Provisions of AS-7 cannot override the provisions of section 145 ...

Accounting Standard 7 (AS-7) does not override Section 145 of the Income Tax Act for business income computation.

April 12, 2013

Case Laws Income Tax AT

Provisions of AS-7 cannot override the provisions of section 145 in so far as the computation of business income under the Income Tax Act for the purpose of determining income is concerned. - AT

View Source

← Previous Next →

Provisions of AS-7 cannot override the provisions of section 145 ...

Accounting Standard 7 (AS-7) does not override Section 145 of the Income Tax Act for business income computation.

April 12, 2013

Case Laws Income Tax AT

You may also like:

Recognition of contract revenue under Accounting Standard (AS) 7 - Maintenance activities cannot be clubbed with the construction activity. Having gone through the...

Notification on Income Computation and Disclosure Standards (ICDS) - ICDS notified in 2015 rescinded - Notification

Income Taxes - Ind AS-12 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

Addition of difference in sales – there was no justification in not accepting the sales recorded by the assessee in its books of accounts as per Accounting Standard AS-7 - AT

Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

Deduction of interest expenditure of INR u/s 36(1)(iii) - the Assessee has undertaken only one redevelopment project. It is not disputed that interest cost is directly...

Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG...

Addition on account of provision for Solid Waste Dispsal Expenses - contingent liability or accrued liability - The accounting method followed by the assessee was in...

The petitioner incurred expenditure towards application of income as required u/s 11(1)(d) for the year under consideration, which was evident from the computation of...

Applicability of Article 7 of the Double Taxation Avoidance Agreement (DTAA) between India and the United Arab Emirates regarding the taxation of profits attributed to a...

Corporate debtor's account correctly declared as non-performing asset (NPA) due to failure to renew cash credit facilities and provide required financial documents for...

New and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)

Procedure, Formats and Standards of issue of Permanent Account Number (PAN)

Intangible Assets - Ind AS-38 of the Companies (Indian Accounting Standards) Rules, 2015 as amended.

Obligation to comply with the Indian Accounting Standards (Ind AS) and Rule 4 of Companies (Indian Accounting Standards) Rules, 2015- Payment Banks, Small Finance Banks...

Quick Updates: