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Entire Time-Share Membership Fee Cannot Be Taxed in Year of Receipt: Madras HC
Case Law Details
- Case Name
- Sterling Holiday Resorts (India) Ltd. Vs ACIT (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Sterling Holiday Resorts (India) Ltd. Vs ACIT (Madras High Court)
The Madras High Court allowed the appeals filed by Sterling Holiday Resorts (India) Ltd. relating to assessment years 1997-98 to 2001-02 concerning taxation of deferred income arising from time-share membership fees. The assessee, engaged in the time-share business, collected membership fees for 99-year agreements and treated 45% of the consideration as current income while deferring 55% as “advance subscription towards customer facilities” to meet future obligations relating to amenities and services promis...
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