Home Highlights May 2012 Year 2012 This

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1. Suo moto adjustment of excess service tax paid for short paid service tax of subsequent year - Bar of limitation -self adjustment of excess tax allowed - AT

2. Exemption u/s 11 - Excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent...

3. Exemption u/s 11 - the assessee trust is entitled to set off of excess expenditure of earlier years in subsequent assessment years as application of income.

4. Protective assessment - no addition can be made in the hands of the assessee - the protective addition made in the hands of the assessee for these three assessment...

5. Direct Tax Vivad se Vishwas Act - VSV Act - settlement of the dispute of petitioner for assessment year 2015-16 without withdrawing the interest already granted under...

6. Suo-moto Adjustment of excess service tax paid - The excess amount paid in the month of May, 2011 adjusted by the appellants in the subsequent months tax liability is...

7. Addition on account of Suspense Account Treating it as income u/s 28(iv) - Income u/s 28(iv) on account of benefit can be assessed to tax only on receipt basis - the...

8. Adjustment of amount refundable for the Assessment Year 2012-13 against the tax demands of subsequent years - SC confirmed the order of HC

9. Adjustment of duty excess paid and short paid - provisional assessment sought for many years, but not done - as there is no such provision in law, such relief cannot be granted.

10. Captive consumption - Adjustment of short payment of duty with the excess payment of duty during the same year - self adjustment in the absence of provisional assessment...