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...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 Tribunal held that adjustments made without issuing prior notice to the assessee violate the mandatory proviso to Section 143(...
Income Tax : The Court held that electricity duty collected by a licensee is not its own liability but that of consumers. As a result, Section ...
Income Tax : ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, ...
Income Tax : The Court dismissed the appeal after finding that all issues were already settled by earlier rulings. It held that no new question...
Income Tax : The court held that revision under section 263 requires independent satisfaction by the PCIT. Acting merely on the Assessing Offic...
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...
Cash deposits during demonetisation were held genuine where supported by EMI recoveries from thousands of borrowers, with no enquiry or evidence to treat them as unexplained.
Revenue counted limitation from the third-party search date, while the assessee argued it should start from document handover. ITAT Delhi agreed, holding the assessment outside the six-year period, thereby voiding it.
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.
