Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2018 Year 2018 This

Receipts allocated towards Warranty period - Revenue cost ...

Income Tax

December 13, 2018

Receipts allocated towards Warranty period - Revenue cost matching principle - there is no requirement to disturb the methodology adopted by the assessee in accounting for Warranty period receipts.

View Source

 


 

You may also like:

  1. Annual Maintenance Contracts - following Principle of matching concept of income and expenses, assessee was justified in not recognizing revenue for the unexpired period...

  2. Reversal of profits declared in earlier years on account of estimated loss expected - valuation of work in progress (WIP) - The matching principle requires recording...

  3. ST - Revenue neutral exercise - demand can not be raising invoking extended period of limitation.

  4. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

  5. CENVAT credit - credit of service tax on warranty provided by their dealers - repair and maintenance of transformers during warranty period is an activity of relating to...

  6. Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a...

  7. Seizure of Gold - Extension of period for issuance of show-cause notice – the requirement of Section 124 and principles of natural justice can be considered as fulfilled - AT

  8. Provision for anticipated losses - wherever exemption or deductions are called for, the same has been provided explicitly in the provision of the Income Tax Act. Even,...

  9. The concept of prior period expenses cannot be applied in the instant case, since the assessee has acquired the rights over the IPR over a period. Under revenue cost...

  10. Refund claim - appellant, by mistake paid service tax in respect of free services undertaken during the warranty period - claim beyond the limitation period stands rejected - AT

 

Quick Updates:Latest Updates