Home Highlights December 2012 Year 2012 This

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1. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

2. 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...

3. Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

4. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

5. Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

6. Annual web hosting charges treated as prior period expenses – AO is directed to verify and examine the claim of the assessee - AT

7. Prior period expense - Interest liability - Whether liability of earlier years has been crystallized in this year – Deduction allowed - AT

8. Clarification regarding non-allowability of set-off of losses against the deemed income under section 115BBE of the Income-tax Act, 1961 prior to assessment-year 2017-18

9. Addition on account of prior period expenditure - deducting prior period income From prior period expenditure is against well settled principles of law. - AT

10. Whether revenue sharing arrangements attract service tax prior and post 1st July, 2012 - Article