Home Highlights August 2012 Year 2012 This

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1. Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be...

2. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

3. Assessment of income - receipt basis or accrual basis - income received in advance in the nature of interest income on discounting of bills against letter of credit - if...

4. Accrual of interest income - nonoperational sticky loans in respect of which mercantile actual of interest was shown in the suspense account and not the profit and loss...

5. 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...

6. Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and...

7. Accrual of interest income - There is nothing on record to indicate that the borrower had refused to pay either the interest or return the loan. Therefore, on facts,...

8. Accrual of income - non realization of ‘Provision for surcharge’ - even though the assessee has been following mercantile system of accounting, since it is not real...

9. Addition u/s 68 - Addition on the basis of income shown in Form No. 26AS - Mercantile system of accounting - There can be overflow of income of one preceding previous...

10. Accrual of income - assessee was declaring LPS on outstanding credit receivables on accrual basis - hybrid system of accounting - the assessee has followed the...

11. Accrual of income - Addition being notional interest income - Where the principle amount of loan/advance is doubtful of recovery interest thereon cannot be accrued and...

12. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

13. 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

14. 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...

15. Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in...