Home Highlights July 2014 Year 2014 This

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1. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

2. Payment of bonus - Disllowance u/s 43B - The only thing he can verify is as to whether bonus has been paid as a matter of fact. If it is paid, deduction has to be...

3. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

4. Deduction u/s 36(1)(iii) - double deduction for deduction of interest - once these amounts are allowed as deduction in the year of incurring the expenditure, the same...

5. For the purpose of claiming benefit of deduction of the sum paid against the liability of tax, duty; cess, fee, etc., the year of payment is relevant and is only to be...

6. Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

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. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

9. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

10. Disallowance on account of Director’s commission/bonus - He was not a shareholder when the bonus/commission was paid to him and once he is not a shareholder and...

11. Allowable exempenditure u/s 37(1) - Distribution of profit - The amount which is the subject-matter is paid to members who supply milk and in some case also to...

12. Addition u/s 40(a)(ii) - Allowable deduction in the year of its payment - Education Cess and Higher and Secondary Education Cess - Even, though, “cess” may be collected...

13. Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

14. CENVAT Credit (Seventh Amendment) Rules, 2016 - Krishi Kalyan Cess shall be allowed as Cenvat Credit - Cenvat Credit (other than Krishi Kalyan Cess) cannot be utilized...

15. Refund - Education Cess, Secondary & Higher Education Cess and Krishi Kalyan Cess cannot be transferred to GST account and as they were lying unutilized in their cenvat...