Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 615 - HC - Income TaxIncome - advance payment remitted by M/s. India Gems and Beads, USA, for supply of goods, but due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet – Held that:- Nature of any payment received cannot be decided with the accounting treatment given - even if due to mistake or mis understanding if the accountant has credited the said money into the capital account of the appellant it cannot become the part of capital and then obviously it shall be in the nature of advance payment which certainly cannot be part of revenue receipts because looking to the nature of business the revenue receipt shall be the export proceeds only and not the advance amount received - addition made by the Assessing Officer was not in accordance with the accounting principles
|