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 : No applicability of section 14A on exemption of Rs.1,00,000/- (One Lakh) Long Term Capital Gain (LTCG) under Section 112A of Incom...
Income Tax : Section 14A of the Income Tax Act, 1961 (‘the Act’) provides that no deduction shall be allowed of any expenditure incurred in...
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 : ITAT Delhi held that disallowance u/s. 14A of the Income Tax Act unjustified as sufficient interest free funds were available for ...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : Gujarat High Court grants Alembic Ltd Rs. 4 crore income tax deduction under Section 80IA for their captive power plant. Read the ...
Income Tax : ITAT Cuttack rules replacement of gear boxes in Surface Furnace Kiln as current repairs under Section 31(1) for Sponge Tata Iron L...
Income Tax : Read the detailed analysis of Zodiac Ventures Ltd. vs. ITO case by Mumbai ITAT regarding income tax disallowance based on presumpt...
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...
ITAT Ahmedabad held that payment of guarantee fee to the Govt. of Gujarat in consideration of guarantee issued by it for repayment of unsecured loan is revenue expenditure.
Delhi’s ITAT rules on disallowance under section 14A of the Income Tax Act. The verdict clarifies treatment of revenue expenses not claimed in P&L accounts.
Analysis of Shiva Pharmachem Ltd vs. DCIT case where ITAT Ahmedabad rules no disallowance under section 14A of Income Tax Act without any exempt income. Full text of ITAT order included.
ITAT Delhi held that disallowance of staff welfare expenditure on the adhoc basis unsustainable as AO failed to establish as to who the expenses are not incurred for business purpose.
Detailed analysis of ITAT’s decision in Uma Rajendra Agarwal Vs ACIT regarding deletion of adhoc disallowance on electricity expenses.
In present facts of the case, the Hon’ble Tribunal while deducting the additions made by Ld. AO for repair and maintenance, it was observed that if the replacement is of a baby part only, then the same cannot be considered to be a capital expenditure.
ITAT Mumbai held that Corporate Guarantee facility provided to overseas AE by the assessee is an international transaction and hence addition towards Arm’s Length Guarantee Fee confirmed.
ITAT Delhi held that disallowance u/s 14A of the Act is made in respect of expenses attributable to exempt income and not the taxable income. Further, the disallowance u/s 14A of the Income Tax Act should not exceed the exempt income of that year.
The ITAT Hyderabad recently ruled in favor of NCC Infrastructure Holdings Limited, declaring no disallowance of deduction under section 14A of the Income Tax Act can be made if the assessee hasn’t earned any exempt income.
In a tax dispute with Baroda Rayon Corporation, the CESTAT Ahmedabad has ordered a fresh review due to the legal status of Rule 8(3A) of the Central Excise Rules, 2002. This case raises critical questions regarding the interpretation and application of taxation laws.
