Home Highlights November 2011 Year 2011 This

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1. Addition made towards receipt Assignment of Fee - Assessee has withdrawn amount from Escrow account and utilized for its business purpose - Although, there is a timing...

2. Undisclosed income - Deferred income - Club membership - taxability of 60% or 100% of receipt - revenue model adopted by the assessee is based on hypothesis and not on...

3. Unearned revenue from subscription services - AO has clearly erred in changing consistently followed method of revenue recognition adopted by the assessee.We find due...

4. Income recognition - income accrued - assessee received consultancy fees from UG Hospitals Pvt. Ltd.for the term of five years - assessee’s reliance of AS-9 issued by...

5. Corporate membership fees - revenue in nature or capital? - no reason why the renewal membership fees should not be allowed as revenue expenditure - HC

6. Exemption u/s 11 - Life Membership Fees claimed as capital receipt of the corpus donation - by no stretch of imagination, membership fee can partake character of...

7. Income recognition - Entitlement to follow accounting standard 9 for revenue recognition in respect of TPA fee received from insurance companies - It is evident that the...

8. Corporate guarantee - fee for technical services (FTS) under article 13 of the India France DTAA and section 9(1)(vii) - services of corporate guarantee by the assessee...

9. Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

10. Characterization of income - One time membership entrance fees as one time membership fees for life time membership of club (15 years) - membership fee received is...

11. Income accrued In India - 'Royalty' or 'Fees for Technical Services' under Section 9(l)(vi) and 9(l)(vii) - the payment made by SCB to assessee- company does not fall...

12. Royalty/fees for technical services u/s. 9 (1) (vi)/9 (1)(vii) - payment made by SCB to assessee company does not fall within the realm of “fees for technical...

13. Revenue recognition - Royalty income - as per the revenue recognition prescribed under AS-9 of ICAI in respect of royalties, the same has to be recognized only over the...

14. Disallowance of Membership Fees paid to Cricket Club of India - The fact that assessee utilizes the facilities for the purpose of his business and it is brought on...

15. 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...