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Income Tax - Highlights / Catch Notes

Home Highlights June 2019 Year 2019 This

Accrual of income - since parent Company was in severe financial ...

Income Tax

June 10, 2019

Accrual of income - since parent Company was in severe financial crisis, the assessee could not receive any payment for a long time and even after delay of nearly four years received only 8.58% of the total claim - with respect to the larger amount, the bill/claim was for damages for pre mature termination of the contract which contracted party did not even accepted - Tribunal has correctly applied the real income theory, no income tax can be leviable

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