Disallowance under Section 14A of Income TAx Act, 1961
Income Tax : Understanding the retrospective and prospective application of amendment in Section 14A of the Income-tax Act....
Income Tax : Section 14A, which pertaining to Expenditure incurred in relation to income not includible in total income, was introduced with ef...
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 : In the landmark judgement the Hon’ble Supreme Court of India allowed the appeal of the South Indian Bank by settling the long dr...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
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 : 1. IMPLEMENTATION OF IND-AS AND THEIR IMPACT ON TAXABLE INCOME IND-AS (Indian version of IFRS) accounting standards are being impl...
Income Tax : Amendments to Section 14A to provide that (i) dividend received after suffering dividend-distribution tax and share income from fi...
Income Tax : As earlier intimated to you, Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging ...
Income Tax : Assessing Officer is not required to detail reasoning for each deduction in the assessment order and that inadequate enquiry alone...
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 : If AO adopts a plausible view, even if two views are possible, the assessment cannot be deemed erroneous merely because the PCIT h...
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 : 2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts,...
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...
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...
ITAT Chennai held that depreciation towards payment as non-compete fee for purpose of business of assessee is duly allowable.
ITAT Mumbai held that disallowance u/s 14A untenable as AO has mechanically applied rule 8D without having recorded his satisfaction or examining the nature of investments whether they have yielded any exempt income or not.
ITAT Mumbai held that reopening of assessment u/s 147 without recording any specific reasons and without linking the information received from DDIT(Inv) specifically to assessee is invalid and liable to be set aside.
ITAT Delhi held that reassessment proceedings initiated u/s 147 of the Income Tax Act unsustainable as sufficient enquiry was made by AO on the impugned transaction and hence it tantamount to change of opinion on part of AO.
ITAT Delhi held that disallowance under section 14A of the Income Tax Act cannot exceed the exempt income.
ITAT Chennai held that towards professional and technical services for developing of web enabled software SIBIL for marketing related information, which in our view is payment for technical services and the same is subject to deduction of tax at source.
Patna High Court held that sub-section (5A) of section 45 inserted by way of an amendment in the Finance Act, 2017, expressly stated to be effective from 01.04.2018 cannot be treated as retrospective.
ACIT Vs Hotel Ishika (ITAT Raipur) ITAT Raipur held that the interest expenditure corresponding to the advances that was given in the normal course of business could not have been disallowed under section 36(1)(iii) of the Income Tax Act. Facts- Post completion of original assessment, as is discernible from record, the A.O on the basis […]
ITAT Guwahati held that submission of documents proved the identity of the creditors, however, genuineness of the transactions is not proved. Matter set aside for fresh consideration.
ITAT Chandigarh held that disallowance of expenses u/s 14A read with Rule 8D is unwarranted on the premise that the investment in shares were stock-in-trade.
