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 November 2021 Year 2021 This

Rejecting the method of accounting adopted by the ...

Income Tax

November 20, 2021

Rejecting the method of accounting adopted by the Appellant-Assessee for the AYs - In the present case, with the Revenue having accepted the Assessee’s method of accounting for AYs 1990-91 and 1991-92, there is no reason for it to reject it for the earlier three AYs particularly considering that it is the same contract spread over the five AYs. - HC

View Source

 


 

You may also like:

  1. TP Adjustment - As application of TNMM method has been accepted by the Tribunal for AYs 2005-06 to 2007-08 and no change in facts or circumstances has been demonstrated...

  2. Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

  3. Revision u/s 263 - Method of accounting adopted for revenue recognition of the project - The Tribunal decided that the Pr.CIT erred in directing the AO to reassess based...

  4. TP Adjustment - Fair market value of share of ECL representing the ALP - the DCF Method could not be adopted in the facts and circumstances of the present case as the...

  5. Unearned revenue from subscription services - AO has clearly erred in changing consistently followed method of revenue recognition adopted by the assessee.We find due...

  6. Methods of accounting for recognizing the revenue - when the Department has not pointed out any distortion in the profit arrived at for the year under consideration by...

  7. Enhancement of declared FOB value - revenue cannot pick and choose depreciation method in respect of some parts and adopt the Chartered Engineer’s assessed value in...

  8. Addition u/s. 56(2)(viib) - differential value of shares - It is the prerogative and privilege of the assessee to adopt one method and once the assessee has chosen...

  9. TP adjustment - Intragroup services filed by the assessee from its AE - Either way when the Revenue seeks to disturb the Most Appropriate Method adopted by the assessee,...

  10. 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...

 

Quick Updates:Latest Updates