Section 14A - Page 3

Section 14A: Shilpa Shetty Kundra gets Tax Relief

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai)

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) It is observed that the assessee has already offered suo-moto disallowance of Rs.2.34 Lacs u/s 14A in her computation of income, which has been overlooked by the lower authorities. Another undisputed fact that emerges is that disallowance against average investments which have actually yielded ex...

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Disallowance u/s 14A unsustainable in absence of exempt income

Mylan Laboratories Limited Vs DCIT (ITAT Hyderabad)

When assessee had not earned any exempt income during the relevant assessment year, disallowance under section 14A could not be made....

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In absence of Reasons for invoking rule 8D Disallowance U/s. 14A not valid

Pr. CIT Vs Moonstar Securities Trading & Finance Co. (P) Ltd. (Delhi High Court)

Pr. CIT Vs Moonstar Securities Trading & Finance Co. (P) Ltd. (Delhi High Court) In this case for both years, the assessee had offered amounts as disallowance claiming them to be expenditure for tax exempt income. The assessing officer merely proceeded to reject such amount as expenditure and straightaway applied rule 8D without adduc...

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No Disallowance under section 14A in Absence of exempt income

PCIT Vs IL&FS Energy Development Company Ltd. (Delhi High Court)

No disallowance of expenditure in terms of section 14A read with rule 8D can be made in case where no exempt income is earned in the relevant assessment year....

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Section 14A not applies to income based upon principle of mutuality

Wodehouse Gymkhana Ltd. Vs Income Tax Office (ITAT Mumbai)

Wodehouse Gymkhana Ltd. Vs ITO (ITAT Mumbai) The assessee claimed that it has earned the exempt income under the principle of mutuality. The assessee claimed its source of income on the basis of principle of mutuality and dividend / mutual fund dividend etc. and income not relating to mutual activity such as interest on bank […]...

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No Disallowance U/s.14A for mere decrease in shareholders funds

CIT Vs M/s Max India Limited (Punjab and Haryana HC)

CIT Vs M/s Max India Limited (Punjab and Haryana HC) Where assessee’s borrowings of interest bearing funds got increased during the year, it could not be presumed that such borrowed funds were utilized for the purpose of investing in assets yielding exempt income and disallowance under section 14A made on the basis of such unfounded [&h...

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Satisfaction of AO before invoking section 14A must for disallowance

Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi)

Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi) Once assessee had submitted that no expenditure incurred for earning dividend income, the AO was under legal obligation to demonstrate as to how he was not satisfied with the contention of assessee and only, thereafter, he could have proceeded to make a disallowance. As was […]...

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If exempt income is Nil, section 14A will not apply

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad)

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad) It is settled position of law that the provisions of section 14A can be applied to quantify the expenses in relation to exempt income. Since the exempt income is Nil, section 14A will not apply. The Rule 8D can be applied only when there is difficulty in […]...

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No disallowance of interest U/s. 14A if no borrowed funds were utilized for investments

Essel Mining & Industries Ltd. Vs DCIT (ITAT Kolkata)

Where assessee was having sufficient own funds at its disposal for the purpose of making investments, it could be held that no borrowed funds were utilized for making investments. Hence, there could not be any disallowance of interest under second limb of rule 8D(2) of the rules....

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No disallowance u/s. 14A if Interest Income is more than Interest expense

DCIT Vs Universal Industrial Fund Ltd. (ITAT Kolkata)

Where after setting off interest earned against the interest expenditure no further interest expense remains, then disallowance could not be made under section 14A....

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