Home Highlights May 2012 Year 2012 This

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1. Delay of 10 years for adjudicating the case - Liability of cess on bringing goods within the limits of Navi Mumbai Municipal Corporation - since the Commissioner failed...

2. Assessment framed u/s.153A - computation of period of 6 years / 10 years in search cases - amendment of provisions of section 1153A(1)(b) - while computing ten...

3. Provision for Site Restoration - Expenses allowable u/s 37(1) - Merely because the contract period was long viz., 25 years, which too now stands extended by period of...

4. Assessment u/s 153A - unabated assessments - the assessments of the assessment years falling within the period of above said six years which are not pending, i.e., which...

5. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

6. Extenuation of period of Limitation - Period for reopening of an assessment was already expired - extending the period of limitation from 5 years to 6 years to be not...

7. Exemption u/s 10B - eligibility criteria - whether deduction can be claimed for a period of 10 consecutive years beginning with the previous year in which the assessee...

8. Reopening of assessment - Scope of new section/regime u/s 148A - Sense that one gets upon a holistic reading of the backdrop in which the new regime for reopening...

9. 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,...

10. Validity of assessment order - The limitation for passing of such assessment order is four years from the end of the year containing the period to which the return...

11. Area Based exemption - slump sale agreement - In essence, the slump sale agreement and the MOU are but a method employed to claim the benefit of the exemption...

12. Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

13. Substitution of new section for section 153B- Time limit for completion of assessment under section 153A. - The limitation for completion of assessment under section...

14. Validity of reopening of assessment u/s 147 - by the time, assessment order for the assessment year 2004-05 was passed on 31.12.2010, six year period for reopening of...

15. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...