Voluntary revision of financial statements - Income Recognition ...

Case Laws Companies Law

September 12, 2020

Voluntary revision of financial statements - Income Recognition - NPA - Section 131 of the Companies Act, 2013 - The petitioner-company fulfilled the requirements under Section 131 of the Act and Rule 77 of the 2016 Rules and accordingly, the petitioner-company is entitled for seeking revision of its financial statements or board’s report, for the financial years, in question - it is seen that the relevant interest amounts for the particular years, being treated as accrued and not paid, is added back in computation to arrive at the assessable income. Thus there is no impact on revenue from the perspective of the Income Tax Department. - Tri

View Source

← Previous Next →

Voluntary revision of financial statements - Income Recognition ...

Case Laws Companies Law

September 12, 2020

You may also like:

Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

Inflated cost of land - GAAP v/s Ind AS for financial statement recording - As per the guidelines given by the Government of India, the assessee was required to prepare...

Revision u/s 263 - Computation on MAT u/s 115JB on the basis of consolidated financial statements - The stepdown subsidiaries and other associate companies are...

Statement of Financial Transactions (SFT) for Depository Transactions - Method for computation of "The Estimated Sale Consideration for the debit transaction" and...

Disqualification of a director of the financial creditor to sign the Section 7 application was challenged. The application u/s 7, signed by the director of the financial...

Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

Revision u/s 263 - valuation of equity share - the litigation before us may not have erupted if in the proceedings u/s 263 by Ld.. PCIT have mentioned that the audited...

Assessee retracting and giving proper explanation for investment, after two months - Statement made at odd hours cannot be considered as voluntary statement.

Retraction made of statement - Exhibition of the mistake or error or incorrect statement, with which the earlier statement is ostensibly imbued with, a matter of fact,...

Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

Revision u/s 263 - Correct source of income - special rate of tax u/s. 115BBE - As per CIT income of the assessee should have been assessed as unexplained cash credit,...

Income recognition from contract activity - recognition income on reimbursement - AS-7 - there is no change so far as “cost based” percentage completion method in...

Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

Quick Updates: