Recognition of income - scope of AS -9 - addition being the ...

Income Recognition Under AS-9: Arbitration Award Confirms Addition as Income for FY 2013-14 Despite Non-Scheduling by LANCO.

June 22, 2022

Case Laws Income Tax AT

Recognition of income - scope of AS -9 - addition being the amount already realized and shown as income in the FY 2013-14 as per arbitration award - It is for example nobody”s case that there is no accrual of a right to the assessee to any sum on the non-scheduling of agreed power by LANCO, and which, to the extent it does, is only for the current year. - Addition confirmed - AT

View Source

← Previous Next →

Recognition of income - scope of AS -9 - addition being the ...

Income Recognition Under AS-9: Arbitration Award Confirms Addition as Income for FY 2013-14 Despite Non-Scheduling by LANCO.

June 22, 2022

Case Laws Income Tax AT

You may also like:

ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee...

Assessment u/s 153A - undisclosed income - addition based on statement of the assessee - when there is no difference in rate of tax for both the assessment years, i.e....

Addition u/s 56(2)(vii)(b) - issues of shares at a price more than the FMV - from the year of application or allotment - Section was inserted vide Finance Act, 2013...

The assessee entered into an agreement for sale and made substantial payment for a property in the assessment year (AY) 2013-14. The Assessing Officer (AO) was not...

Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating...

Credit of TDS - income earned by Late assessee for services rendered by him to the two companies before his death - in the return of income filed by the legal...

Addition u/s 68 - Cash credit surrendered - Income erroneously offered by the assessee in current AY - The above said credits/ amount were not received during the...

The High Court addressed various issues in a challenge to a final arbitration award u/s 34 of the Arbitration and Conciliation Act, 1996. The dispute involved deductions...

Exemption u/s 11 - AO made the addition on the ground that since the five years period expires in AY 2013-14, and since the assessee did not utilize the sum accumulated...

The CBDT has notified "The Delhi Building and Other Construction Workers Welfare Board" for exemption under section 10(46) of the Income-tax Act, 1961. The specified...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

Addition u/s. 56(2)(vii)(b)(ii) - difference between the stamp duty value and the consideration paid - Since, in the present case agreement was executed on 31/03/2013...

Disallowance of sales tax liability - Prior-period item - the year under appeal is AY 2013-14. The alleged amount pertains to AY 2005-06 and AY 2010-11 and such...

Nature of income - Award received as settlement through an arbitration award - Amount received for withdrawal of cases against the erstwhile partners and partnership...

Addition u/s. 56(2)(viib) - shares issued at premium - Valuation under rule 11UA - The argument of the assessee is not acceptable because rules are applicable to year...

Quick Updates: