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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Maintainability of the invocation of section 154 - The ...

Income Tax

September 26, 2015

Maintainability of the invocation of section 154 - The allowance of deduction of the impugned sums u/s. 43B was thus clearly a mistake apparent from record, liable to be rectified u/s. 154. - AT

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  1. 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

  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. Dis-allowance u/s 43B - entry tax, welfare cess, Provident fund, Interest to public institutions - expenditure dis-allowed for want of proof that taxes have been paid...

  4. A sum which has already been disallowed u/s 40A(7) and as such any further disallowance u/s 43B is absolutely unjustified and untenable - AT

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

  6. Rectification of mistake u/s 154 - Debatable issue - it cannot be said that allowance of deduction of sales promotion expenses by the AO resulting in a mistake apparent...

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  8. Higher rate of depreciation on trucks – the Tribunal was, thus, not justified in holding that the assessing officer had erroneously exercised jurisdiction under Section 154 - HC

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  10. Allowance of deduction u/s 80IA of the Income tax Act - Income from sale of VSAT equipment – telecommunication services - deduction allowed - AT

 

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