Home Highlights September 2011 Year 2011 This

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1. 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...

2. 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...

3. Disallowance under Sec.36(1)(va) r/w Sec.2(24)(x) - assessee shall not be entitled to deduction of such amount in computing the income referred to in section 28 if such...

4. The assessee claimed weighted deduction u/s 35(1)(ii) for donation made to M/s Shri Arvindo Institute of Applied Scientific Research Trust at the end of the year. The...

5. The assessee claimed excess deduction u/s 36(1)(viia) for provision for bad and doubtful debts, leading to escapement of income. The Assessing Officer rightly formed the...

6. The Appellate Tribunal addressed the following issues: 1. Deduction u/s. 80P(1) r.w.s. 80P(2)(a)(i) - Held that the assessee is not a cooperative bank, making it...

7. Disallowances of working Director’s commission on profits - Whether eligible as deduction u/s 36(1)(ii)? - the payment of commission to the Director could not have been...

8. Addition of bonus paid to the directors - disallowance u/s 36(1)(ii) - No extra services have been rendered for payment of commission - Two shareholders director were...

9. Write-off or waiver of advance given to its subsidiary - Since we have accepted the plea of the assessee for deduction of the said sum in terms of Sec. 36(1)(vii) of the...

10. 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...

11. 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...

12. 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...

13. The High Court held that the assessee, a banking company, is entitled to exclude interest earned from securities on an accrual basis for income tax purposes. It can...

14. A bank is eligible to claim deduction towards provision for bad and doubtful debts u/s 36(1)(viia), irrespective of whether it has rural or non-rural advances. The...

15. 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...