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TypeBare Act JurisdictionCentral Government

Finance Act, 2008 Section 120

VAT: time limits for assessments of excess credits etc

~1 min read
https://sooperkanoon.com/act/455925

Bare act section · Research

About this section

Finance Act, 2008 Section 120 is part of Finance Act, 2008 - VAT: time limits for assessments of excess credits etc. Read the section text below and explore Indian court judgments that cite it.

Research copy - verify against official government publications before filing or court use.

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Section Text

1) In section 73 of VATA 1994 (assessment of overpaid VAT credits etc), after subsection (6) insert- "(6A) In the case of an assessment under subsection (2), the prescribed accounting period referred to in subsection (6)(a) and in section 77(1)(a) is the prescribed accounting period in which the repayment or refund of VAT, or the VAT credit, was paid or credited."

(2) Section 80 of that Act (credit for, or repayment of, overstated or overpaid VAT) is amended as follows.

(3) After subsection (4A) insert- "(4AA) An assessment under subsection (4A) shall not be made more than 2 years after the later of-

(a) the end of the prescribed accounting period in which the amount was credited to the person, and (b) the time when evidence of facts sufficient in the opinion of the Commissioners to justify the making of the assessment comes to the knowledge of the Commissioners."

(4) In subsection (4C), for "(2)" substitute "(3)".

(5) The amendments made by this section are treated as having come into force on 19 March 2008.

Frequently asked questions

What does Finance Act, 2008 Section 120 provide?

Section Section 120 of the Finance Act, 2008 (VAT: time limits for assessments of excess credits etc) is reproduced on this page as part of the Finance Act, 2008. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2008 Section 120?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2008 Section 120. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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