Income recognition - Entitlement to follow accounting standard 9 ...

Tribunal Confirms Assessee's Business Differs from Insurance Firms; Accounting Standard 9 Applies for TPA Fee Revenue Recognition.

October 30, 2020

Case Laws Income Tax HC

Income recognition - Entitlement to follow accounting standard 9 for revenue recognition in respect of TPA fee received from insurance companies - It is evident that the third party agent and the insurance company are different entities. Therefore, the finding recorded by the tribunal that the assessee's business activities do not fall under the business of insurance company is correct - HC

View Source

← Previous Next →

Income recognition - Entitlement to follow accounting standard 9 ...

Tribunal Confirms Assessee's Business Differs from Insurance Firms; Accounting Standard 9 Applies for TPA Fee Revenue Recognition.

October 30, 2020

Case Laws Income Tax HC

You may also like:

Determination of income u/s 44 - Taxing the income arising on account of shareholders profits - where the assessee company was engaged only in life insurance business...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

Unexplained Money u/s 69A r.w.s. 115BBE - Cash withdrawal from the firm as partner of the firm - along with confirmation letter given by the firm, assessee has also...

Attachment of bank account - Principles of natural justice - bank account number indicated in the order of attachment pertains to an account of Another Partnership firm...

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

The services rendered by an insurance agent, duly licensed u/s 42 of the Insurance Act for general insurance businesses, are taxable as "insurance auxiliary services"....

Taxability of income in India - Income attributable to India - income of advertisement and subscription revenue - Permanent Establishment (PE) - business connection -...

Revision u/s 263 on Insurance business - in the original assessment the Assessing Officer has clearly segregated the Shareholders Account and Policyholders Account and...

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

Penalty u/s 271D - assessee is a small trader - household expenses incurred and paid from firm have been entered in cash book debited to assessee's a/c and crediting the...

Partnership firm dissolution, accounts settlement, and distribution of shares. Receiver appointed to manage assets until winding up. Defendants restrained from disposing...

Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

ITAT upheld the CIT(A)'s order, affirming the assessee's method of net accounting for reimbursement expenses. The tribunal found the assessee consistently followed a...

Quick Updates: