Limitation Period

The VAT Department in Punjab has started issuing the notices for assessment for the year 2005-2006 under section 29 of Punjab Value Added Tax Act 2005 to the dealers across the state. The notices u/s 29 of PVAT Act 2005 can be issued within 3 years from the last date for filling of Annual statement i.e VAT 20 of the year concerned or the date on which the return is actually filled whichever is later. Full Article

In terms of paragraph 2(a) of our circular UBD.PCB.Cir. No 29 / 09.11.600 / 2008-09 dated December 1, 2008, the provisioning requirements for all types of standard assets in case of Tier II UCBs had been reduced to a uniform level of 0.40 per cent except in the case of direct advances to Agriculture and SME sectors which continued to attract a provisioning of 0.25 per cent. Tier I UCBs were also advised to make a general provision of 0.25% on all their standard assets. Full Article

In a move to help investors by giving them more time to file arbitration applications, the Securities and Exchange Board of India (SEBI) on Wednesday decided to compute the limitation period for arbitration from the end of the quarter during which the disputed transaction was executed. So far, the period was computed from the day the transaction had happened. Full Article

Based on the recommendations of the SMAC, it has now been decided that the limitation period of six months shall be computed from the end of the quarter during which the disputed transaction( s) were executed. Along with the exclusion mentioned under para (2) above and subject to sufficient documentary proof, the period of one month from the date of receipt of complaint/claim/ difference/ dispute by the trading member or the actual time taken by the trading member from t.. Full Article

S. 154 (7) provides that a rectification order can be passed within four years “from the end of the financial year in which the order sought to be amended was passed”. The AO passed an assessment order u/s 143 (3) on 24.11.1998 in which he committed the mistake of reducing the depreciation instead of adding to the income resulting in double deduction. The assessee went up in appeal on other issues to the CIT (A) who decided the appeal on 28.6.2004. Full Article

SUMMARY OF CASE LAW The date of receipt of the order of the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, by the Chief Commissioner or the Commissioner, as the case may be, is material and relevant for the purposes (i) filing an appeal to the Tribunal by the Commissioner against the [...] Full Article

Principles for reckoning of limitation period for completion of block assessment under provisions of S 158 BE- conclusive proof is required to show that seized documents disclose concealment of any income but assessee and not disclosed - ITAT Full Article