Tag: Section 43B

Disallowance u/s 43B deleted as GST payable was not debited to Profit & Loss account and was paid before due date for filing return of income. In a recent judgment, the Hon’ble ITAT has deleted disallowance u/s 43B as GST payable reported in Tax Audit Report was not …

Disallowance of belated deposit of Employees’ contribution of PF/ESI u/s 43B even if deposited before due date of ITR filing -Supreme Court settles the law ABCAUS Case Law CitationABCAUS 3614 (2023) (10) SC Important Case Laws relied upon by parties Allied Motors (P) Ltd. v Commissioner of Income …

Debentures issued in lieu of interest liability allowable expenditure u/s 43B read with Explanation 3C – Supreme Court ABCAUS Case Law CitationABCAUS 3541 (2021) (08) SC The appellant had filed a SLP raising the question with reference to Section 43B Explanation 3C of the Income Tax Act, 1961 …

Payment by employer of employee contribution after due date to be disallowed  Clause (24) of section 2 of the Income Tax Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his …

TDS deposited before filing ITR is allowable u/s 43B despite assessee following cash method of accounting ABCAUS Case Law Citation:ABCAUS 3249 (2020) (02) ITAT Important case law relied upon by the parties:Associated Law Advisers Vs. ACITCommissioner of Income Tax XIII Vs. Naresh KumarCommissioner of Income Tax Vs. Rajinder …

Unutilised MODVAT credit of Excise Duty not allowable u/s 43B. Paying cost of raw materials does not mean that assessee is liable to pay Excise Duty on such raw material/inputs ABCAUS Case Law Citation:ABCAUS 3247 (2020) (02) SC Important case law relied upon by the parties:Eicher Motors Ltd. and another versus Union of India and …

Statutory liability accrues on issuance of demand notice-ITAT deleted disallowance u/s 43B and allowed payment of Local Body Tax in the year of payment ABCAUS Case Law Citation: ABCAUS 2726 (2019) (01) ITAT The Assessee hand challenged the order passed by the CIT(A) in confirming the disallowance made …

Section 43B applicable to both employee and employer contributions. No disallowance can be made u/s 36(1)(va) if paid before ITR due date. Allahabad High Court CBDT in view of the decision of the Hon’ble Supreme Court in Alom Extrusions Ltd. has vide circular no. 22 of 2015 dated 17/12/2015 …

Input VAT credit reversal deduction to be allowed on payment basis u/s 43B irrespective of separate VAT account INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘SMC’ BENCH, KOLKATA I.T.A. No. 1047/KOL/ 2015 Assessment Year: 2009-2010 BDG Metal and Power Limited … Appellant vs. Deputy Commissioner of Income Tax… Respondent Date of Order: …