Income Accrued in Year under Consideration shall be viewed as Real Income and Subject to Tax: ITAT sustains addition [Read Order]

Income - Accrued - Year - Consideration - Real -Income - Subject - Tax-taxscan

The Raipur bench of the Income Tax Appellate Tribunal held that a loss springing up in subsequent year wouldn’t justify non accounting of income during the year the same had accrued. The assessee a co-operative society, engaged in the business of banking had filed its return of income for A.Y. 2012-13 on 29.09.2012, declaring an…

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