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Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Income recognition - advances received from customers - the ...

Income Tax

November 2, 2022

Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance sheet date is done in the liabilities side of the balance sheet. The advances may comprise of earlier advances also. Considering the same, the Ld. CIT(A) has rightly calculated the advances for the current year being the difference between the customer advances of AYs 2010-11 and 2011-12. - AT

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