Home Highlights June 2013 Year 2013 This

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1. Allowable expenditure versus Application of Income (Repayment of loan) - Payment made to the Marketing Board - progressive payments given to the Haryana State...

2. Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to...

3. 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...

4. Year-end Provision – assessee had made certain provisions for expenses at the end of the year for which deduction of tax at source has not been made - There is a...

5. TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

6. Addition of premium paid to LIC under group gratuity scheme - scheme had been approved by Commissioner vide its order dated 17.03.2017 w.e.f. 01.01.2000 - once the...

7. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

8. AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

9. Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

10. Short deduction of TDS from salary u/s 192 - Disallowance of deduction u/s 80C - The contribution made by the employees is to be treated as contribution to Government...

11. Section 43B inapplicable to LIC Mutual Fund as it is not a Public Financial Institution u/s 4A of Companies Act, 1956. List of Public Financial Institutions is...

12. 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...

13. Allowability of contribution to Group Gratuity Policy of LIC of India - the trust has not been approved by the Department - the assessee is entitled for deduction for...

14. Allowable deduction u/s 37(1) - disallowance of reinsurance premium payment made to non-resident reinsurers who do not have a place of business / branch in India - the...

15. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...