Income recognition - Accrual of income - the addition made by ...

Case Laws Income Tax

October 29, 2020

Income recognition - Accrual of income - the addition made by shifting back the gross sale receipts recognized by the assessee in FYs 2011- 12 & 2012-13 to FY 2010-11, without shifting the expenditure incurred in connection with the completion of the said project violates the Accounting Standard I notified u/s 145(2) - AT

View Source

← Previous Next →

Income recognition - Accrual of income - the addition made by ...

Case Laws Income Tax

October 29, 2020

You may also like:

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

Foreign contribution income recognition based on accrual accounting - assessee recognized income and unspent grant liability for AY 2021-22, offered unspent grant as...

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

Additions towards the alleged unaccounted sales - The AT noted that the addition had been deleted by the ld. CIT(A), and since there was no appeal from the Revenue, this...

Accrual of income - Addition made to the income of the assessee received by the assessee from “JDS” and its associates, treated as own income of the assessee - Despite...

Gross profit addition - AO during the assessment proceedings, agreed to estimation of gross profit @ 56% of sales/turnover and this act of the assessee obviously stopped...

Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence...

Addition based on estimated additional gross profit - When the sale value of the cranes, which was considered for computation of WIP, has already included the profit...

The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

Addition in gross profit rate – Addition cannot be made on pure conjectures – In case Assessing Officer had doubts over book results counter verifications and other...

Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

Quick Updates: