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2018 (5) TMI 277 - AT - Income TaxMethod of accounting followed - income recognization - accrual of income - Held that:- Upon perusal of order of this Tribunal for AY 2009-10 [2017 (4) TMI 764 - ITAT MUMBAI] representing various invoices raised by the assessee on his clients in the month of April 2009. These receipts were accounted for in the relevant previous years of A.Y.2010-11, meaning thereby the income has already accounted for in the subsequent assessment year. The claim of the assessee is that the Revenue is recognized only at a stage where there is certainty of realization of income. It is noted that there is no undue benefit derived by the assessee in accounting for certain invoices in subsequent year. Our view finds support from the decision from Hon'ble Apex Court in CIT vs. Excel Industries Ltd.[2013 (10) TMI 324 - SUPREME COURT] The tax rate in both the years is same - Thus adjustment of ₹ 1.01 crores made by Ld. AO by enhancing the returned loss is not warranted and therefore, the total loss of the assessee stands determined at Rs.(-)9,79,91,325/-.- Decided against revenue
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