[aaykarbhavan] Advance received on sale of holiday package can’t be taxed if it is to be refunded on non-utilization of package

Advance received on sale of holiday package can't be taxed if it is to be refunded on non-utilization of package

October 14, 2014[2014] 49 taxmann.com 205 (Bombay)

IT : Where a holiday scheme introduced by assessee obliged assessee to refund not only advance but also surrendered value in case of non-utilization of scheme, assessee incurred liability and no income accrued to assessee on receipt of advance

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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