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...
SEO Meta Description: Delhi High Court dismisses revenue appeals in CIT vs Holcim India P. Ltd. case, ruling that Section 14A disallowance is not applicable when no exempt dividend income has been earned, affirming earlier judicial precedents.
Mumbai ITAT delivers consolidated order on Haware Construction, addressing validity of re-opening, disallowing partial bogus purchases, and ruling on unsold flats and Section 14A expenses.
ITAT Mumbai held that payments for roaming charges, being for automated services, do not fall under ambit of TDS provisions under Section 194C or 194J of Act.
ITAT Mumbai rules on Progressive Homes’ appeal, addressing tax on unsold flats as stock-in-trade and disallowing expenses under Section 14A.
ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
ITAT Mumbai held that no disallowance u/s. 14A of the Income Tax Act r.w.r. 8D(2)(ii) due to availability of sufficient interest free funds for the purpose of making investment in exempt income yielding assets.
ITAT Delhi dismissed revenue appeals against Jindal Pipes Ltd., upholding deletion of disallowances on technical know-how fees and captive power expenses and restricting Section 14A disallowance.
ITAT Ahmedabad held that disallowance under section 14A of the Income Tax Act is called off in absence of any exempt income earned/ claimed. Thus, appeal of the assessee allowed and disallowance u/s. 14A set aside.
Bombay High Court rules Section 14A disallowance cannot exceed actual exempt income, upholding Tribunal decision against Revenue in HSBC Invest Direct case.
Mumbai ITAT dismisses disallowance under Section 14A against Bajaj Capital Ventures, ruling no exempt income means no disallowance for expenses.
