Home Highlights May 2012 Year 2012 This

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1. Allowance of additional depreciation - assets purchased after 01/10/2010 - the assessee only claimed 10% of the additional depreciation in the assessment year 2011-12....

2. Allowance of expenses on actual payment – provisions of section 43B are applicable on non-payment of interest on the delayed payment of due service tax - AT

3. Provision made towards gratuity - the meaning as given in section 43B cannot be said to be the same as in section 40A(7)(b)(i) - it is not necessary that actual payment...

4. Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...

5. Disallowance u/s 40A(3) r.w.r 6DD - Cash payment - as per the amended provisions, the said provisions shall apply only if the aggregate amount of payments made to single...

6. Disallowance of “Provision for leave travelling allowance” - the liability to pay would arise in the hands of the assessee only when an employee makes a claim. - order...

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. Claim of deduction of Provisions made - Basis of creating the provision - uncertain liability or not - The above facts would substantiate that the provision has been...

9. Provision made for leave salary allowed as deduction - HC

10. TDS u/s 192 - salary - conveyance allowance and additional conveyance allowance received by the DO of LIC was permissible deduction under Section 10(14)

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

12. Year-end Provision – assessee had made certain provisions for expenses at the end of the year for which deduction of tax at source has not been made - There is a...

13. Disallowance of provision for Bad Debt Written off - provision made by the assessee for bad and doubtful debts is only a provision, but not actual written off of bad...

14. TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

15. Payment made for surrender of tenancy rights - deduction allowed u/s 37(1) - AT