Accrual of income - real income - since the basis, modality and ...

June 26, 2021

Case Laws Income Tax AT

Accrual of income - real income - since the basis, modality and the amount on which the capacity charges, deemed generation charges and capacity Index Incentives were to be determined/ quantified, it was difficult for the assessee to ascertain the correct and actual amount of charges recoverable from UPCL. - Deemed Generation Charges and capacity index incentive charges during the FY 2015-16 relevant to AY 2016-17. Once the correct amount of income has already been offered to tax in AY 2016-17, we find no merit in the addition made by the AO in the present order of assessment. - AT

View Source

← Previous Next →

Accrual of income - real income - since the basis, modality and ...

June 26, 2021

Case Laws Income Tax AT

You may also like:

Accrual of Interest on loans - Real income or not - Accrual of income u/s 5 - there was no choice for the assessing authority but to add back this amount as part of the...

Accrual of income - Revenue recognition - real or hypothetical income - The assessee did not raise any demand on account of wheeling charges and since, there was...

Accrual of interest income - Commercial decision was taken by the appellant-assessee not to charge interest from these two borrowers as the assessee wanted to ensure...

Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

Accrual of income - assessee was declaring LPS on outstanding credit receivables on accrual basis - hybrid system of accounting - the assessee has followed the...

Service tax liability on construction of residential complexes assessed on accrual basis as per Point of Taxation Rules, 2011, overriding receipt basis followed earlier....

Quantification of GST / Valuation of supply - GST on whole amount of bill (monthly rental + night charges + fuel on mileage basis) or only on monthly rental (excluding...

Levy of service tax - real estate agent - collecting transfer/administrative charges - Referring to precedents, the Tribunal affirmed that charges for changes in...

Accrual of income - Taxation in the light of Section 145 - the terms of the agreements, which enable the assessee to demand overdue charges (AFC) is only an enabling...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Accrual of income - with the Assessee not having claimed the benefit of Section 32AB of the Act, the question of treating lease rental as income on accrual basis did...

Accrual of income on Kisan Vikas Patra - Promissory note OR not - the interest on Kisaan Vikas Patras has to be assessed to income tax on accrual basis - HC

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

Income deemed to accrue or arise in India - Royalty Income - AO had treated an amount as royalty income of the assessee during the year purely based on the amount shown...

Validity of Reopening of assessment - not charging interest @ 12% on the loans advances - Only because the assessee company did not charge the advance made to the other...

Quick Updates: