Accrual of income - after defect liability period or contract ...

Case Laws Income Tax

March 30, 2019

Accrual of income - after defect liability period or contract completion date - if assessee's right to such amount would depend on there being no defects arising in the subsequent period then accrual occurs only on completion of the retention period (defect liability period)

View Source

← Previous Next →

Accrual of income - after defect liability period or contract ...

Case Laws Income Tax

March 30, 2019

You may also like:

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...

Accrual of income - the right to receive that amount was contingent upon there not being any defects in the work, during the stipulated period. It is then, and only...

Accrual of income towards retention money - the assessee had no right to claim any part of the retention money till the verification of satisfactory execution of the...

Accrual of income - the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income in...

Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

If the contracts involve design, development, operating and maintenance, financial involvement, and defect correction and liability period, then such contracts cannot be...

Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or...

Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

Accrual of income - retention money - When the assessee had no right to receive the money by virtue of the contract between the parties and the assessee also had no...

Taxability of shipping income - Shipping income as dealt by Article-8 states that profits derived by an enterprise of a contracting state by operation of ships in...

Accrual of income - since parent Company was in severe financial crisis, the assessee could not receive any payment for a long time and even after delay of nearly four...

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...

Accrual of Income - Addition towards service fees received - Income can be recognized only when it is earned or accrued i.e. there is a right to receive. In the present...

Recovery of outstanding tax demands from the director of a private company in liquidation - Joint or severe liability - As per the MOU / Settlement agreement, all the...

The case involved the interpretation of Article 366 (29A) of the Constitution regarding the transfer of right of use goods. The High Court examined whether contracts for...

Quick Updates: