Addition on account of cessation of liability - Advance receipts ...

Court Rules Advance Client Receipts Not Taxable Income Even If Debt Becomes Time-Barred Under Income-tax Act.

July 9, 2016

Case Laws Income Tax HC

Addition on account of cessation of liability - Advance receipts from client as capital receipt - even though the remedy of some of the clients may have become barred by limitation, even then the barred debt did not become income of the assessee and could not be taxed under the Income-tax Act. - HC

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Addition on account of cessation of liability - Advance receipts ...

Court Rules Advance Client Receipts Not Taxable Income Even If Debt Becomes Time-Barred Under Income-tax Act.

July 9, 2016

Case Laws Income Tax HC

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