Accrual of income - Merely because retention money is accounted ...

Case Laws Income Tax

June 22, 2018

Accrual of income - Merely because retention money is accounted for in the books of account, that by itself does not make it taxable in A.Y. 2010-11 when in law the same cannot be said to have accrued in that year as discussed above.

View Source

← Previous Next →

Accrual of income - Merely because retention money is accounted ...

Case Laws Income Tax

June 22, 2018

You may also like:

Accrual of income - determination of income out of the receipt not disclosed in the books of account - when the receipts were out of the books of accounts, the payment...

Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

Deemed Income / accrual of income - income on account of retention money - the right to receive the retention money is accrued only after the obligations under the...

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...

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...

Advance money in books of accounts - accrual of income – the amount found credited in the books of account of the assessee, the liability to pay back the same had ceased...

Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

Assessment u/s 153C - the assessee cannot be held to be having control over what the third person records in his regular books of accounts or in the parallel books of...

IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

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...

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...

Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

Quick Updates: