Income recognition - the assessee was entrusted with the money ...

Income Tax

November 14, 2017

Income recognition - the assessee was entrusted with the money for discharging of various legal obligations on behalf of its clients and held the money in fiduciary capacity and the money was recognised as client’s money in its accounts - No additions - AT

View Source

← Previous Next →

Income recognition - the assessee was entrusted with the money ...

Income Tax

November 14, 2017

You may also like:

Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

Undisclosed income - entry in the seized material wherein "P-money" was written - Assessing Officer is of the view that "P-money" stands for pocket money and treated it...

Reopening proceedings against deceased assessee - proceedings against legal representatives of the deceased assessee - The High court observed that the legal...

Income recognition - advances received from clients - AO observed that “out of pocket expenses” had been exclusively kept out of the books and on reimbursement of the...

Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

Addition u/s 69A - Unexplained cash deposits in bank account - If the assessee had no source of income apart from rental or pension income and some interest amount and...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

Income recognition - income accrued - assessee received consultancy fees from UG Hospitals Pvt. Ltd.for the term of five years - assessee’s reliance of AS-9 issued by...

Deduction u/s.80-IB(10) - unrecorded income towards on money - income disclosed by the assessee treated as income of the assessee from the business and not as from other sources

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Income recognition from contract activity - recognition income on reimbursement - AS-7 - there is no change so far as “cost based” percentage completion method in...

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Quick Updates: