Section 14A - Page 33

Applicability of MAT on Revaluation Reserve credited to profit and loss account

Goetze (India) Ltd. Vs Commissioner of Income-tax-IV (ITAT Delhi 'C' Bench)

Section 115JA of the Income-tax Act, 1961 - Minimum alternate tax - Assessment year 2000-01 - Assessee had created a reserve in assessment year 1986-87 by enhancing value of assets - Assessee had withdrawn Rs. 1.53 crores from said reserve and credited it to profit and loss account - In assessment year 2000-01 assessee-company claimed ded...

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ITAT cannot remand to apply section 14A if AO in his Assessment order not made disallowance u/s 14A

Topstar Mercantile Pvt. Ltd. Vs The Asst. Commissioner of Income Tax (Bombay High Court)

In assessment proceedings, the AO raised a query about disallowance of expenditure attributable to exempted dividend income u/s 14A. After considering the assessee’s reply, no disallowance was made u/s 14A, though interest expenditure was disallowed on the ground that it was not for business purposes. This was confirmed by the CIT (A). ...

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CIT Vs. Winsome Textile Industries Limited (Punjab & Haryana High Court)

Commissioner Of Income-Tax. Vs. Winsome Textile Industries Limited. (Punjab & Haryana High Court)

Whether, in the facts and circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was justified in holding that the order of the jurisdictional High Court in the case of CIT Vs. Abhishek Industries Ltd. reported in [2006] 286 ITR 1 (P&H); 156 Taxman 257 (P&H) are not applicable in this case and the disallowance mad...

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S. 14A disallowance to be made even if no tax-free income: Special Bench Delhi

Cheminvest Ltd Vs. ITO (ITAT Delhi)

The assessee had borrowed funds for the purpose of investing in shares. The shares were held for capital purposes as well as for investment purposes. In AY 2004-2005, the assessee did not receive any dividend on the said shares and so there was no exempt income. The Special Bench had to consider whether the interest expenditure...

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Chartered Accountants can do excise audit but Cost accountant not included u/s. 288 of the Income Tax Act, 1961

Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the […]...

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Posted Under: Income Tax |

ICWAI – Equate Cost Accountants with Chartered Accountants

All manufacturing companies with a paid-up capital of Rs 50 crore or more will be required to conduct a statutory cost audit, which would bring about 25,000 firms under the ambit of cost audit. At present, only 44 industries and specific products within an industry come under cost audit. The proposed change will have a major positive impa...

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Posted Under: Income Tax |

Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax posit...

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Posted Under: Income Tax |

Rule 8 D, r.w.s.14A is unjust, arbitrary and ultravires

In this regard paragraph (25) of Circular No. 14 of 2001, is relevant. The aforesaid Circular No.14 provides Explanatory Notes on the provisions of Finance Act, 2001, relating to direct taxes, which is printed in 252 I.T.R. (St) 65. Paragraph (25) of the aforesaid Circular is to be found on page 86 thereof. For the sake of ready reference...

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Posted Under: Income Tax |

Notification No. 45/2008-Income Tax Dated: March 24, 2008 on Section 14A

Notification No. 45/2008-Income Tax (24/03/2008)

INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not includible in total income. 8D(1) Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with-(a) the correctness of the claim of expenditure made by the ass...

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Rajasthan State Warehousing Corporation Vs. CIT – Supreme Court

Rajasthan State Warehousing Corporation Vs. CIT (Supreme Court of India)

Shri C.S. Vaidyanathan, Shri Ashok Desai, Shri V. Gauri Shankar, Dr. D.P. Pal, Shri Joseph Vellapally, Shri K.N. Shukla, Shri Pallav Shishodia, Shri A.P. Medh, Ms. Priya Hingorani, Shri B.K. Prasad, Shri S.N. Terdol, Shri S. Rajappa, Ms. Hemantika Wahi, Shri N.L. Garg, Shri C.V. Subba Rao, Shri Ranbir Chandra, Ms. Sumita Hazarika, Shri S....

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July 2020