Income Tax : This guide explains how Section 43B(h) defers tax deductions where payments to Micro and Small Enterprises remain unpaid beyond th...
Income Tax : The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objec...
Income Tax : 2023 Income Tax change (Sec 43B(h)) mandates that deductions for payments to Micro and Small Enterprises are allowed only when pai...
Income Tax : Delhi High Court upholds disallowance of delayed PF/ESI contributions under Section 143(1), but permits deductions when the due da...
Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
Income Tax : Discover how proposed amendment in Section 43B of Income Tax Act, 1961, affects MSMEs. Learn about potential challenges and sugges...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : Explore how the new 43 B (h) clause of the IT Act impacts Kerala Textiles and Garments Dealers Welfare Association and their appea...
Income Tax : The ITAT Delhi held that the Transfer Pricing Officer could not arbitrarily determine the arm's length price of management service...
Income Tax : The ITAT Delhi held that the Revenue could not substitute the assessee's consistent method of revenue recognition with the Percent...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
Income Tax : The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held...
Income Tax : The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genu...
Income Tax : Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non...
Corporate Law : Explore how the recent policy update impacts MSMEs and traders regarding delayed payment benefits under the MSMED Act, 2006. Insig...
Income Tax : Disallowances made under sections 32, 40(a)(ia), 40A(3), 43B, etc. of the Act and other specific disallowances, related to the bus...
Income Tax : Income Tax Circular No. 22/2015 W.c.f. 1.4.1988, the settled position is that if the assessee deposits any sum payable by it by wa...
Income Tax : Whether the liability has been deferred or not has to be considered not from the simplistic point of the term 'defer' but in conte...
Revenue challenged deletions of additions in a scrutiny assessment, highlighting procedural lapses under Rule 46A. Tribunal remitted the matter for fresh adjudication considering additional evidence filed by the assessee.
Though earlier dismissed for non-prosecution, the Tribunal evaluated the substantive grounds relating to bonus disallowance and income inclusion, granting partial relief.
The Tribunal held that AO’s ad-hoc disallowances were unsustainable as he failed to verify evidence. CIT(A) examined detailed ledgers and explanations, deleting unsupported additions. The appeal highlights the importance of evidence-based assessments over arbitrary estimates.
ITAT Bangalore held that disallowances under section 36(1)(va) for employee PF/ESIC contributions before AY 2021-22 were unsustainable, as Finance Act 2021 amendments are prospective. The Tribunal directed AO to delete additions, safeguarding assessee from retrospective impact.
ITAT Jaipur held that the amount paid before due date of filing the return of income is not supposed to be disallowed under section 43B of the Income Tax Act even though the same was outstanding at the year. Accordingly, AO directed to verify the said aspect and pass appropriate order.
Tribunal remands ₹88 lakh disallowance of long-term service award to the AO for fresh verification as employee-wise computation for the relevant year was not on record. Claim can be allowed only after proper quantification of ascertained liability.
Tribunal condoned a 938-day delay after finding that the appeal was incorrectly dismissed as withdrawn under VSVS. The case was remanded to the CIT(A) for a fresh decision on the additions made under section 143(3).
Rs. 99.86 Cr out of Rs. 110 Cr added as current liabilities was deleted by CIT(A) and upheld by ITAT. Verification of ledgers, statutory dues, and party confirmations showed actual liability reduction during the year. This highlights the role of detailed evidence in defending balance sheet claims.
ITAT held that ₹1.5 Cr advance for a real estate project, which became irrecoverable, qualifies as a trading loss under section 28. The decision reverses AO and CIT(A) disallowances, allowing the loss as a business expense.
The Tribunal condoned a 345-day delay after finding the assessee’s claim of non-receipt of orders plausible. It noted that the AO never sought details for the disputed disallowances and CIT(A) failed to examine documents properly. The matter was remitted for fresh verification, ensuring fair opportunity.
