Home Highlights June 2012 Year 2012 This

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1. Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust...

2. Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred...

3. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

4. Grant of credit for tax deducted at source u/s 195 and surcharge - Tribunal was right in holding that the advances which are once held to be not income, could not have...

5. 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...

6. Carry forward of balance additional depreciation to the following years - whether tribunal was right in holding additional depreciation can be allowed in the next year...

7. 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...

8. The ITAT Delhi held that the addition u/s 56(2)(vii)(c) for bonus shares received was not applicable as the overall wealth of a shareholder post or pre-bonus remains the...

9. The income relatable to earlier year cannot be added to the income of this year - AT

10. It has to be held that the trust had incurred expenditure on religious and charitable purposes from the income of the subsequent year, even though the actual expenditure...

11. Penalty levied u/s.271(1)(c) - concealment of income - the conclusion of the AO that amount was not finding mention in the regular books of accounts is over-sweeping...

12. 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...

13. Claim of expenditure pertaining to earlier year - prior period expenses - If there was no accrual of the expenditure in the earlier year or had not become due. It became...

14. Addition u/s 68 - accommodation entry - additions made on the basis of retracted statements - amount received during the earlier years - assessee has furnished all the...

15. Proceedings u/s 201(1) - not deducting TDS on the year-end provision - Therefore there is a sufficient and reasonable cause for not deducting TDS on the year-end...