Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 Highlights - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws----
  • ---- All Laws----
  • Income Tax
  • Direct Taxes
  • Benami Property
  • Central GST Laws
  • SGST - State GST Laws
  • Customs
  • FTP - Foreign Trade Policy
  • SEZ - Special Economic Zone
  • FEMA - Foreign Exchange Management
  • Companies Law
  • SEBI - Securities & Exchange Board of India
  • IBC - Insolvency and Bankruptcy
  • Law of Competition
  • PMLA - Money-Laundering
  • Indian Laws
  • Bill / Finance Bills
  • Wealth Tax
  • Service Tax
  • Central Excise
  • VAT / Sales Tax
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
    SAFTA certificate of origin benefit survived compelled relinquishment, invalidating reassessment, duty demand, confiscation and penalties for imported...
    Social Welfare Surcharge follows aggregate customs duty payable, making it inapplicable where MEIS or SEIS exemptions reduce duty to nil.
    Transaction value follows the renegotiated price actually paid by an unrelated subsequent importer after the original consignee defaults.
    Related-party customs valuation requires deductive redetermination where undisclosed funding discounts undermine the declared transaction value.
    Moratorium asset restoration permits consequential directions to replenish the insolvency estate despite no finding of fraudulent trading.
    Provisional attachment challenges require clear jurisdictional defects; revenue quantification disputes belong before the statutory PMLA adjudicatory ...
    Packaged software treated as goods excludes deemed sales from service tax, while late return filing fees remain payable.
    Manufacture requires a distinct marketable commodity; photocopier module kitting without assembly does not attract central excise duty.
    Natural gas compression solely for transport, followed by decompression before sale, does not constitute manufacture of compressed natural gas.
    Mandatory company arraignment governs cheque dishonour liability; Section 319 CrPC cannot cure an omitted company accused.
    Same-transaction test governs whether multiple cheating allegations under one conspiracy may proceed through a single FIR and joint trial.
    Road and Infrastructure Cess on exported petrol and diesel is revised through a substituted rate effective upon Gazette publication.
    Special Additional Excise Duty on exported aviation turbine fuel is revised through substitution of the applicable effective rate.
    Special additional excise duty rates on exported petrol and diesel are revised with effect from Gazette publication.
    Mining-law intelligence sharing must support GST scrutiny, enforcement action, inter-agency dissemination, and periodic operational coordination acros...
    Drug export compliance requires CDSCO clearance for regulated consignments, with distinct documentation rules for manufacturers and other exporters.
    PaRRVA enrolment deadline extended for advisers and analysts seeking to communicate certified past performance data to clients.
    Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
    Reasoned GST registration cancellation and effective hearing are mandatory; unreasoned cancellation orders require fresh adjudication.
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    Highlights
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries

    Highlights

    Back

    All Highlights

    Showing Results for :
    Reset Filters
      No Records Found

      Highlights

      Back

      All Highlights

      whatsappJoin Channel
      Showing Results for : Reset Filters

      Income recognition - advances received from clients - AO...

      Court Rules Advances for Expenses Not Income; Fiduciary Capacity Excludes Them from Profit and Loss Account Reporting.

      Contents
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Income TaxFebruary 23, 2024Case LawsHC
      Income recognition - advances received from clients - AO observed that “out of pocket expenses” had been exclusively kept out of the books and on reimbursement of the sum by the clients to the assessee, it was the duty of the assessee to route the same through the profit and loss account and in the absence of such course being taken, AO added the same amount to the total income of the assessee - The High Court held that, CIT(A) and ITAT have rightly concluded that the assessee received these advances in a fiduciary capacity for specific purposes, not as income. - It was not trading receipt. Therefore, the respondent/assessee was not under any legal obligation to show it as his receipts of money from the clients. The High court found no merit in the Revenue's reliance on Section 145, noting no factual basis indicating that the conditions of Section 145(3) were met.

      Topics

      ActsIncome Tax