Accrual of income - Advances received from various producers - ...

Income Tax

November 7, 2015

Accrual of income - Advances received from various producers - whether assessable as income for the respective assessment years or not? - When the assessee has returned these amounts in the subsequent years as the proposed assignment were not materialised then it would not be proper and appropriate to treat these amounts as income of the assessee - AT

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Accrual of income - Advances received from various producers - ...

Income Tax

November 7, 2015

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Amounts received by the assessee from various producers towards advances cannot be assessed as income of the assessee. - AT

Accrual of income - taxability of advances received - Merely because an amount has been entered into in assessee’s book, is not conclusive proof that income has accrued - AT

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