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...
Delhi High Court held that rental income earned from factory building it taxable under the head Income from house property and is eligible for deduction under provisions of section 24 of the Income Tax Act.
Assessee claimed that in section 14A, the disallowance of expenditure even if computed in accordance with Rule 8D could not exceed the exempt income earned in that year.
ITAT Ahmedabad held that disallowance u/s. 36(1)(iii) of the Income Tax Act unjustified as interest-free funds exceeds loan to the subsidiary and loan was advanced for commercial expediency.
ITAT Ahmedabad held that no disallowance under Section 14A of the Income Tax Act warranted as interest-free funds exceed the investments made, and there is no evidence to suggest that borrowed funds were used for such investments.
ITAT Delhi held that order under section 263 of the Income Tax Act passed on the issues for which no show cause notice has been issued is unjustifiable and hence liable to be quashed.
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as business income only and not as income from other sources.
ITAT Ahmedabad held that disallowance under section 14A of the Income Tax Act cannot exceed exempt income. Thus, disallowance u/s. 14A restricted to the extent of exempt income.
Rajasthan High Court held that since reassessment order is distinct and different, the period of limitation for exercising powers u/s. 263 of the Income Tax Act would be the date of original assessment order. Thus, entire proceedings barred by limitation.
ITAT Jaipur held that dismissal of appeal by CIT(A) holding it to be barred by limitation unjustified as CIT(A) failed to consider that appeal was filed in physical form and filing of appeal is not delayed.
ITAT Raipur held that interest expenditure incurred for earning income chargeable under the head “Income from other sources” is allowable as deduction under section 57 of the Income Tax Act.
