Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Section 43B requires specified deductions only in the year of actual payment; a contractual transfer of employee liabilities to a third party does not constitute payment for Section 43B purposes, so deductions for leave encashment and bonus claimed without actual payment were disallowed. The tribunal applied the principle that statutory obligations cannot be shifted by contract to secure a deduction and rejected reliance on inapposite authorities. Further, adjustments made during processing under the return (u/s 143(1)(a)) were held permissible where the disallowance was apparent and not a debatable question. The appellate order deleting the adjustment was set aside and the assessment adjustment upheld.
Section 43B requires specified deductions only in the year of actual payment; a contractual transfer of employee liabilities to a third party does not constitute payment for Section 43B purposes, so deductions for leave encashment and bonus claimed without actual payment were disallowed. The tribunal applied the principle that statutory obligations cannot be shifted by contract to secure a deduction and rejected reliance on inapposite authorities. Further, adjustments made during processing under the return (u/s 143(1)(a)) were held permissible where the disallowance was apparent and not a debatable question. The appellate order deleting the adjustment was set aside and the assessment adjustment upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
