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Income Tax - Highlights / Catch Notes

Home Highlights June 2022 Year 2022 This

Revenue recognition - accrual of income - Estimation of income - ...

Income Tax

June 21, 2022

Revenue recognition - accrual of income - Estimation of income - Even if books have been rejected the estimation of income has to be done on a reasonable basis as per past performance or the prevalent industry norms. Devoid of any reasoning, addition of 20% of salaries and incentive to project account is solely based upon surmises and conjectures, hence not sustainable in law. - AT

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