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Jul 21, 2013

Fw: TaxGuru : “A brief on Input Tax Credit of VAT” plus 2 more

Posted: 20 Jul 2013 08:14 PM PDT
Manufacturer will be entitled to credit of tax paid on inputs used by him in manufacture. A trader (dealer) will be entitled to get credit of tax on goods which he has purchased for re-sale No credit is available in case of inter-state purchases. Credit will be available of tax paid on capital...
Posted: 20 Jul 2013 07:52 PM PDT
It can be said that acceptance of returns filed by assessee is general approach of the GOI. This is evident from the fact that majority of returns are accepted as per self assessment and they get finality once an intimation is prepared and accordingly tax is demanded or refund is issued.
Posted: 19 Jul 2013 09:06 PM PDT
AO denied deduction u/s 80-IB(10) only on the ground that assessee engaged in business of construction had adopted 'Project completion method' instead of 'Percentage completion method' as prescribed under AS-7 (Revised). The Hon'ble High Court observed that there was no allegation to the effect...

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