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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Accrual of income - termination of contract - method of ...

Income Tax

December 4, 2015

Accrual of income - termination of contract - method of accounting - if there is uncertainty with regard to the collection of amount then recognition of said amount should be deferred in the books of account. - AT

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  1. Addition of notional interest – accrual of interest - uncertainties exist - The relevant circulars of the Central Board of Direct Taxes cannot be ignored - interest can...

  2. Accrual of income - Revenue recognition - real or hypothetical income - The assessee did not raise any demand on account of wheeling charges and since, there was...

  3. Accrual of income - income by way of cash incentive accrued to the assessee at the time of filing of the claim in its respect - assessee has not stated any factual...

  4. Termination of contract - non-performance of the contract - the termination of the contract was illegal and without following due procedure as required under the...

  5. Compensation for termination of lease agreement – amount received is a capital receipt and not liable to tax under Section 55(2)(a) of the Act - HC

  6. TPA - since there is uncertainty involved in collection of the technical knowhow fees from the PTFSI due to its bad financial condition, the assessee has rightly not...

  7. Reversal of TDS by the employer on salary foregone by the employee (after termination) as per the settlement agreement - the foregone salary may after its accrual be...

  8. The amount is refundable in case of termination of the ownership agreement and if no such termination has taken place till date, the amount would not be refunded. As...

  9. Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

  10. Accrual of income - since parent Company was in severe financial crisis, the assessee could not receive any payment for a long time and even after delay of nearly four...

 

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