Income Tax : The issue was whether exempt dividend income could be taxed by overriding Rule 8D. The ITAT held that additions beyond the Section...
Income Tax : Tribunal confirms that detailed AO dissatisfaction justifies invoking Rule 8D, ensuring proper disallowance of expenses related to...
Income Tax : Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year Section 14A o...
Income Tax : The issue before the Hon’ble Supreme Court (SC) was whether section 14A of the Income-tax Act, 1961 (the Act) enables the Depart...
Income Tax : The ever debatable ‘Disallowance under section 14A’ (read with Rule 8D (2) now has again found a different horizon whe...
Income Tax : The mechanical disallowance u/s 14A r.w. Rule 8D is also being added to the book profit by the AO irrespective of the fact whethe...
Income Tax : As earlier intimated to you, Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging ...
Income Tax : The Supreme Court upheld the deletion of Section 14A disallowance after finding that the Assessing Officer did not record dissatis...
Income Tax : The tribunal held that disallowance under Section 14A cannot be made when the assessee has not earned any exempt income during the...
Income Tax : ITAT Delhi ruled that disallowance under Section 14A cannot be made without AO recording satisfaction under Section 14A(2), fully ...
Income Tax : The ITAT found that Rule 8D cannot be applied blindly without examining the nature of investments and income earned. The matter wa...
Income Tax : he ITAT ruled that an automatic ₹56 lakh 14A disallowance was invalid as the AO failed to record specific satisfaction regarding...
Income Tax : Circular No. 5/2014-Income Tax Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clari...
Income Tax : INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not incl...
Assessee claimed that in section 14A, the disallowance of expenditure even if computed in accordance with Rule 8D could not exceed the exempt income earned in that year.
ITAT Ahmedabad held that no disallowance under Section 14A of the Income Tax Act warranted as interest-free funds exceed the investments made, and there is no evidence to suggest that borrowed funds were used for such investments.
ITAT Jaipur held that dismissal of appeal by CIT(A) holding it to be barred by limitation unjustified as CIT(A) failed to consider that appeal was filed in physical form and filing of appeal is not delayed.
Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing on the issues such as investment in immovable property and share capital/other capital.
ITAT Ahmedabad held that the AO must record a proper satisfaction regarding the incorrectness of the assessee’s claim before invoking Rule 8D u/s. 14A. Thus, in absence of such satisfaction, disallowance u/s. 14A of the Income Tax Act unsustainable.
ITAT Delhi held that disallowance u/s. 14A of the Income Tax Act unjustified as sufficient interest free funds were available for investment. Also held that inclusion of bank charges and bank guarantee charges for making disallowance u/s. 14A unjustified.
Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retrospective taxable payments. Full analysis of IT Act implications.
Gujarat High Court grants Alembic Ltd Rs. 4 crore income tax deduction under Section 80IA for their captive power plant. Read the full judgment and analysis here.
ITAT Cuttack rules replacement of gear boxes in Surface Furnace Kiln as current repairs under Section 31(1) for Sponge Tata Iron Ltd. Read the full judgment analysis.
Read the detailed analysis of Zodiac Ventures Ltd. vs. ITO case by Mumbai ITAT regarding income tax disallowance based on presumptions of future dividend earnings. Full text of the ITAT order included.
