Disallowance under Section 14A of Income TAx Act, 1961
Income Tax : The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exemp...
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 : 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 : The ITAT Pune upheld the deduction under Section 10AA after finding that the Assessing Officer had not established that the SEZ un...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
Income Tax : The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...
Income Tax : The ITAT Mumbai held that ESOP discount is an allowable deduction under Section 37(1), observing that the pendency of an SLP again...
Income Tax : Expenditure of ₹4.49 crore incurred on maintenance dredging for removal of natural siltation and restoration of the existing ope...
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 ITAT Mumbai ruled in favor of Bennett Coleman & Co. Ltd., holding that a further Section 14A disallowance is unwarranted when the assessee’s own disallowance exceeds the exempt income.
The ITAT Mumbai ruled in the case of Motilal Oswal Financial Services that while the AO had validly recorded satisfaction for invoking Rule 8D, the disallowance under Section 14A cannot exceed the actual exempt income, setting a crucial precedent for income tax assessments.
ITAT Ahmedabad partly allows Rotomag Enertec Ltd.’s appeal, deleting disallowances on foreign commission, warranty provision, and Section 14A. Learn more.
ITAT Ahmedabad partially upholds PCIT’s revision in Torrent Investments case, focusing on Sec 14A disallowances while ruling on capital loss and CSR deductions.
ITAT Ahmedabad sets aside PCIT’s Section 263 revision against HN Safal; holds disallowance under Section 14A not automatic and lacks legal justification.
In a landmark ruling, the Income Tax Appellate Tribunal has held that tax disallowance under Section 14A must be limited to investments that yielded exempt income, dismissing the tax department’s appeal against Nippon Life.
ITAT Chandigarh partly allows Sky AMA Infra appeal: confirms Sec 14A disallowance for normal income but deletes MAT adjustment citing Vireet Investments precedent.
ITAT Chennai held that the assessee is entitled for its claim of additional depreciation qua amounts not claimed in the preceding year. Thus, claim of the additional depreciation made during the year is allowed.
A summary of the ITAT Delhi ruling on cross-appeals involving International Tractor Ltd. covering key tax issues on depreciation, R&D, and other business deductions.
ITAT Rajkot held that appellate authorities have power to entertain fresh claim and accordingly, claim of erroneously addition to computation of income accepted and direction given to AO to determine taxable income of assessee afresh.
