https://www.taxtmi.com/caselaws?id=329652 Disallowance relating to exempt income must be computed under the prescribed method, with the taxpayer's alternative calculation subject to verification for compliance. Annual maintenance contract receipts attributable to an unexpired service period are recognised in the subsequent year to which the services relate, rather than being added in the current year. Where machinery is used for less than 180 days and only part of the additional depreciation is allowed initially, the unallowed balance may be claimed in the following year. These principles address the timing of revenue recognition and depreciation entitlement while requiring rule-based verification of expenditure disallowance. en-us Thu, 12 May 2016 00:00:00 +0530 Thu, 07 Jul 2016 12:13:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329652 Disallowance relating to exempt income must be computed under the prescribed method, with the taxpayer's alternative calculation subject to verification for compliance. Annual maintenance contract receipts attributable to an unexpired service period are recognised in the subsequent year to which the services relate, rather than being added in the current year. Where machinery is used for less than 180 days and only part of the additional depreciation is allowed initially, the unallowed balance may be claimed in the following year. These principles address the timing of revenue recognition and depreciation entitlement while requiring rule-based verification of expenditure disallowance. Case-Laws Income Tax Thu, 12 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329652