As on 31.03.2011 the balance sheet of a private limited company was showing Service Tax Refundable around Rs. 150,000 (Accrual Basis). While Service tax Return till 31.3.2011 was filed on Cash basis. So what should the the treatment of this ST Refundable in Balance Sheet- a) Can we adjust it against the ST Payable during the FY 2011-12 (Point of Taxation Rule applies and Return is filed on Accrual Basis) or it will be written off in PL? Please suggest?
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