Case Law Details
Case Name : Commissioner of Wealth Tax, Chennai Vs N. Thanu (Madras High Court)
Appeal Number : Tax Case Appeal No. 1263 OF 2005†
Date of Judgement/Order : 12/06/2012
Related Assessment Year :
Courts :
All High Courts Madras High Court
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HIGH COURT OF MADRAS
Commissioner of Wealth Tax, Chennai
versus
N. Thanu
TAX CASE APPEAL NO. 1263 OF 2005†
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The tuition fees received in advance is a liability on the valuation date, as the money has been received for which the services have not been rendered.The “Asset” is in the form of the bank account , which has increased and the liability is in the form of ” services yet to be given ” In mercantile basis of accounting the same cannot be taxed as income in the year of receipt, and in cash basis it can be taken as “Income ” in the year of receipt, but for the purpose of wealth Tax method of accounting is not relevant and as such not able to understand the judgement