https://www.taxtmi.com/forum/issue?id=5006 Whether receipt booked as advance from customers in the relevant previous year, later recognised as income when the verbal bill remained unapproved and the payer refused further payment, constitutes concealment of income. The assessee's consistent practice was to recognise revenue only on bill confirmation; the received amount was treated as a liability and converted to income in a later year when management concluded the bill would not be confirmed. en-us Tue, 04 Dec 2012 18:01:20 +0530 Thu, 23 Jan 2025 15:57:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5006 Whether receipt booked as advance from customers in the relevant previous year, later recognised as income when the verbal bill remained unapproved and the payer refused further payment, constitutes concealment of income. The assessee's consistent practice was to recognise revenue only on bill confirmation; the received amount was treated as a liability and converted to income in a later year when management concluded the bill would not be confirmed. Discussion-Forum Income Tax Tue, 04 Dec 2012 18:01:20 +0530 https://www.taxtmi.com/forum/issue?id=5006