Prakash Leasing Ltd. v. DCIT

208 Taxmann 464High Court2012#5358 most cited

What is Prakash Leasing Ltd. v. DCIT authority for?

Disclosure standards applicable for computing taxable income are considered for revenue recognition, and revenue is recognized when there is reasonable uncertainty of its ultimate collection.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

Prakash Leasing Ltd v DCIT · disclosure standards · revenue recognition · accounting policies · AS-I · computation of income · reasonable uncertainty of collection

Also reported as

23 Taxmann.com 3

Issues it is cited on

section 23aretention moneysection 145(1)section 211section 115baasection 145(2)section 28(iv)project completion methodsection 43csection 35dpercentage completion methodsection 21

Judgments citing Prakash Leasing Ltd. v. DCIT

M/S the Mysore Electrical Industries Ltd., Bangalore vs. CIT, Bangalore

In the result, the appeal filed by the assessee is partly allowed

ITA 565/BANG/2014[2007-08]Status: DisposedITAT Bangalore08 Jan 2016AY 2007-08

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Rao

For Appellant: Shri Gurunathan, AdvocateFor Respondent: Mrs Neera Malhotra, CIT
Section 143(3)Section 147Section 148Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘B, BANGALORE BEFORE SHRI N.V.VASUDEVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.565(Bang.)/2014 (Assessment year : 2007-08) The Mysore Electrical Industries Ltd. PB No.2221, Tumkur Road, Bangalore Appellant Vs The Commissioner of Income-tax, Bangalore-III, Bangalore Respondent Assessee by : Shri Gurunathan, Advocate Revenue by : Mrs Neera Malhotra, CIT Date of hearing : 30-12-2015 Date of pronouncement : 08-01-2016 O R D E R PER SHRI INTURI RAMA RAO, AM This appeal is filed by the assessee company directed against the order…

The Commissioner of Income Tax-II vs. M/s.Pact Securities AND Financial Services Ltd

ITTA/291/2003HC Telangana05 Feb 2015

Bench: The Commissioner Of Income Tax (Appeals), The Assessees Had Called In Question The Orders Of Assessing Officer (For Short ‘The A.O.’), Who, While Completing The Assessment For The Relevant Assessment Years Disallowed The Deduction Of The “Lease Equalization” Charges From The Lease Rental Income. The Disallowed Amounts By The Cit (Appeals) In These Appeals Are Of Rs.48,56,224/-, Rs,44,18,245/- & Rs.13,16,123/-.

Section 142Section 143Section 143(2)Section 260A

…THE HON’BLE SRI JUSTICE DILIP B.BHOSALE AND THE HON’BLE SRI JUSTICE A.RAMALINGESWARA RAO I.T.T.A. Nos.252 & 291 of 2003, 76 & 77 of 2006 and 132 & 136 of 2004 ORAL JUDGMENT: (per the Hon’ble Sri Justice Dilip B.Bhosale) The first four appeals, under Section 260A of the Income Tax Act, 1961 (for short ‘the Act’), are preferred by the Revenue. Out of which, first two appeals are against the orders dated 30-07-2002 and 29-11-2002 in I.T.A.Nos.142/HYD/2002 and 141/HYD/2002 respectively and the remaining two are against the common order dated 26-03-2002 rendered by the Income Tax Appellate…