https://www.taxtmi.com/caselaws?id=471720 Event-management budgets recorded as matching revenue and expenditure entries do not create taxable income or deductible expenditure where the assessee neither received nor paid the budgeted amounts. Where actual income is limited to a management fee and bank records show no movement of the gross budgeted sums, taxation must be based on real income. Disallowing the corresponding notional expenditure while retaining the matching notional revenue would misread the accounting disclosure and tax unreal income. The budgetary entries therefore cannot support a disallowance. en-us Wed, 09 Apr 2025 00:00:00 +0530 Tue, 15 Sep 2026 19:00:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471720 Event-management budgets recorded as matching revenue and expenditure entries do not create taxable income or deductible expenditure where the assessee neither received nor paid the budgeted amounts. Where actual income is limited to a management fee and bank records show no movement of the gross budgeted sums, taxation must be based on real income. Disallowing the corresponding notional expenditure while retaining the matching notional revenue would misread the accounting disclosure and tax unreal income. The budgetary entries therefore cannot support a disallowance. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471720