Judgement

ITAT directs AO to verify the Rs 10.58 lakh payment and delete Section 43B disallowance if the amount was paid before the ITR filing due date.

Genuine Tax Claims Cannot Be Denied Due to Bona Fide Form 3CD Error, ITAT Sets Aside Section 43B Disallowance

ITAT held that a genuine Section 43B deduction for employee bonus cannot be denied merely due to a reporting error in Form 3CD when actual payment is substantiated by evidence.

ITAT Allows Section 43B Deduction for Employee Bonus Despite Form 3CD Reporting Error

ITAT Delhi held that unpaid GST shown merely as a balance-sheet liability, without being claimed as an expenditure, cannot be disallowed under Section 43B.

No Section 43B Disallowance for Unpaid GST Shown Only as Balance Sheet Liability: ITAT

Matter remanded for verification where royalty liability was adjusted against excess pre-paid amounts to State Government

ITAT  Sets Aside Section 43B Disallowance on Royalty Adjustment Claim by NMDC

ITAT Sets Aside Section 43B Disallowance on Royalty Adjustment Claim by NMDC

ITAT allowed the deduction, holding that the interest was already taxed through disallowance in the prior years.

ITAT Allows Interest Deduction Under Section 43B to Avoid Double Taxation

Articles

With the financial year 2024-25 coming to an end, businesses must maintain compliance with several tax regulations to avoid disallowances and penalties.

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Genuine Tax Claims Cannot Be Denied Due to Bona Fide Form 3CD Error, ITAT Sets Aside Section 43B Disallowance

ITAT Allows Section 43B Deduction for Employee Bonus Despite Form 3CD Reporting Error

No Section 43B Disallowance for Unpaid GST Shown Only as Balance Sheet Liability: ITAT

ITAT Sets Aside Section 43B Disallowance on Royalty Adjustment Claim by NMDC

ITAT Allows Interest Deduction Under Section 43B to Avoid Double Taxation

End of FY 2024-25: Compliance with Section 43B(h) for MSME Payments; Know Why It is Important?