Home Highlights May 2014 Year 2014 This

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1. Prior period expenditure - recognition on the basis of finalization of negotiations - deduction is not permissible in assessment year 2007-08, but, it is permissible in...

2. Finalisation of Provisional assessment - Two different block periods of four months and two months were taken only to satisfy the six month period as prescribed under...

3. Delayed adjudication of show cause notice without reasonable cause - Delay in finalizing assessments and issuing demand - Classification of goods under appropriate...

4. Revision u/s 263 - MAT - assessment of the prior period income’s assessment for the purpose of sec.115JB computation as per the scheme of settlement of case - once the...

5. TP Adjustment - Arms length price adjustment on account of interest on external commercial borrowings - the rate of interest has been accepted by the Assessing Officer...

6. Section 153C provisions are inapplicable as notice was issued to 'other person' under this section. Computation of six-year block period preceding assessment year...

7. The revisional order for assessment proceedings for the financial year 2006-07 was challenged on the grounds of limitation u/s 33 of the TVAT Act, as it was undertaken...

8. Rectification of error - Period of limitation - The High Court observed that, there is no limitation prescribed for passing order under Section 22(4) of the TNVAT Act,...

9. Computation of LTCG - extinguishment of the owner’s rights in the property - Transfer u/s 2(47) - year of assessment - claim of exemption u/s. 54 - the owner’s right to...

10. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

11. Allowance of arbitration award as expenditure – prior period - The award was passed on 20th July, 2006 and accounts were finalized and audited on 12th September, 2006...

12. Assessment u/s 153A - Assessment for AY 2006-07 was already completed prior to the date of search and having not abated, the scope of proceedings u/s.153A of the Act had...

13. Disallowance of sales tax liability - Prior-period item - the year under appeal is AY 2013-14. The alleged amount pertains to AY 2005-06 and AY 2010-11 and such...

14. Claim of Refund of duty paid after finalization of provisional assessment - the doctrine of unjust enrichment will not be applicable as the present refund claim relates...

15. Denial of provisional assessment of the goods as per the provisions of Rule 7 of the Central Excise Rules, 2002 - rejection of request of provisional assessment only...