Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

Latest Case Laws

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail

lear that there can be cases of non-residents to whom s. 5(2)(a) will never apply in regard to a particular income. The question then is, whether in such circumstances the assessee concerned (non-resident to whom income had accrued in India) can insist that, since he has kept his accounts in regard to that income on the cash basis, he is not liable to be taxed on the accrual basis. In other words, .....

X X X X X X X

Full Text of the Document

X X X X X X X

5(2)(b), though by merely looking at the wording of s. 145(1) it may appear that in all cases the method of accounting must be followed, unless in any case where the accounts are correct, but the method is such that, in the opinion of the ITO, the income cannot properly be deduced therefrom. But, it must be remembered that s. 145 is only a machinery provision and cannot qualify the charging sectio .....

X X X X X X X

Full Text of the Document

X X X X X X X

ons of s. 5(2)(b). Assessee took the matter before the Supreme Court. Honorable Apex Court in [1993 (2) TMI 9 - SUPREME Court] has held that: The assessee was assessed as the statutory agent of the non-resident company. The Income-tax Officer assessed the amounts credited in the accounts of the assessee as the income of the non-resident company. The contention of the assessee was that mere entry i .....

X X X X X X X

Full Text of the Document

X X X X X X X

a) has observed that: In the circumstances, we do not think it necessary to express any opinion on the question whether there is any conflict or inconsistency between section 5(2) and section 145 of the Act nor is it necessary to express ourselves on the view expressed by the High Court that, in the case of a non-resident assessee like the petitioner, clause (a) of sub-section (2) of section 5 has .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||