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 Tribunal ruled that although CSR expenditure is not allowable under Section 37, eligible donations made to recognised institut...
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 : 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...
The issue was whether reassessment could be initiated for an amount implicitly accepted in original assessment. The Tribunal ruled that reopening amounted to change of opinion and was legally unsustainable.
The Tribunal ruled that VAT collected but not credited to the profit and loss account cannot be treated as taxable income. Once substantially paid to the government, such liability cannot be added again as trading receipts.
The tribunal upheld disallowance of employees’ PF and ESI contributions paid after statutory due dates. Following the Supreme Court’s Checkmate ruling, delayed deposits are deemed income and not deductible.
The Tribunal considered whether provisional customs duty payments qualify for deduction. It ruled that Section 43B permits deduction on payment basis regardless of later refunds.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
The Revenue argued AMP functions required separate compensation under DEMPE principles. The Tribunal rejected this, holding that consistent past rulings prevail absent material factual change.
Applying the test of human probabilities, the Tribunal ruled that unexplained abnormal sales could not be fully accepted. At the same time, absence of book defects warranted estimation instead of outright section 68 taxation.
The Tribunal held that interest earned by a credit co-operative society from deposits with co-operative banks is deductible under section 80P(2)(d). The ruling follows settled law that such societies are distinct from co-operative banks.
ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evidence like loan sanction letter or bank certificate. Accordingly, ground raised by assessee is dismissed.
The issue concerned a large Schedule BP deduction disallowed under section 37. The Tribunal held that prima facie the amounts were both added and allowed in the return, warranting fresh verification by the Assessing Officer.
