Home Highlights June 2014 Year 2014 This

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1. Disallowance u/s 43B - nomination charges paid to the State Government at the rate of 10% of the turnover of granite blocks - It is simply a contractual payment of lease...

2. TDS on freight - who is liable for TDS supplier of buyer (Assessee) of the goods - If the supplier takes the responsibility to deliver the goods to the doorsteps of the...

3. Disallowance u/s 43B - Assessee has not claimed it as an expenditure in the P&L - No hesitation to hold that non- payment of above amount to government account before...

4. Disallowance u/s 43B on account of outstanding luxury tax liability - assessee has not realized the amount of luxury tax - no addition or disallowance u/s 43B - HC

5. Disallowance u/s. 43B - Electricity Duty deposited into designated bank Account as per direction of this Court - under the interim orders passed by this Court as much as...

6. Disallowance of payment u/s 43B - Explanation 3C only prohibits an assessee for recognizing the actual payment of interest by converting its interest into loan or...

7. Deduction u/s 43B - payment of bonus - u/s 43B only actual payment and not any notional or deemed payment that would be relevant for considering the deduction - HC

8. Penalty u/s 271(1)(c) - Disallowance of interest expenditure under section 43B as well as disallowance export product development expenses - Just because the assessee...

9. TDS u/s 194B or 194BB - disallowance in respect of payment of stake money u/s 40(a)(ia) -'stake money' is not liable to TDS u/s 194B of the Act. - we also hold that...

10. Disallowance of unpaid service tax u/s 43B - Service tax collected by the assessee and not paid to the Government exchequer before the due date of filing of return, is...

11. AO/CPC jurisdiction u/s 143(1) to carry out 43B(a) disallowance - The Tribunal analyzed the provisions of section 43B and relevant judicial precedents to determine the...

12. Disallowance of excise duty - an item of section 43B - Since the excise authority held that CENVAT credit on fuel used for generation of electricity supplied to the...

13. Unexplained money - If the Assessing Officer is able to establish on the basis of evidence gathered that the assessee has paid on- money to the extent quantified by him,...

14. Credit of TDS if deductor not deposited TDS - Act does not seem to cast a burden on the deductee/payee with regard to the deposit of money, which is retained as tax, by...

15. Disallowance u/s 43B - “Current Liabilities‟ shown towards advertisement tax payable to M.P. State Government as not paid till the date of audit - when the...