tax imolication of rent received in advance

This query is : Resolved

prashanta adhikari (Querist)
Follow

04 January 2010 plz post me the answer regarding the taxability of advance rent received in the year 2009-2010, whether it will be included for the purpose of calculating Annual Value in the Assessment year 2010-11 ?

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
Follow

04 January 2010 As dediced in the case of:

CIT vs PRINCE RUBBER AND PLASTICS (2004)

that "Advance Rent cannot be considered as rent received/receivable in the year of actual receipt"

Therefore, Advance rent will be taxable only in that year for which it has received by the assessee.

Regards!!!
Dinesh S. Adhikari

prashanta adhikari

prashanta adhikari (Querist)
Follow

30 January 2010 thanks...............

Upgrade to CAclubindia Pro. Subscribe Now!