https://www.taxtmi.com/caselaws?id=371816 The Tribunal ruled in favor of the respondent-assessee regarding the taxability and revenue recognition of prepaid cards. It held that income should be recognized based on actual usage of talk time, not solely on the sale year. The Tribunal emphasized adherence to Accounting Standards and the principle that income accrues when services are provided. It directed the Assessing Officer to ensure unutilized talk time is included in the year it lapses. The decision favored the respondent-assessee, with no costs awarded. en-us Thu, 15 Nov 2018 00:00:00 +0530 Fri, 11 Jan 2019 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371816 The Tribunal ruled in favor of the respondent-assessee regarding the taxability and revenue recognition of prepaid cards. It held that income should be recognized based on actual usage of talk time, not solely on the sale year. The Tribunal emphasized adherence to Accounting Standards and the principle that income accrues when services are provided. It directed the Assessing Officer to ensure unutilized talk time is included in the year it lapses. The decision favored the respondent-assessee, with no costs awarded. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371816