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...
ITAT Hyderabad held that assessee being a film artist, physical fitness is a part and parcel of his profession, but it cannot be held to be incurred wholly and exclusively for the profession of the assessee. Hence, disallowance of physical fitness expenditure justifiable in law.
ITAT Delhi held that disallowance of purchases by treating it as bogus unjustified as the impugned purchases have been sold and the sales have been accepted as there cannot be any sale without purchases.
Explore Delhi High Court’s judgment in CIT Vs RRPR Holding Pvt Ltd for Assessment Year 2009-10. Analysis of interest expenditure adjustment against earned income and key legal questions answered.
ITAT Ahmedabad rules in favor of Dcom Systems Limited against DCIT, affirming CIT(A)’s decision on interest disallowance and Section 14A deletion for AY 2014-15, emphasizing the importance of business expediency and absence of exempt income for disallowances.
Delhi High Court ruling favors Jite Shipyard Ltd, limiting deductions for expenses related to income other than gross income. Analysis of AY 2015-16 case.
ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.
Explore the Supreme Court judgment on PCIT Vs PNB Housing Finance. Learn why disallowance of expenditure for earning exempt income can’t be treated as business expenditure under Section 14A.
Bombay HC clarifies bank guarantee vs. corporate guarantee distinctions in Everest Kento Cylinders case. Ruling impacts income tax computation.
ITAT Delhi held that incentive / subsidy given by state Governments on account of development of new Multiplexes in the state is capital receipt.
ITAT Kolkata held that education cess is not allowable expenditure under section 37(1) of the Income Tax Act.
