{"id":9815,"date":"2015-03-16T09:56:16","date_gmt":"2015-03-16T04:26:16","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=9815"},"modified":"2015-03-16T09:56:16","modified_gmt":"2015-03-16T04:26:16","slug":"genre-exports-private-limited-vs-ito-itat-mumbai-applying-commonsense-approach-unclaimed-liabilities-are-assessable-as-income-even-if-not-credited-to-pl-ac","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/genre-exports-private-limited-vs-ito-itat-mumbai-applying-commonsense-approach-unclaimed-liabilities-are-assessable-as-income-even-if-not-credited-to-pl-ac\/","title":{"rendered":"Genre Exports Private Limited vs. ITO (ITAT Mumbai)"},"content":{"rendered":"<p>If an amount is received in course of trading transaction, even though it is not taxable in the year of receipt as being of revenue character, the amount changes its character when the amount becomes the assessee&#8217;s own money because of limitation or by any other statutory or contractual right. When such a thing happens, commonsense demands that the amount should be treated as income of the assessee. Fact that amount is not credited to the P&#038;L A\/c &#038; is shown as a liability makes no difference if creditor has written off the debt (<strong>CIT V\/s T V Sundaram Iyengar and Sons Ltd<\/strong> 222 ITR 344 (SC) followed)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If an amount is received in course of trading transaction, even though it is not taxable in the year of receipt as being of revenue character, the amount changes its character when the amount becomes the assessee&#8217;s own money because of limitation or by any other statutory or contractual right<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/archives\/genre-exports-private-limited-vs-ito-itat-mumbai-applying-commonsense-approach-unclaimed-liabilities-are-assessable-as-income-even-if-not-credited-to-pl-ac\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,8],"tags":[],"class_list":["post-9815","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-tribunal","judges-b-r-baskaran-am","judges-vivek-varma-jm","section-63","section-66","counsel-dr-k-shivram","court-itat-mumbai","catchwords-unclaimed-liabilities","genre-domestic-tax"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/9815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=9815"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/9815\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=9815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=9815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=9815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}