Receipts of the assessee through their “Golden Key Scheme” - ...

Court Rules Mercantile Accounting System Must Be Applied Over Cash System for "Golden Key Scheme" Receipts.

January 23, 2018

Case Laws Income Tax AT

Receipts of the assessee through their “Golden Key Scheme” - system of accounting - mercantile system of accounting should have been followed instead of the cash system of accounting. - AT

View Source

← Previous Next →

Receipts of the assessee through their “Golden Key Scheme” - ...

Court Rules Mercantile Accounting System Must Be Applied Over Cash System for "Golden Key Scheme" Receipts.

January 23, 2018

Case Laws Income Tax AT

You may also like:

Method of accounting – the assessee had right to adopt the changed system of accounting and by changing the system of accounting from mercantile to cash was a bona fide change - AT

Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for...

Method of Accounting - Assessee switch over from the cash system to the mercantile system of accounting - assessee had to follow the mercantile system and during the...

Interest income - system of accounting - The assessee is not permitted to use mixed or hybrid system of accounting under which some items of income / expenditure are...

ICDS - If the assessee is following mercantile system of accounting for his manufacturing business and cash system of accounting for his commission agency business, then...

Method of accounting - according to the Revenue, in respect of all the activities of the assessee, the accounting of income and expenditure should be under the same...

Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

Addition on account of difference in TDS receipts - AO directed to re-compute the income of the assessee in accordance with cash system of accounting, which is the...

The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

Section 145 (1) permits two process of accounting and it is not the case of appellant that double entry system of account is not a recognized mercantile system of...

Deduction of Provision for contingency - Ascertained liability - the system of accounting, followed by the assessee, is mercantile and any expenditure, not paid by the...

Refund on the exports made by the petitioner - Prescribed procedure for filing of correct GSTR-1 and GSTR-3B returns - details itself have not been received from GSTN...

Recognized system of accounting - maintain its accounts according to AS-7 or AS-9 - the system of accounting followed by it for the last many years as per AS-9 -...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

The High Court disposed of the petition, holding that the rejection of the petitioner's declaration under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019...

Quick Updates: