Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The delayed deposit of employees' share of contributions towards ESIC and EPF by the assessee beyond the due dates prescribed under the respective Acts would constitute income of the assessee by virtue of Section 36(1)(va) read with Section 2(24)(x) of the Income Tax Act. The Apex Court in Checkmate Services Pvt. Ltd. case observed this position. The non-obstante clause in Section 43B does not dilute or override the employer's obligation to deposit the amounts deducted from employees' income on or before the due date. The deduction is allowed only if the deposits are made before filing the return, but this cannot apply to amounts held in trust, such as employees' contributions, which are not part of the assessee employer's income. These amounts have to be deposited as per the welfare enactments on or before the due dates mandated by the concerned law for claiming deduction. The Assessing Officer/CPC was justified in rejecting the assessee's claim for deduction of delayed deposit of employees' share through an intimation u/s 143(1)(a) prior to the Checkmate Services judgment.
The delayed deposit of employees' share of contributions towards ESIC and EPF by the assessee beyond the due dates prescribed under the respective Acts would constitute income of the assessee by virtue of Section 36(1)(va) read with Section 2(24)(x) of the Income Tax Act. The Apex Court in Checkmate Services Pvt. Ltd. case observed this position. The non-obstante clause in Section 43B does not dilute or override the employer's obligation to deposit the amounts deducted from employees' income on or before the due date. The deduction is allowed only if the deposits are made before filing the return, but this cannot apply to amounts held in trust, such as employees' contributions, which are not part of the assessee employer's income. These amounts have to be deposited as per the welfare enactments on or before the due dates mandated by the concerned law for claiming deduction. The Assessing Officer/CPC was justified in rejecting the assessee's claim for deduction of delayed deposit of employees' share through an intimation u/s 143(1)(a) prior to the Checkmate Services judgment.
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