Case Law Details
Case Name : Commissioner of Wealth Tax, Chennai Vs N. Thanu (Madras High Court)
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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†
JUNE 12, 2012
JUDGMENT
Mrs. Chitra Venkataraman, J.
The Revenue has filed the appeal against the Order of Income Tax Appellate Tribunal, ‘B’ Bench dated 29.11.2004 in ITA No.70/(Mds)/96 (Mds)/2003 for the Assessment Year 1992-93. The following substantial questions of law are raised in the Tax Case (Appeal) preferred by the revenue:
(i) Whether in the facts and circumstances of the case, the Tribunal was right in holding that the amounts actually received ...
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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