Certificate issuance timing clarifies payment-based issuance, realization requirement for negotiable instruments, and provisional receipts exchangeable for certificates. Certificates are normally issued immediately on payment with the certificate date as the date of payment; where payment is by cheque, pay order or demand draft issuance is deferred until the instrument is realised and the certificate date is the date of encashment; if immediate issuance is impossible a provisional receipt is given and may later be exchanged for a certificate with the date determined by the applicable payment or realization rule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Certificate issuance timing clarifies payment-based issuance, realization requirement for negotiable instruments, and provisional receipts exchangeable for certificates.
Certificates are normally issued immediately on payment with the certificate date as the date of payment; where payment is by cheque, pay order or demand draft issuance is deferred until the instrument is realised and the certificate date is the date of encashment; if immediate issuance is impossible a provisional receipt is given and may later be exchanged for a certificate with the date determined by the applicable payment or realization rule.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
