Bombay HC Dismisses Tax Appeal as Advance Room Night Receipts issue Already Settled in Earlier Years

PCIT Vs Pancard Clubs Ltd. (Bombay High Court) The Revenue filed an appeal before the Bombay High Court challenging an order of the Income Tax Appellate Tribunal (ITAT) dated 1 September 2017 for Assessment Year 2011-12. The appeal raised two questions of law: Whether the ITAT was justified in holding that receipts on account of advance sale of room nights were not revenue receipts, despite the assessee’s principal business being the provision of accommodation and other facilities to tourist members and despite the assessee debiting expenses related to those receipts. Whether the ITAT was ju...