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Rahul Gogate

Latest Posts by Rahul Gogate

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

March 22, 2020 1596 Views 0 comment Print

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.

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

September 20, 2019 939 Views 0 comment Print

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 applicable rates in the subsequent financial year.

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