Home Highlights August 2012 Year 2012 This

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1. Deduction u/s 36(1)(viii) - Whether assessee is eligible for deduction u/s 36(1)(viii) even though the assessee is not an eligible entity under the provisions of the Act...

2. Revision u/s 263 - Deduction u/s 36(1)(viii) - Insofar as, the second issue of excess allowances of deduction u/s.36 (1)(vii), the assessment order passed by the AO is...

3. Deduction u/s 36(1)(viia) or u/s 36(1)(viii) - creation of special reserve fund - the assessee has tried to equate the apportionment of profit against an expenditure for...

4. Delay in employee contribution to P.F. - Disallowance u/s 36(1)(va) read with section 2(24)(x) - The onus is on the assessee to prove that it is eligible for deduction...

5. Deduction of interest paid for the borrowed amount used for business purpose - Loan taken from Bank given to Holding company as interest free Advance - Addition u/s...

6. Deduction u/s 36(1) (viia) - section 36(1) (viia) clearly provides for deduction of 7.5 % of the total income and a further deduction of 10 % of the aggregate of...

7. Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

8. Expenses incurred by overseas branch – Deduction u/s. 44C has to be given after taking into account deduction u/s. 36(1)(viia) and deduction u/s.36(1)(viia) has to be...

9. Swapping premium - Disallowance u/s 36(1)(viii) - swapping premium is nothing but discounted interest and had originated in the long term finance initially advance -...

10. Deduction u/s 36(1)(viia) - revenue had not taken any action against the directions of the Tribunal as per the original order, and therefore the directions have...

11. Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and...

12. Decline of claim of deduction u/s 36(1)(viia) of the Act with reference to the advance made by rural branches - Assessing Officer to recompute the amount of deduction...

13. Allowability of deduction for payment EPF, LWF and ESI after due date - to claim the benefit of deduction u/s 36(1)(va) payment has to be made before the due date...

14. Disallowance u/s 36(1)(ii) for payment of commission - commission paid by the assessee company to Mr. Darayus A. Bathena for sale orders procured by him as a sales agent...

15. Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) based on opinion of the Central Statutory Auditors - latter on based on different view canvassed against...