Finance Act, 1983

The case concerned whether employers could claim a deduction under Section 43‑B of the Income Tax Act, 1961 for contributions to provident or welfare funds that were paid after the statutory due date but before filing the income‑tax return. The Finance Act, 2003 deleted the second proviso of Section 43‑B and amended th…

M.M. Aqua Technologies Ltd., unable to meet interest obligations on loans, entered a rehabilitation plan and issued convertible debentures to financial institutions in lieu of the interest due. The company claimed a deduction under Section 43B(d) of the Income Tax Act, 1961, arguing that the issuance of debentures cons…

Patel Brothers & Co. Ltd. claimed kitchen expenses for providing ordinary meals to its employees and out‑station customers for the assessment years 1969‑70, 1970‑71 and 1971‑72. The Income‑Tax Officer disallowed the portion relating to customers, classifying it as "entertainment expenditure" under Section 37(2‑A) of th…