Insurance Agency Shifts Revenue Recognition to Premium Payment, Accepted by Tax Department u/s 143(3) for Four Years.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Accrual of income - recognition of revenue - change in method of accounting policy from recognition of Commission for insurance agency business from month of insurance/renewal of the policy and on payment of premium by the policy holder to only payment of premium by the policy holder - since this change was accepted by Department in subsequent four AY u/s 143(3) - no substantial question of law arises....