Re-assessment of processing fee - Recognition of income - Method ...

Court Rejects Re-Assessment Proposal on Processing Fee; Petitioner Met Full Disclosure u/ss 147 and 148.

February 20, 2021

Case Laws Income Tax HC

Re-assessment of processing fee - Recognition of income - Method of accounting - Assessments for previous and later years following this consistent method of accounting have been accepted. The details in relation to the entirety of the processing fee received and the component recognised as income in this year are also available. - disclosure made by the petitioner in regard to the assessment of processing fee is a full and true disclosure for the purposes of Section 147/148. The proposal for re-assessment on this issue fails - HC

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Re-assessment of processing fee - Recognition of income - Method ...

Court Rejects Re-Assessment Proposal on Processing Fee; Petitioner Met Full Disclosure u/ss 147 and 148.

February 20, 2021

Case Laws Income Tax HC

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