"26 December 2021" Archive

No section 36(1)(va) for PF/ESI dues paid before return filing

Amandeep Singh Khurana Vs ITO (ITAT Delhi)

ITAT Delhi rules in Amandeep Singh Khurana vs ITO, disallowance u/s 36(1)(va) not valid for delayed PF/ESI deposit if made before return filing....

Pension to wholetime Directors allowable as business deduction

ACIT Vs Tata Sons Ltd. (ITAT Mumbai)

Payment of Rs.89 lakhs on account of pension to wholetime Directors on the basis of Board resolution of the assessee company was incurred wholly and exclusively for the purpose of business of the assessee and was allowable as deduction....

Provisions of Warehousing Under Customs Law

The provisions for warehousing have been mentioned under Chapter IX of the Customs Act, 1962 and other subsequent rules and regulations. The process of warehousing and its related provisions have been elaborated below. What is Warehousing? Warehousing is the process of storing physical goods before they are sold further or distributed. Wa...

Posted Under: Income Tax |

Section 36(1)(va)/43B amended by Finance Act 2021 applicable from 01.04.2021

Pee Tee Turners Vs Assistant Director of CPC (ITAT Jaipur)

Pee Tee Turners Vs Assistant Director of CPC (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) – D/R has referred to the explanation to […]...

Employees contribution of ESI/PF paid prior to filing of return of income u/s 139(1) allowable

Citi Centre Developers Vs CPC (ITAT Chandigarh)

Citi Centre Developers Vs CPC (ITAT Chandigarh) Since the facts of the present cases are identical to the facts involved in Raja Ram Vs. ITO, Yamunanagar (ITAT, Chandigarh) therefore respectfully following the earlier orders as referred to herein above of the different Benches of the ITAT, the impugned additions made by the Assessing Offi...

Section 80C disallowance: ITAT directs AO to consider submission of Assessee

Suba Singh Vs ITO (ITAT Amritsar)

Ld. CIT(A) did not consider submission of Assessee and wrongly observed in impugned order that appellant has not given any submissions and evidences regarding the disallowance of deduction u/s.80C ...

Capital Gain computation in case of diversion of Agricultural Land from gram panchayat to municipality

Krishna Mohan Choursiya Vs ITO (ITAT Indore)

Krishna Mohan Choursiya Vs ITO (ITAT Indore) We find that there is a clear distinction between a municipality and a gram panchayat as also enunciated in the judgment of Hon’ble Madras High Court in the case of CIT v. P.J. Thomas as reported in [1995] 211 ITR 897 (MAD.), therefore, we are of the view […]...

Blocking of ITC under Rule 86A- HC disposes petition as dept unblocked the same

Vinayak Plylam Marketing Vs Superintendent (Rajasthan High Court)

Restriction imposed under Rule 86A of the Central Goods and Services Tax Rules, 2017 should be lifted after the expiry of one year from the date of imposition of such restriction....

Extend due dates of ITR & Tax audit report submission

Chandigarh Chartered Accountants Taxation Association has made a representation to Finance Minister for Extension of due dates of Income tax returns & Submission of Tax audit reports for FY 2020-21 (AY 2021-22) in view of Practical difficulties faced by taxpayers & tax professionals in filing Income tax returns, tax audit form. Fu...

Posted Under: Income Tax | ,

Consider only investments which actually yielded dividend income for section 14A: ITAT Kolkata

DCIT Vs Kesoram Industries Ltd. (ITAT Kolkata)

AO to consider only the opening and closing value of those investments which actually yielded dividend income to the assessee during the relevant year for the purposes of computing the disallowance under section 14A of the Act read with Rule 8D(2)(iii)....

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