Home Highlights September 2015 Year 2015 This

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1. Rectification of mistake u/s 154 - The set off of the impugned loss against the assessee’s other income without reference to s. 43(5) is clearly a mistake apparent from...

2. Interest paid to bank disallowed – Applicability of section 43B - merger of non-scheduled bank with scheduled bank - e provisions of section 43B clearly apply after the merger - AT

3. Scope of salary for the purpose of TDS – the conveyance allowance is clearly taxable under the head 'Salary' - conveyance allowance paid cannot be excluded from salary,...

4. Rectification of Mistake - mistake apparent from the records - Application was rejected with the view of Third Member of the tribunal - the Judicial Member, who agreed...

5. Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from...

6. The Appellate Tribunal addressed two key issues. Firstly, it ruled that disallowance of unpaid interest u/s 43B on a loan from the World Bank, advanced by the State...

7. Rectification of mistake u/s 154 - Debatable issue - it cannot be said that allowance of deduction of sales promotion expenses by the AO resulting in a mistake apparent...

8. Tribunal apparently fell into an error in not rectifying the said mistake apparent on the face of record, which is nothing more than a mistake of fact and even if it is...

9. Rectification of mistake u/s 154 - the income tax proceeding are not adversarial it is not material as to who committed the mistake, the fact that a mistake has been...

10. Rectification of mistake - Mistake either of fact or of law - It is trite law that no court or tribunal can, vide its action or non action, cause prejudice to any party...

11. Allowance of expenses on actual payment – provisions of section 43B are applicable on non-payment of interest on the delayed payment of due service tax - AT

12. Dis-allowance u/s 43B - entry tax, welfare cess, Provident fund, Interest to public institutions - expenditure dis-allowed for want of proof that taxes have been paid...

13. Revision u/s 264 - Determination of income of assessee - Mistake in treating the Financial Year as Assessment Year - In the present case, as per petitioner in his return...

14. Rectification of mistake - mistake apparent on the face of record or not - rectification of an order stems from the fundamental principle that justice is above all and...

15. Rectification of mistake u/s 154 - TP Adjustment - arm's length price adjustment - even after holding that there was no apparent mistake in the DRP directions, whereas a...