Unrealized Receivables Not Taxable Income: Tribunal Supports Appellant, Dismisses Service Tax Demand on Sundry Debtors.

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....Recovery of service tax alongwith interest and penalties - Sundry Debtors/ amounts realizable appearing in Balance Sheet The Tribunal agreed with the appellant that sundry debtors should not be considered as taxable income until realized, as per accounting norms and legal precedents. - It concluded that the demand for service tax based on unrealized receivables was unfounded.....