Home Highlights November 2010 Year 2010 This

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1. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

2. Foreign contribution income recognition based on accrual accounting - assessee recognized income and unspent grant liability for AY 2021-22, offered unspent grant as...

3. Addition u/s 68 - Addition on the basis of income shown in Form No. 26AS - Mercantile system of accounting - There can be overflow of income of one preceding previous...

4. Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and...

5. Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be...

6. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

7. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

8. Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

9. Initiation of CIRP - Period of limitation - to be recognized from the date of NPA or Balance Sheet recognizing the debt - An application under Section 7 of the IBC would...

10. The income relatable to earlier year cannot be added to the income of this year - AT

11. 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...

12. Accrual of income - Revenue recognition - real or hypothetical income - The assessee did not raise any demand on account of wheeling charges and since, there was...

13. 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....

14. Accrual of income - Income from advance license benefit - income does not accrue in the year of export but in the year in which the imports are made - HC

15. TP Adjustment - MAP Settlement - the provisions of the amended Rule 44G(5) stipulate that there shall not be a decrease in the income or increase in the loss of an...