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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Low declaration of contract amount - AS-9 - revenue recognition ...


Revenue Recognition Under AS-9: Income Accrual Requires Counterparty Liability Acknowledgment, Not Just a Recovery Claim.

April 18, 2019

Case Laws     Income Tax     AT

Low declaration of contract amount - AS-9 - revenue recognition - disputed contractual receipt - Mere filing of the suit for recovery will not in law make it an income which has accrued unless corresponding liability recognized by the other party

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