Home Highlights January 2012 Year 2012 This

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1. Validity and scope of remand order of ITAT - At this stage, the learned counsel for the assessee contended that the Tribunal did not specify the years for which the...

2. MAT Computation u/s 115JB - The amount of losses incurred by the assessee for the previous year’s 2012-13 and 2011-12 should be set off against the future income in the...

3. Assessment - General - Processing of returns of assessment year 2011-12 - Steps to clear backlog - Cir. No. 01/2012 Dated: February 2, 2012

4. Unverifiable purchases - Merely maintaining the books of accounts and not giving a plausible explanation regarding the purchases, the same cannot be stated that it is...

5. Levy of service tax - supplementary invoice - cost escalation clause - to be taxed at 12% or at 10% - the taxable events in the present Appeal had admittedly occurred...

6. Allocation of preferential export of sugar to USA under TRQ for the year 2019-20

7. Export of 8,300 MTs of white sugar to USA under Tariff Rate Quota. - Cir. No. 90 (RE-2010)/2009-2014 Dated: January 6, 2012

8. Reduction in tax liability - payment of tax at compounded rate - The assessee with open eyes applied under the scheme and obtained permission. There was no cause for any...

9. Undisclosed investment in equipment U/s 69 - the channel has gone on air in the financial year 20010-11 pertaining to assessment year 2011- 12 and if any addition has to...

10. Allowance of additional depreciation - assets purchased after 01/10/2010 - the assessee only claimed 10% of the additional depreciation in the assessment year 2011-12....

11. Exemption u/s 11 - retrospective effect - On registration of the Trust, benefit under Section 11 and 12 would be available to the assessee from the assessment year...

12. Extension of terminal date of basic custom duty exemption on raw sugar and white/refined sugar. - Ntf. No. 84 /2011 - Customs Dated: September 1, 2011

13. Time period for DIN-4 for PAN has been extended upto 15.12.2011. - Cir. No. 66/2011 Dated: October 4, 2011

14. Expenses on account of construction - Charitable Trust - the assessee started the construction activity in earlier years i.e. A.Ys. 2010-11, 2011-12, 2012-13 & 2014-15...

15. Waiver of penalty u/s 234B - Penalty u/s 271C - failure to deduct tds - The software was updated in the subsequent year with the result tax at source on interest income...