Judgements by Rahul Gogate

Income accrues only when due and on corresponding liability of other party to pay

Rahul Gogate 23 March 2020 at 11:44

This order of ITAT Mumbai, upheld by the Bombay High Court further establishes the principle that for an income to accrue to a person, corresponding liability to pay should also arise to the other party.

Posted in Income Tax | 633 Views

Tax credit to be granted in the year in which income is assessed

Rahul Gogate 17 March 2020 at 10:28

Many a times, we come across cases where the invoice has been raised close to the cut-off date, i.e. closer to the end of a financial year and the customer has accounted for and paid the invoice amount, as well as deducted and deposited the tax at ap

Posted in Income Tax | 679 Views