{"id":12086,"date":"2020-09-04T11:04:46","date_gmt":"2020-09-04T11:04:46","guid":{"rendered":"http:\/\/itatonline.org\/digest\/vishwas\/effect-of-vsvs-in-subsequent-years\/"},"modified":"2020-09-08T12:29:22","modified_gmt":"2020-09-08T12:29:22","slug":"effect-of-vsvs-in-subsequent-years","status":"publish","type":"vishwas","link":"https:\/\/itatonline.org\/digest\/vishwas\/effect-of-vsvs-in-subsequent-years\/","title":{"rendered":"Effect of VSVS in subsequent years"},"content":{"rendered":"<p>Dear Sir,<\/p>\n<p>I am in Contract service business in which each contract will be having period of more than 90 days. In computing income from said business, I recognized 25% of revenue in Year 1 and balance revenue in next three years (this method is based on survey method). During assessment proceedings, the Ld. AO has contends that the entire income should be offered in Year 1 itself. This issue is pending before the Hon&#8217;ble ITAT for about 10 years. <\/p>\n<p>In this situation, if I file VSVS petition and offer the income based on Ld. AO position, can I claim the amount offered for AY 2017-18 as reduction in subsequent years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear Sir, I am in Contract service business in which each contract will be having period of more than 90 days. In computing income from said business, I recognized 25% of revenue in Year 1 and balance revenue in next three years (this method is based on survey method). During assessment proceedings, the Ld. AO has contends that the entire income should be offered in Year 1 itself. This issue is pending before the Hon&#8217;ble ITAT for about 10 years. In this situation, if I file VSVS petition and offer the income based on Ld. AO position, can I claim the amount offered for AY 2017-18 as reduction in subsequent years.<\/p>\n<p><a href=\"https:\/\/itatonline.org\/digest\/vishwas\/effect-of-vsvs-in-subsequent-years\/\">read more<\/a><\/p>","protected":false},"comment_status":"open","ping_status":"closed","template":"","tags":[],"expertname":[6],"class_list":["post-12086","vishwas","type-vishwas","status-publish","hentry","expertname-dr-k-shivaram-sr-advocate"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas\/12086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/vishwas"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12086"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12086"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12086"},{"taxonomy":"expertname","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/expertname?post=12086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}