Once the advance made by the assessee was subject matter of ...

Income Tax

April 2, 2016

Once the advance made by the assessee was subject matter of taxation at the time of provision, the same cannot be added to the total income when it was actually written off. - disallowing would amount to double taxation- AT

View Source

← Previous Next →

Once the advance made by the assessee was subject matter of ...

Income Tax

April 2, 2016

You may also like:

Benefit of DTAA while claiming exemption from taxation of capital gain - Provisions of sections 4 and 5 are expressly made subject to the provisions of the Act which...

Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

Disallowance of interest u/s 36(1)(iii) - The AO had disallowed the interest claimed by the assessee on advances made to its Director, citing a lack of nexus between the...

Scheme of faceless assessment - the time given to the petitioner to show cause was virtually of three days only - It is deemed appropriate that rather than this Bench,...

TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

Time of supply - Absolute control of the money received in advance - The law is crystal clear that once any advance amount is received towards provision of any service...

Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee -...

Block assessment - Block period - Addition on account undisclosed investment based on diary of the assessee - The money so advanced will tantamount to be the investment...

MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

MAT Computation - even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

Conversion of shipping bills from duty drawback scheme to advanced authorisation scheme - mistake in the shipping bills occurred - time limitation - The provision of...

Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

Demand of service tax on advances received - works contracts - advances made cannot be subject to tax if such advances are adjusted against dues for rendering of service...

TDS u/s 194H - provision towards commission made - As similar provisions were made in earlier years as well as subsequent years by the assessee and the TDS was not...

Quick Updates: