Home Highlights May 2015 Year 2015 This

You may also like:

1. Income tax treatment of membership fees received in advance: The membership fees comprise a non-refundable portion and an advance amount for availing discounted services....

2. The assessee, following the mercantile system of accounting, had treated Annual Maintenance Charges (AMC) collected in advance from customers for lift maintenance as a...

3. Revision u/s 263 - Revenue recognition against advances received - It is the other party who makes the payment, who has not objected or had not made any claim against...

4. Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in...

5. Source of Cash deposited into the Bank Account - Agricultural income - advances received from customers in land transactions - CIT(A) ought to have considered the...

6. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

7. Advance received in the nature of imprest money in the fiduciary capacity for overseas client - amount of professional advances received by the assessee accepting money...

8. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

9. TP - Non compete fees - Estimation of income - assessee had signed non compete agreement - no justification for non payment of non compete fees to the assessee -...

10. Revenue recognition based on Accounting Standard (AS) 7 for advance received from customers under contracts - assessee followed Percentage Completion Method (PCM)...

11. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

12. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

13. Nature of receipts - non-refundable security deposits - CIT(Appeals) has rightly concluded non-refundable security deposits received by appellant has nexus with O&M...

14. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

15. Income recognition - income accrued - assessee received consultancy fees from UG Hospitals Pvt. Ltd.for the term of five years - assessee’s reliance of AS-9 issued by...