← All Phrases

“income computation disclosure standards”

ICDS & AccountingSection 145(2)Section 145(2)2 judgments

The decision most relied on for income computation disclosure standards is Prakash Leasing Ltd. v. DCIT (208 Taxmann 464), cited in 22 judgments on BharatTax.

Leading authorities on income computation disclosure standards

Prakash Leasing Ltd. v. DCIT
208 Taxmann 464 · 2012 · High Court
22
citing judgments

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.

CIT v. G Narasimhan
236 ITR 327 · 1999 · Supreme Court
15
citing judgments

Accumulated profits for the purpose of deemed dividend under section 2(22)(e) are to be computed in accordance with the Income Computation and Disclosure Standards (ICDS) rather than opening balances as per Indian GAAP. This case also touches upon the definition of 'transfer' under section 2(47).

Chamber of Tax Consultants & Anr. v. UOI
87 Taxmann.com 92 · 2017 · High Court
10
citing judgments

The Delhi High Court held that Income Computation and Disclosure Standards (ICDS) notified under Section 145(2) were ultra vires the provisions of the Income Tax Act, as they exceeded delegated legislative power. Subsequently, Section 43CB was introduced to provide statutory backing for certain ICDS provisions, such as those related to construction contracts using the percentage of completion method.

Judgments citing income computation disclosure standards

Bsr Infratech India Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(1), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 697/BANG/2022[2017-18]Status: DisposedITAT Bangalore27 Oct 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017-18

For Appellant: Shri Madhusudhan, A.RFor Respondent: Shri Praveen Karanth, D.R
Section 199Section 234ASection 270ASection 43Section 43C

requested to consider above case laws while adjudicating this appeal 4.4 He submitted that Central Board of Direct Taxes notified Income Computation Disclosure Standards (ICDS) vide Notification no 87/2016 dated 29th September, 2016 mandating all the assessees following mercantile system of accounting to follow ICDS

Bellissimo Properties Development P. Ltd, Mumbai vs. Dy CIT, Central Range-7(3), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 1348/MUM/2021[2017-18]Status: DisposedITAT Mumbai28 Jun 2022AY 2017-18

Bench: Shri Amarjit Singh () & Kavitha Rajagopal ()

Section 115JSection 143(3)Section 250Section 37(1)Section 43A

accordance with the method of accounting followed by the assessee and the provisions of section 43AA of the I.T. Act read with Income Computation Disclosure Standards (ICDS)-VI thereby incurred foreign exchange loss of Rs.2,69,59,466/-. The same was claimed as deduction while computing the total income ... assessee to claim as per method of accounting followed and the provisions of section 43AA of the I.T. Act, 1961 read with Income Computation Disclosure Standard (ICDS)-VI has been countered by the assessee stating that assessee has been following AS-11 which states that unrealised foreign exchange gain / loss