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Due to uncertainty of revenue recognition income to be taxed on receipt basis: ITAT Delhi
Case Law Details
- Case Name
- MMTC Ltd Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- All ITAT, ITAT Delhi
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MMTC Ltd Vs DCIT (ITAT Delhi)
ITAT Delhi held that giving effect to uncertainty of revenue recognition, income rightly offered to tax on the basis of receipts. Accordingly, addition of income based on accrual basis deleted.
Facts- The assessee entered into an agreement with M/s K.J. International [KJI] on 01.01.1993 for procurement of paddy. In terms of the agreement, KJI procured paddy on behalf of MMTC for which advance payments were released to them. Subsequently, KJI committed breach of contract and misappropriated stocks lying with them and dispute arose between the assessee and KJI.
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