Home Highlights September 2012 Year 2012 This

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1. Expenditure relatable to exempt income as provided under sub section (1) of section 14A is required to be added back while computing book profit under section 115JB - AT

2. 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...

3. Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

4. 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...

5. 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...

6. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

7. 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.

8. Prior period expenses - liability for over a 12 year period - HC confirmed the disallowance for salary of Managers, Officers on deputation from Hindustan Lever Ltd. for...

9. Disallowance of service tax expenses despite fact that expenditure pertains to earlier years - As liability was crystallized and paid during year under consideration, it...

10. Deemed dividend u/s 2(22)(e) - the disallowance of deemed dividend should be restricted to the accumulated profit, brought forward from earlier years and not the...