Home Highlights October 2018 Year 2018 This

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1. Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

2. Liability for salary and wages arising out of the Justice Palekar Award - ascertained lability or not - The High court referred to precedent and held that the liability...

3. Disallowance of claim of Provision for expenses - unascertained liability or not - By belated receipt of bills, the payment only gets postponed, but not the liability...

4. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

5. Disallowance of wage arrears u/s 40a(ia) - contingent liability or not - non deduction of TDS - assessee created an adhoc provision for wage arrears - Liability has been...

6. Disallowance of provision for professional cost - Accounts of the company are audited by reputed CA firm and therefore it cannot be said that it is an inadvertent error....

7. Provision for future liabilities (expenses) - whether allowable - mercantile basis of accounting - held yes - HC

8. Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability...

9. Disallowance of provision for commission expenses - In the instant case, the assessee is aware that it would be liable to pay commission amount to the agent when the...

10. Computation of book profits for the purpose of computing the tax liability u/s. 115JB - two sets of books of account - there is no material on record indicating the...

11. Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

12. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

13. The provisions of section 43B are not in the nature of enabling provisions but are in the nature of disabiling provisions in the sense that firstly, it needs to be...

14. 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...

15. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...