Home Highlights June 2012 Year 2012 This

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1. Delay in deposit made to the employees Provident fund and ESIC - such sums were not credited by the respective assessee to the employees 'accounts in the relevant fund...

2. Public interest - compulsory amalgamation - The expression “public interest” would mean the welfare of the public or the interest of society as a whole, as contrasted...

3. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

4. Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

5. Whether the benefit of the amendment of Section 43B of the Income Tax Act equally applies to the employees’ contribution of provident fund - held yes - HC

6. Rates of interest on small savings schemes including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme

7. Constitutional validity of the Cess Act - “Tax versus Fee“ - Building and Other Construction Workers Welfare Cess - The levy by the impugned Act is in effect a ‘fee’...

8. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

9. Post GST era: Whether the Goa Cess Act is constitutionally valid? - The object of GST laws is totally distinct from the object and purpose of the Goa Cess Act. Even the...

10. Disallowance of unpaid service tax u/s 43B - Section 43B does not contemplate liability to pay the service tax before actual receipt of the funds in the account of the...

11. Allowability of employer's contribution to funds for the welfare of employees in terms of section 43B(b) of the Income Tax Act - Circular

12. Education Cess - Bidi cess is leviable u/s 3 of the “Beedi Workers Welfare Cess Act, 1976” - whether education and higher education cess can be computed on Bidi cess - Held No - AT

13. Additional cess and cess surcharge - u/s 43B - claim of expenditure on the basis of accrued liability to pay cess and cess surcharge under the Tamil Nadu Panchayats Act,...

14. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

15. Disallowance of Contribution to Environmental Relief Fund u/s 43B - assessee has collected the contribution to the ERF from the owner (insured) - If the amount is not...