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2015 (9) TMI 442 - ITAT CHENNAIAccrual of income - Advance received by the assessee for his professional work - whether has to be assessed in the year of receipt or in the year of performing the contract? - Held that:- None of the advances received by the assessee are assessable as income of the assessee in the assessment year 2005-06 as it was received only as advance for performing projects in future. Advances received cannot be assessed in the year of receipt but has to be assessed in the year of performing contract - Decided in favour of assessee.
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