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Possible Double Disallowance of Bonus and Interest u/s 43B: ITAT Remands for Verification to Prevent Duplication [Read Order]

Sandhra Suresh

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has directed verification of potential duplication in the disallowance of unpaid bonus...

Rural Infrastructure Tax & Dead Rent Disallowance u/s 43B: ITAT Remands to AO for Fresh Verification...

Natural Justice cannot be Circumvented: Kerala HC restores Income Tax Appeal after AO Denied Hearing...

Deduction Claim on Unpaid Ad-hoc Bonus from AY 1984-85: Bombay HC Quashes ₹12L Income Tax Penalty...

ITAT Bars Late PF/ESIC Deductions, Follows Supreme Court's Ruling in Checkmate Services [Read Order]

VAT Liability Not Disallowable u/s 43B If Not Claimed As Deduction In Profit & Loss Account: ITAT [Read Order]

In a significant ruling, the Raipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that unpaid VAT liability cannot be disallowed under Section 43B of the Income Tax Act, 1961 if it has...

Specific Provision u/s 40A(7)(b) prevails over S. 43B in Approved Gratuity Fund Deduction: Madras HC [Read Order]

In a recent ruling, the Madras High Court clarified the legal interplay between Section 40A(7)(b) and Section 43B of the Income Tax Act, ruling that where contributions are made to an approved...

ITAT Sets Aside CPC's Adjustment, allows Pfizer's Claim u/s 43B [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, has set aside an adjustment made by the Central Processing Centre ( CPC ) against Pfizer Limited under Section 43B...

Income Tax Annual Digest 2024: ITAT Cases [Part 22]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal ( ITAT ) Benches of India reported at Taxscan.in during 2024. Failure to Prove...

ITAT allows Goldman Sachs to claim deduction for leave encashment paid before due date of ITR filing u/s 43B(f) [Read Order]

In a recent ruling, the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the assessee Goldman Sachs to claim deduction for leave encashment paid before the due date of ITR filing...

Fake Alert! Fake Income Tax Notice Claiming Payment Requirement for Audited Balance Sheets makes Rounds, warns Govt

The Indian government has issued a warning about a fake income tax notice circulating online. The notice, which claims to be from the Income Tax Department, demands payment for audited balance sheets...

Timely Payments to MSMEs: Decoding Section 43B(h) of Income Tax Act

The amendment to Section 43B of the Income Tax Act, 1961, through the Finance Act of 2023, brings forth crucial changes with the addition of clause (h). This amendment aims to streamline payments to...