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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

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

  2. Accrual of income - Income from advance license benefit - income does not accrue in the year of export but in the year in which the imports are made - HC

  3. 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

  4. Depreciation on paintings which were part of furniture and fixtures - either hung in the office or given to the producer for the original shoots, or used in various...

  5. Accrual of income - 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...

  6. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

  7. The unclaimed amounts out of the Guarantee Reserve Account received in earlier years was assessable to tax as the deposit had changed its character into income - HC

  8. Accrual of income - TDS certificates would not be a clinching material to determine the actual income assessable in the hands of the assessee - AT

  9. Taxability of capital gains - denial of adjustments to full value of sale consideration towards amount lying in Escrow account while determining the LTCG - ITAT accepted...

  10. Accrual of income - advances received by the assessee from M/s DLF Ltd. and CBDL were for sale of development rights. Since the assessee failed to sell any such rights...

 

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