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Section 14A

Disallowance under Section 14A of Income TAx Act, 1961

Latest Articles


Amendment in Section 14A ‘Retrospective or Prospective’

Income Tax : Understanding the retrospective and prospective application of amendment in Section 14A of the Income-tax Act....

August 6, 2022 6000 Views 4 comments Print

Disallowance of Expenditure incurred in relation to income exempt from tax

Income Tax : Section 14A, which pertaining to Expenditure incurred in relation to income not includible in total income, was introduced with ef...

March 16, 2022 7866 Views 0 comment Print

Section 14A disallowance even in absence of any exempt income

Income Tax : Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year Section 14A o...

February 1, 2022 36387 Views 3 comments Print

Section 14A disallowance- South Indian Bank Ltd Vs. CIT (Supreme Court)

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...

September 21, 2021 7683 Views 1 comment Print

Land Mark Judgement: No section 14A disallowance if assessee had sufficient interest free own fund

Income Tax : In the landmark judgement the Hon’ble Supreme Court of India allowed the appeal of the South Indian Bank by settling the long dr...

September 13, 2021 11871 Views 0 comment Print


Latest News


6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...

May 28, 2019 8091 Views 2 comments Print

Stop Mechanical disallowance of expenditure u/s 14A r.w. Rule 8D: ICAI

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...

January 24, 2018 843 Views 0 comment Print

Easwar Committee Recommendations For Income Tax Reforms Through Administrative Instructions

Income Tax : 1. IMPLEMENTATION OF IND-AS AND THEIR IMPACT ON TAXABLE INCOME IND-AS (Indian version of IFRS) accounting standards are being impl...

January 21, 2016 1061 Views 0 comment Print

Simplify Section 14A to remove ambiguity

Income Tax : Amendments to Section 14A to provide that (i) dividend received after suffering dividend-distribution tax and share income from fi...

January 19, 2016 704 Views 0 comment Print

Bombay high court to hear petition challenging Constitutional validity of Rule 8D

Income Tax : As earlier intimated to you, Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging ...

February 17, 2010 510 Views 0 comment Print


Latest Judiciary


Disallowance u/s. 14A while computing book profit u/s. 115JB not justifiable: ITAT Mumbai

Income Tax : ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower author...

December 21, 2024 222 Views 0 comment Print

Section 270A Penalty Notice Without specifying Specific Charge Invalid: ITAT Chennai

Income Tax : ITAT Chennai held that notice u/s 274 r.w.s.270A of the Act was not a valid notice for the reason that the AO did not specify the ...

December 21, 2024 1833 Views 0 comment Print

Fixed deposits that forms part of banking business is stock-in-trade: ITAT Surat

Income Tax : ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that ...

December 17, 2024 93 Views 0 comment Print

No TDS Disallowance u/s 40(a)(i) due to lack of incriminating evidence in sec.153A assessment

Income Tax : As a result, assessee was required to deduct TDS on payments made to Bemo. AO invoked Section 40(a)(i) for non-deduction of tax on...

December 13, 2024 306 Views 0 comment Print

Loss in derivative business is a business loss eligible to set off against business profit: Kerala HC

Income Tax : Kerala High Court held that a loss in the derivative business is a business loss for the purposes of Section 72, and thus a set of...

December 9, 2024 957 Views 0 comment Print


Latest Notifications


Section 14A disallowance cannot exceed total expense: CBDT

Income Tax : 2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts,...

June 2, 2016 6115 Views 0 comment Print

CBDT Circular No. 5/2014 Dated: 11.02.2014

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...

February 11, 2014 52931 Views 0 comment Print

Notification No. 45/2008-Income Tax Dated: March 24, 2008 on Section 14A

Income Tax : INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not incl...

March 31, 2008 3635 Views 0 comment Print

Proceedings U/s. 144A & 144B of Income Tax Act, 1961- Procedural Instructions

Income Tax : The provisions of Sections 144-A and 144-B of the Income-tax Act have come into force with effect from 1st January 1976. Instructi...

December 31, 1977 11378 Views 0 comment Print


Latest Posts in Section 14A

Disallowance u/s. 14A while computing book profit u/s. 115JB not justifiable: ITAT Mumbai

December 21, 2024 222 Views 0 comment Print

ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower authorities were not correct in adding notional expenditure as computed u/s. 14A and increasing the book profit by that sum u/s. 115JB.

Section 270A Penalty Notice Without specifying Specific Charge Invalid: ITAT Chennai

December 21, 2024 1833 Views 0 comment Print

ITAT Chennai held that notice u/s 274 r.w.s.270A of the Act was not a valid notice for the reason that the AO did not specify the satisfaction as to whether assessee had either ‘under reported the income or ‘misreported the income’.

Fixed deposits that forms part of banking business is stock-in-trade: ITAT Surat

December 17, 2024 93 Views 0 comment Print

ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that deposits that forms part of banking business, write off such loss will be a loss arising in the course of carrying on banking business.

No TDS Disallowance u/s 40(a)(i) due to lack of incriminating evidence in sec.153A assessment

December 13, 2024 306 Views 0 comment Print

As a result, assessee was required to deduct TDS on payments made to Bemo. AO invoked Section 40(a)(i) for non-deduction of tax on Rs. 12,69,79,006, disallowing the deduction.

Loss in derivative business is a business loss eligible to set off against business profit: Kerala HC

December 9, 2024 957 Views 0 comment Print

Kerala High Court held that a loss in the derivative business is a business loss for the purposes of Section 72, and thus a set off of such business loss would have to be permitted against profits and gains of business.

Disallowance u/s. 14A unjustified since own funds available more than investments made: ITAT Ahmedabad

December 9, 2024 288 Views 0 comment Print

Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.

Commercial expediency not to be examined by AO while examining explanation provided u/s. 68

December 5, 2024 420 Views 0 comment Print

The Assessing Officer (hereafter AO) had made an addition to the income as returned by the respondent under Section 68 of the Act and disallowed the addition made under Section 14A of the Act.

Grant-in-aid incurred wholly and exclusively for business is deductible: ITAT Delhi

December 3, 2024 330 Views 0 comment Print

ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. Accordingly, appeal is allowed and addition of the same by AO is liable to be deleted.

Addition u/s 41(1) Upheld as Liability Ceased When Amount Written Off by Borrower

December 3, 2024 513 Views 0 comment Print

When the person from whom the amount was borrowed has written off the amount in his accounts, the liability ceased to exist. As there was cessation of liability, the same cannot be part of sundry creditors of the assessee.

Additions on grounds not part of reasons recorded for reopening assessment is unsustainable

December 3, 2024 891 Views 0 comment Print

The assessee filed its original return of income which was taken for scrutiny assessment and regular assessment order under section 143(3) of the Act was passed on 29-12-2011.

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