Mandatory verification procedure governs rejection of country-of-origin certificates before denying preferential customs exemption and related penalti...
Page of 4784
Press 'Enter' after typing page number.
1301 to 1320 of 95673 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
