Income Tax - After the decision of SC in Check mate Services Pvt. Ltd. vs. CIT order dated 12.10.22, the legal position is now settled that the delayed deposit of employees contribution shall be held as deemed income u/s. 2(24) of the income tax act....
Read MoreIncome Tax - Section 37(1) of the Income Tax Act – Disallowance for Freebies to Doctors as the same is an Offence & Prohibited by Law If an assessee during the course of business & profession incurs certain expenditure, which is an offence or which is prohibited by law, the said expenditure shall be disallowed while computing his [&helli...
Read MoreIncome Tax - In general practice freebies although being prohibited are provided to medical professionals by pharmaceutical companies and diagnostic centers to induce them to prescribe their medicines and tests which are higher in price than their generic alternatives. This practice of acceptance of freebies was disallowed through a circular issued on...
Read MoreIncome Tax - It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, gold coins, LCD TVs, fridges, laptops, etc. to medical practitioners for creating awareness about the health supplement ‘ABC’....
Read MoreIncome Tax - In this article we are going to discuss a problem, whether Penalty/Penal Interest levied on any organisation is allowed as deduction to the assessee under provisions of Section 37(1) of the Income Tax Act, 1961.. PROBLEM: M/s. ABC Limited has been penalised under provisions of GST Act, 2017 to the tune of Rs. 50,000/- as […]...
Read MorePCIT Vs Steel Authority of India Ltd. (Delhi High Court) - PCIT Vs Steel Authority of India Ltd. (Delhi High Court) Undisputedly, the departmental authorities have disallowed the CSR expenses, firstly, on the reasoning that it is of capital nature, and secondly, it is not incurred wholly and exclusively for the purpose of business. As per section 135 of the...
Read MoreA.R.A.P. Enterprises Pvt. Ltd. Vs ACIT (OSD) (ITAT Chennai) - ITAT Chennai held that permit charges paid to Government to operate buses in the state is revenue expenditure. Accordingly Pondicherry permit charges paid to Government of Pondicherry to operate buses in the state of jurisdiction of Pondicherry is allowable revenue expenditure....
Read MorePrince Holdings Madras (P) Ltd Vs DCIT (ITAT Chennai) - ITAT held that the interest paid on belated payments of service tax is allowable for deduction under Section 37(1) of the Income Tax Act, 1961...
Read MoreNirakar Security & Consultancy Services Pvt. Ltd. Vs ITO (ITAT Cuttack) - SC held that the provisions of section 43B would not apply to the provisions of section 36(1)(va) of the Act in respect of employees contribution....
Read MoreBBG Metal Syndicate Pvt Ltd Vs DCIT (ITAT Cuttack) - BBG Metal Syndicate Pvt Ltd Vs DCIT (ITAT Cuttack) Admittedly, the Hon’ble Supreme Court in the case of Checkmate Services Pvt Ltd(supra) has categorically held that the employees contribution to PF and ESI to the extent it is not paid within due date prescribed under the PF Act, is not allowable ...
Read MorePCIT Vs Steel Authority of India Ltd. (Delhi High Court) -
A.R.A.P. Enterprises Pvt. Ltd. Vs ACIT (OSD) (ITAT Chennai) -
Prince Holdings Madras (P) Ltd Vs DCIT (ITAT Chennai) -
Nirakar Security & Consultancy Services Pvt. Ltd. Vs ITO (ITAT Cuttack) -
BBG Metal Syndicate Pvt Ltd Vs DCIT (ITAT Cuttack) -
Hewlett Packard (India) Software Operation Pvt. Ltd. Vs DCIT (ITAT Bangalore) -
Agappe Diagnostics Limited Vs DCIT (ITAT Mumbai) -
Trinity Infraventures Limited Vs ACIT (ITAT Hyderabad) -
EIT Services India Pvt. Ltd Vs DCIT (ITAT Bangalore) -