Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Advance for rent and never turned into income - Recovery barred by limitation - still remains as a liability in its account - If the recovery had been barred by limitation, necessarily, it has to be treated as an income from the business. It could not have been treated as an unexplained cash credit or as an unexplained investment, since the source was clear and there was proper explanation for the amounts as seen from the books of accounts.
Advance for rent and never turned into income - Recovery barred by limitation - still remains as a liability in its account - If the recovery had been barred by limitation, necessarily, it has to be treated as an income from the business. It could not have been treated as an unexplained cash credit or as an unexplained investment, since the source was clear and there was proper explanation for the amounts as seen from the books of accounts.
Note: It is a system-generated summary and is for quick reference only.
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