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Amc

This query is : Resolved 
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(Querist)
17 December 2012 Dear All,

X given AMC to Y for one year , at the end of the year y submitted AMC bill to x for Rs 100000/- X given 50000 chk remaining balance is stop due non performance of Y,But x book the expenses for Rs 1,00,0000.00 during the year and file the return. the balance amount shown in books of account is payable but he is not payable as per the terms and condition for non performance.The Balance amount is taxable or not.
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Arun Biyani

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Arun Biyani (Expert)
17 December 2012 of course taxable.. in this year please take this as 'excess provision written off' account and have it taxed. otherwise if it comes to AO sight, he will take it as concealment of income and charge the penalty under section 271 (1)(3).
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