Disallowance under Section 14A of Income TAx Act, 1961
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 : The Tribunal clarified that disallowance under Section 14A is not warranted when sufficient interest-free own funds are available,...
Income Tax : The ruling confirms that notional disallowances under Section 14A cannot be added while computing book profits under the MAT regim...
Income Tax : Section 14A disallows expenses related to tax-exempt income. Rule 8D provides the formula, ensuring only taxable-income-related ex...
Income Tax : Tribunal confirms that detailed AO dissatisfaction justifies invoking Rule 8D, ensuring proper disallowance of expenses related to...
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 : Court held that penalty under Section 270A cannot apply where assessed income does not exceed processed income. Key takeaway: stat...
Income Tax : The case examined whether interest earned from co-operative banks qualifies for deduction under Section 80P(2)(d). The Tribunal he...
Income Tax : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Income Tax : The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special...
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...
The Kolkata ITAT upheld a Section 14A disallowance, stating there was no breach of natural justice when the AO invoked Rule 8D(2)(iii) after the assessee’s reply was considered.
ITAT Kolkata upholds deletion of capital gains addition under Section 50C and disallowance under Section 14A for Tirupati Niryat Pvt. Ltd.
ITAT Mumbai held that consulting charges is revenue item and accordingly, foreign exchange loss arising thereon is allowable as revenue expenditure. Accordingly, appeal of revenue dismissed.
ITAT Bangalore rules that Section 14A/Rule 8D disallowances cannot be made mechanically without the AO recording proper satisfaction regarding the assessee’s claim of expenditure.
ITAT Mumbai held that revisionary order passed u/s. 263 of the Income Tax Act cannot be sustained to the extent AO duly examined the issue during scrutiny assessment proceedings and plausible view taken after proper application of mind.
ITAT Mumbai held that the claim for deduction under section 80G of the Act in respect of Corporate Social Responsibility [CSR] expenditure cannot be denied. Accordingly, deduction claimed is allowed and appeal of revenue dismissed.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
ITAT Ahmedabad partially allows Vadilal International’s appeal, cutting the Section 14A disallowance for exempt dividend income from Rs. 15 lakh to Rs. 30,000.
Assessee is a co-operative society engaged in the business of providing credit facilities to its members. Assessee is claiming deduction u/s. 80P(2) of the Income Tax Act. Notably, vide intimation u/s. 143(1), the deduction u/s. 80P(2)(d) was disallowed.
ITAT Nagpur held that addition under section 68 towards bogus LTCG set aside as sale transaction of shares cannot be doubted. Thus, sale consideration received on sale of shares cannot be assessed as unexplained cash credit under section 68 of the Income Tax Act.
