No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005
Installing projects of high technical equipment is nothing but Modernisation of a factory and as per Cenvat credit Rules, 2004, services used in relation to modernisation are eligible for Cenvat credit.
There is also force in the submissions of the counsel for the assessee that prior to introduction of S. 56(2)(vii) by the Finance Act, 2009, w.e.f. 1st Oct., 2009, gifts in kind were outside the purview of s. 56(2)(v) or (vi).
Rule 2BA is in the form of guidelines for the purpose of section 10(10C), which relates to taxation of income/amount received by an employee under VRS scheme. The said rule does not deal with the expenditure incurred by the employer when the assessee makes payment under the VRS scheme formulated by them.