S. 43B : Deductions on actual payment-No evidence that sum paid before due date of filing of return-Disallowance justified-Remand to Assessing Officer to examine whether actual payment made or not-Service tax paid under protest-Cannot be allowed. [S. 37(1)]
S. 43B : Deductions on actual payment-Employee’s contributions (EPF/ESIC)-Deposited beyond due date stipulated in respective Acts-Disallowance is justified. [S. 2(24), 36(1)(va), 139(1), 143(1)(a)]
S. 43B : Deductions on actual payment-Employee’s contributions (EPF/ESIC)-Any sum received from employees-Deduction on actual payments-Amount paid before filing of return of income-Amendment applicable to AY. 2021 and later-Not applicable to earlier years. [S. 36(1)(v)]
S. 43(5) : Speculative transaction-Raising funds through foreign currency convertible bonds for manufacturing-Entering into hedging transaction to cover expected loss from fluctuation of foreign currency-Commercial expediency-Transaction incidental to business-Loss allowable. [S. 37(1)]
S. 43(5) : Speculative transaction-Derivative trading-Manufacturing of yarn-Forex derivative transactions through its bankers to hedge its foreign currency risk-Not speculative-Allowable as business loss. [S. 28(i), 37(i).]
S. 43(1): Actual cost-Subsidy for industrialization of backward state-Capital Nature-Not to be reduced from the asset cost. [Expln. 10].
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Provision for gratuity and leave encashment written back-Expenses not allowed in earlier year-Amount write back cannot be taxed.
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Amounts shown as sundry creditors-Deletion of addition is justified. [S. 37(1)]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Transhipment charges-Outstanding for three years-Offered to tax in 2011-12-Justified in deleting. [S. 145]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding liability-Addition is not justified.