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Thursday, June 11, 2020

[ACCA_Profs] Articles On Deductibility Of Late Deposits Of PF, ESI + Bar On Subsequent Application To Settlement Commission

 

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The following important updates are available at itatonline.org:

Decoding The Allowability Of Late Deposit Of Employee Contribution To EPF And ESI

CA Manoj Kumar has raised the innovative argument that the disallowance under section 43B r.w.s 36(va) of the Income-tax Act, 1961 in respect of non-payment of Provident Fund, ESI etc within the due date is not intended to cover genuine and routine cases of late payment but only those where the employer has misutilized the funds. He has also argued that in any event the issue is debatable and the CPC has no jurisdiction under section 143(1)(a) to make an adjustment. He has relied on several judgements to support his arguments. A pdf copy of the article is available for download

Bar On Subsequent Application To Income Tax Settlement Commission: Conflict Between Legislative Intention And Judicial View

CA Mohit Gupta has expressed his views on the controversial question whether section 245K(2) of the Income-tax Act imposes a total bar on the filing of subsequent applications for settlement or whether the bar is applicable only in respect of an application in respect of the same assessment year. He has opined that the judgement of the Hon'ble Madras High Court in Abdul Rahim vs. ITSC 96 taxmann.com 571 does not lay down the correct law and requires to be reconsidered and/or superseded by a legislative amendment. A pdf copy of the article is available for download

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


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ACIT vs. Marico Ltd (Supreme Court)

S. 147: The reasons in support of the s. 148 notice is the very issue in respect of which the AO had raised a query during the assessment proceedings and the Petitioner had responded justifying its stand. The non-rejection of the explanation in the Assessment Order amounts to the AO accepting the view of the assessee, thus taking a view/forming an opinion. In these circumstances, the reasons in support of the notice proceed on a mere change of opinion and would be completely without jurisdiction

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