Home Highlights July 2012 Year 2012 This

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1. Revenue recognition - Acceptability of correct method of accounting as per accounting standard and revised guidance note - As stated earlier the Accounting standards and...

2. Revision u/s 263 - Receipts against sale of plots - Mismatch between the amount disclosed by the assessee and amount shown as per 26AS - Method of accounting - When all...

3. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

4. Addition on account of provision for Solid Waste Dispsal Expenses - contingent liability or accrued liability - The accounting method followed by the assessee was in...

5. Method of accounting and accounting standard has been regularly followed - assessing authority could not change the method regularly adopted by the assessee from Project...

6. Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...

7. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

8. Accrual of income - Accounting as prescribed by accounting standard AS-7 - Completed Contract Method - for the subsequent years, it has changed from Project Completion...

9. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

10. Depreciation on Goodwill - inflated value of goodwill - the assessee has followed a different method for accounting goodwill in books of accounts, so as to claim higher...

11. Method of account - project completion method - Reversal of the excess profits recognised as income in the post period - this kind of rectification / reversal of entries...

12. Professional Misconduct - Chartered Accountant (CA) - Significant failures to adhere to Standards on Auditing (SAs), gross negligence, and lack of professional...

13. Rejection of books of account - Correct method of accounting - following cash system of accounting instead of accrual method of accounting - He has not cared to discuss...

14. New and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)

15. Procedure, Formats and Standards of issue of Permanent Account Number (PAN)