Home Highlights February 2012 Year 2012 This

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1. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

2. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

3. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

4. Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account...

5. Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

6. The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

7. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

8. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

9. This order authorizes Income-tax authorities to admit applications or claims for refund and carry forward of loss u/s 119(2)(b) of the Income-tax Act, 1961. It...

10. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

11. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

12. Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

13. The assessee claimed weighted deduction u/s 35(1)(ii) for donation made to M/s Shri Arvindo Institute of Applied Scientific Research Trust at the end of the year. The...

14. Dishonor of Cheque - prosecution against the person who signed the cheque or the person who has authorized the signatory - The law on the point is made very clear. When...

15. Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...