Tag Archives: section 43B

Deduction of Expenses of Payment to Indian Railways w.e.f AY 2017-18

By | October 16, 2016

Deduction of Expenses of Payment to Indian Railways Key points of Deduction of Expenses of Payment to Indian Railways Any payment made to Indian Railways for the use of railway assets made on or after 1-4-2016 would be allowable only on actual payment, irrespective of the year in which the liability is incurred; and, where the… Read More »

License fee for liquor vending would not fall within section 43B

By | October 13, 2016

IN THE ITAT BANGALORE BENCH ‘C’ Elite Enterprises v. Income-tax Officer, Ward 1, Puttur VIJAY PAL RAO, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER IT APPEAL NO. 1738 (BANG.) OF 2013 [ASSESSMENT YEAR 2007-08] AUGUST  26, 2016 Balram R. Rao, Adv. for the Appellant. Sunil Kumar Agarwal, JCIT (DR) for the Respondent. ORDER Vijay… Read More »

Both Employees and the employer’s EPF contribution covered u/s 43B

By | July 22, 2016

HIGH COURT OF PATNA Bihar State Warehousing Corporation Ltd. v. Commissioner of Income-tax 1, Patna HEMANT GUPTA AND RAMESH KUMAR DATTA, JJ. MISC. APPEAL NO. 302 OF 2008 JULY  19, 2016 Ajay Kumar Rastogi for the Appellant. Mrs. Archana Sinha, Alok Kumar and Mrs. Shalini Bihari for the Respondent. JUDGMENT   Ramesh Kumar Datta, J.–… Read More »

Deduction of Section 43B not allowed for contingent liability

By | November 3, 2015

Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible HIGH COURT OF DELHI Oswal Agro Mills Ltd. v. Commissioner of Income-tax S. RAVINDRA BHAT AND R.K. GAUBA,… Read More »