S.
2(24)(x) r.w.s 36(1)(va) & 43B: Even employees' contribution to PF
etc is allowable if deposited before due date of filing ROI
Section 43B made it mandatory for the department to grant
deduction in computing the income under
section 28 in the year in which
tax, duty, cess, etc. is actually paid. However, Parliament took
cognizance of the fact that the accounting year of a company did not
always tally with the due dates under certain statutes […]
S.
50C: AO cannot straightaway adopt stamp duty value as consideration for
capital gains but must offer assessee benefit of reference to DVO for
valuation
It is difficult to accept the proposition that the assessee had
accepted that the price fixed by the District Sub Registrar was the fair
market value of the property. No such inference can be made as against
the assessee because he had nothing to do in the matter. Stamp duty was
payable by the purchaser. […]
Second
proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as
retrospectively applicable from 1.4.2005 and no disallowance for want of
TDS can be made if payee has paid tax thereon. Assessee must be given
opportunity to file Form 26A
The undisputed fact is that the assessee has not deducted tax at
source on the payments made to Uday Kumar Shetty. The fact that the
payee has accounted for these payments in his books of account,
financial statements and the same have been offered for tax in his
return of income for the period relevant […]