Home Highlights February 2013 Year 2013 This

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1. Revision u/s 263 - reduction from provision created for bad and doubtful debts for rural advances - real income theory - This provision for bad and doubtful debts...

2. Claim of Retirement benefits before RP - CIRP proceedings - Since, the Resolution Professional stated that he has admitted the interest on gratuity of the applicants...

3. Deduction u/s 80IA -`Excess provision written back’ - it cannot be characterized as anything other than part and parcel of profit derived from eligible enterprise. In...

4. Computation of MAT u/s 115JB - Addition towards delayed payment of gratuity and leave encashment - in computation of book profit only provision for unascertained...

5. Addition of claim towards staff gratuity - The assessee has no control over the funds contributed to LIC towards the gratuity. The assessee is receiving the gratuity...

6. Addition towards undisclosed income being write back of redeemable non cumulative preference shares - write back of preference share capital cannot be taxed u/s 28(iv)...

7. Provision for post-retirement medical benefits to employees – post-retirement medical benefit is also a liability which gets attached to the company the moment, the...

8. Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the...

9. Provision made towards gratuity - the meaning as given in section 43B cannot be said to be the same as in section 40A(7)(b)(i) - it is not necessary that actual payment...

10. Reversal of CENVAT credit - inputs written off and written back in the books of account - the adjudicating authority must re-quantify the actual credit to be reversed on...

11. Writing off of stock - The action of the AO is a double addition. A figure which was never claimed or allowed as a deduction in the earlier year was added back - The...

12. Disallowance of provision for gratuity and leave encashment - in case of trust, the meaning ‘applied’ need not be construed as ‘spent’. It includes the necessary...

13. Deduction U/s 80IE - eligible of deduction towards excess provision written back - by this amount the deduction u/s 80IE has been reduced in the said year since the...

14. Approval of the Resolution Plan - whether ‘PF’, ‘Gratuity’ and ‘Workmen/Employees dues’ have to be paid in full. - Section 30(1) - ‘PF’ and ‘Gratuity’ is to be paid in...

15. The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back,...