Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated, assessee is an Actress and showed gross receipts of `30,92,000/- in her income expenditure statement. She has shown an amount of `35,75,000/- as advance received. AO on noticing that assessee is following cash system of accounting brought the amount to tax. The same was upheld by the CIT (A). In the appeal before the Tribunal this issue was agitated. The Tribunal noted that since assessee is following cash system of accounting, moneys received during the year should be brought to tax. Accordingly , it directed AO to consider the amount received as advance in each of the year in that year and directed to take consequential measures by reopening the assessment and bring to tax the amount received as advance in the respective preceding years (Para 6.1 of the order).
Citation :
Income Tax Officer 11(1)3 Mumbai (Appellant) Vs Ms. Preeti Gobind Jhangiani 17 Sea Mist, 14 Pali Road Bandra (W) Mumbai 400050 PAN No.ACZPJ 7129 C (Respondent)
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