Home Highlights June 2013 Year 2013 This

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1. The summary focuses on various issues related to the taxation of banks, covering disallowances u/s 14A, interest deductibility on IPDI bonds, taxation of bad debt...

2. 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...

3. 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...

4. 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...

5. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

6. Disallowance of interest u/s 36(1)(iii) - Interest free loans granted - The Co-ordinate Bench of the Tribunal had previously ruled in favor of the assessee on a similar...

7. Disallowance of proportionate interest u/s. 36(1)((iii) - loan taken for construction of building for the year under consideration on which the assets were not put to...

8. 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...

9. Disallowance of employees’ contribution to Provident Fund as well as ESIC - Disallowance u/s 36(1)(va) - the assessee is not entitled for deduction u/s 36(1)(va) read...

10. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

11. Disallowance towards interest u/s.36(1)(iii) in the hands of partner - interest paid on borrowed funds - amount invested in partnership firm by the assessee partner is...

12. Disallowance u/s 36(1)(iii) on account of interest expense on borrowings - it was neither prudent for the assessee to divert any part of borrowed funds for nonbusiness...

13. Interest expenditure - Since the basic premise with the revenue for making disallowance in the present case U/s 36(1)(iii) was that the assessee had charged less...

14. Disallowance u/s 36(1)(iii) - where the recovery of principal amount was difficult the addition on account of notional interest on account of loan to said company cannot...

15. Penalty u/s 271(1)(c) - disallowance u/s. 36(1)(iii) - In fact, the assessee at the time of assessment proceedings has given a detailed calculation related to interest...