https://www.taxtmi.com/caselaws?id=209906 The High Court upheld the Commissioner of Income Tax (Appeals) decision regarding the treatment of booking advances received for cruise tickets as income, ruling that 25% of the advances should be recognized as income with a credit for travel agents' commission. The Court held that income accrues upon booking and full payment, irrespective of actual cruise departure. Additionally, the Court allowed the assessee to offset losses from share transactions against profits from the travel agency business, following Section 70 of the Income Tax Act. The Court's decision favored the revenue on two issues and the assessee on one. en-us Wed, 27 Jul 2011 00:00:00 +0530 Tue, 09 Jul 2013 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209906 The High Court upheld the Commissioner of Income Tax (Appeals) decision regarding the treatment of booking advances received for cruise tickets as income, ruling that 25% of the advances should be recognized as income with a credit for travel agents' commission. The Court held that income accrues upon booking and full payment, irrespective of actual cruise departure. Additionally, the Court allowed the assessee to offset losses from share transactions against profits from the travel agency business, following Section 70 of the Income Tax Act. The Court's decision favored the revenue on two issues and the assessee on one. Case-Laws Income Tax Wed, 27 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209906