E-filing of Vat 20 from 1-12-2012/5-12-2012

1. It has been decided that the Annual VAT Returns for the year 2011-12 will be received in form VAT-20 online through the e-Return module being implemented by the Excise and Taxation Department, Punjab. All concerned are requested to note that the annual return will now be filed from 1st December 2012 to 31st December 2012.  “No manual return in form VAT-20 will be received in the offices of the Excise and Taxation Department after 31thOctober 2012.”
2. The annexures which are to accompany the VAT-20 shall be submitted after filing of the return to the respective AETCs in-charge of the district. The annexures must be accompanied by the system  generated acknowledgment of e-Return. The last date for this activity shall be 4thJanuary 2013.
3. Those dealers who have already filed their returns for this period to their respective AETC need not file again.
4. The procedure for e-filing the  Annual VAT returns will be the same as the procedure prescribed for e-filing of the quarterly returns. The facility shall be available on the Department’s website www.pextax.com from 01.12.2012.( Vide Notice on 1-12-2012 date changed to 5-12-2012)

Lucky Coupon Scheme of Vat Department for retail purchase between 4-11-12 to 31-12-2012

The Punjab Government is offering attractive prizes to the customers/retail purchasers who take retail invoices (bills) from their respective shopkeepers for their retail Purchases.  The prizes of amount up to Rs. 10 Lakhs per division will be awarded on the basis of lucky draw in all the seven excise and taxation divisions of the department. These prizes shall be awarded not only to the retail consumers but also to the shopkeepers who have issued these bills. This scheme is applicable for all the retail purchases made by the consumers from 04-11-2012 to 31.12.2012.

          The procedure for the conduct of the draw and prizes shall be intimated later on. All the consumers are requested to get the bills for the items purchased from the shop keepers and keep the bills with them till these bills are submitted to the department as per procedure laid down. However, this scheme will not be applicable for petroleum products.    

Quality of Scrutiny Assessment to be improved

IMPROVING QUALITY OF SCRUTINY ASSESSMENTS - CENTRAL ACTION PLAN ('CAP') FOR FINANCIAL YEAR 2012-13

LETTER DO F.NO. 225/97/2012/ITA.II, DATED 25-9-2012

As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document.

2. The then Member (IT) had asked the Chief-Commissioners of Income-tax ('CCsIT') to send list of top 100 quality assessments in respective charges. This direction of Member was not complied with by many of CCsIT which has been viewed seriously by the Board. It is expected from the field-formation that in future the directions of the Board will not be ignored.

3. Some CCsIT have forwarded the list in mechanical manner without bringing out the quality aspect of the assessments. The analysis of the information supplied to the Board shows that the quality of assessments in the FY 2011-12 has been far from satisfactory in majority of cases.

4. The CCsIT are therefore requested to sensitize the Assessing Officers in their Region to pay focused attention towards the pending assessments to be completed till March, 2013. The strategy mentioned in CAP document should be followed by each Assessing Officer to bring out the quality in assessments. The steps suggested in the guidelines for scrutiny cases should also be scrupulously adhered to.

I am confident that if proper attention is paid to this aspect of work at this stage it will help not only in improving quality of assessments but also in augmenting the post assessment tax revenues.

Tax Accounting Standards u/s 145(2) dated 26-10-2012

Section 145(1) of the Income-tax Act, 1961 ('the Act') provides that the income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Section 145 (2) provides that the Central Government may notify Accounting Standards ('AS') for any class of assessees or for any class of income.

No notice u/s 148 can be issued by predecessor AO

The case of assessee was transferred from Mumbai to Pune. No notice u/s 148 can be issued by Pune ACIT /CIT who quashed the transfer orders secretly at their end without informing assessee.

Fiat India Automobiles Ltd IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION WRIT PETITION NO.8657 OF 2012

Arrears of demand not to be adjusted against refunds for AY 2012-13 unless certified correct by AO

Letter dated 5-11-2012  F.No. DIT(s)-III/CPC/2012-13-14161-78

No penalty for human error of invoice being left in vehicle when excise delivery challan was produced by the driver

Punjab and Haryana High Court
M/s. Desai Brothers VAT Appeal No.36 of 2012(O&M)
Date of decision: 26.09.2012