TMI Blogconcealment of incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... An assessee completed a contract and raised a bill of Rs 50 lacs for approval . The bill was not approved till date. The assessee did not recognise income in the relevant previous year as the bill was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not approved. Thecontract was all verbal and hence the only way the bill could be settled was by mutual settlement. The assessee recognises revenue only after a bill raised is confirmed and approved. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This practice has been followed since its inception. However, the assessee received around 27 lacs as advance which it showed as "advance from customers" in the books of the relevant previous year as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been the practice of the assessee for booking advances. This amount (27 lacs) was shown as income in the subsequent year when the management was confirmed that the party would neither confirm the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bill or make any further payments. WHETHER the amount of Rs. 27 lacs leads to concealment of income in the relevant previous year ? - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Whether you hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e got clarified in the above issue? If not please inform. - concealment of income - Query Started By: - N R CONSULTING N R CONSULTING Dated:- 4-12-2012 Income Tax - Got 1 Reply - Income Tax - Dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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