“Section 141(1)”
The decision most relied on for Section 141(1) is 279 ITR 331/149 Taxman 15 (Guj.); 5. CIT v. Sabari Enterprises (298 ITR 141), cited in 706 judgments on BharatTax.
Leading authorities on Section 141(1)
Employee contributions to provident fund or ESI, even if deposited after the due date specified in the respective welfare statutes, are allowable as a deduction under Section 36(1)(va) if paid before the due date for filing the income-tax return. This judgment aligns the treatment of employee contributions with employer contributions under Section 43B.
The Bombay High Court holds that employees' contributions to provident fund and ESIC, though paid beyond the due dates specified in the respective welfare legislations, are allowable as a deduction under section 36(1)(va) if they are paid before the due date for furnishing the return of income under section 139(1) of the Income-tax Act.
OECD Transfer Pricing Guidelines can be referred to for resolving transfer pricing disputes in India, even though India is not an OECD member, provided they are consistent with Indian statutory regulations. Availability of exemption under Section 10A does not bar the applicability of Section 92C and 92CA.
Where an assessee invests its own funds in an infrastructure development project, it is presumed to be acting as a developer, not merely a contractor, making it eligible for deduction under section 80-IA(4).
The annual value of a house property for income tax purposes is to be determined based on the higher of the actual rent received or the annual value determined by the municipal/local authority, provided the municipal assessment is contemporaneous and reflects the true annual value. In cases where the property is self-occupied or not actually let, the municipal valuation serves as a reasonable guide for determining the annual letting value.
An order passed under Section 148A(d) and subsequent proceedings are void if the Assessing Officer provides insufficient opportunity for the assessee to file a reply before issuing the notice under Section 148A(b).
The term 'every month' in the Provident Fund Scheme refers to the month in which wages were actually earned and salary became payable, not the month in which the salary was paid. An employer's responsibility to deposit contributions is independent of the timing of salary payments.
Section 43B and Section 36(1)(va) of the Income-tax Act should be interpreted liberally, with any ambiguity regarding the due dates for employee contribution payments to provident fund being resolved in favour of the assessee. Deductions should be allowed for payments made within the previous year, even if there is a slight delay.
