Business deduction under section 43B: Provision for retention bonus & Disallowance of amount not paid before due date for filing return of income

Recent Posts

• Bombay HC dismissed writ petition against reopening – Observed wrong mention of return not filed as a typographical error
• Limitation period runs from the date the DRP’s directions are uploaded on the ITBA portal.
• Reopening is invalid if the escaped income is below ₹50 lakh and the notice was issued after the 3-year limit
• No recovery can be made without following the procedure specified in Section 78 & 79 of the GST Act
• LTA claims of employees & Obligation of employers for TDS Compliance
• Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No. 68 but made application on plain paper
• AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying the time lime and monetary limit
• Addition purely based on third-party non-compliance is unwarranted: ITAT Ahemedabad.
• Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if STT is paid on quoted shares even if LTCG on shares Exempt U/s 10(38): ITAT Kolkata
• Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income is below the limit: ITAT Kolkata