Association of corporate accountants

08/09/2022

15/04/2022

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09/04/2021

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24/03/2021

1. The Purchase & sales returns are common.... Click here to view the full Article

10/03/2021

https://taxguru.in/goods-and-service-tax/purchase-sales-return-gst.html

1. The Purchase & sales returns are common.... Click here to view the full Article

04/02/2021

VOID ASSESSMENT

The present case is no different from Sony in that the subject LOA specified that the examination should be for the taxable year 1998 only but the subsequent assessment issued against Lancaster involved disallowed expenses covering the next fiscal year, or the period ending 31 March 1999.

The taxable year covered by the assessment being outside of the period specified in the LOA in this case, the assessment issued against Lancaster is, therefore, void.

This point alone would have sufficed to invalidate the subject deficiency income tax assessment, thus, obviating any further necessity to resolve the issue on whether Lancaster erroneously claimed the February and March 1998 expenses as deductions against income for FY 1999.

Commissioner of Internal Revenue v. Lancaster Philippines, Inc., G.R. No. 183408, July 12, 2017, 813 PHIL 622-654

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