errors made by the petitioner in their GST returns for the period July 2017, initially by incorrectly...

Claim of the assessee u/s. 89 r.w. Rule 21A of I.T. Rules - The basis of compensation calculated by the company and the company also treated the one-time compensation as...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

Addition u/s 68 - accommodation entry - additions made on the basis of retracted statements - amount received during the earlier years - assessee has furnished all the...

Depreciation on power plant at written down value method as against claimed by the appellant at straight line method - There is no bar under law that a captive...

Accrual of income - it was received only as advance for performing projects in future. Advances received cannot be assessed in the year of receipt but has to be assessed...

Service tax liability on construction of residential complexes assessed on accrual basis as per Point of Taxation Rules, 2011, overriding receipt basis followed earlier....

Characterization of receipt - interest received by the assessee u/s 28 and 34 of the Land Acquisition Act, 1894 - The Delhi High Court, in a case concerning the...

Addition on account of unaccounted receipts - When the assessee has asserted before the Assessing Officer that it has not received any such income, the Assessing Officer...

Quick Updates: