ITAT Mumbai held that disallowance made under section 14A of the Income Tax Act cannot extent exempt income earned by the assessee. Accordingly, AO is directed to restrict the disallowance u/s. 14A to the extent of exempt income.
ITAT Delhi held that global operation fees cannot be taxed as Fees for Technical Services (FTS) under the provisions of the Act and the India-UK DTAA as it doesn’t satisfy the ‘make available’ clause contained in Article 13(4)(c) of the India-UK DTAA.
ITAT Hyderabad held that statement of a third party already recorded u/s 132(4) of the Income Tax Act cannot be considered as an incriminating document for the purpose of making the addition u/s 153A of the Income Tax Act.
ITAT Hyderabad held that addition towards unexplained cash deposit unsustainable as onus of establishing the creditworthiness and genuineness of the transaction duly proved by the assessee.
ITAT Hyderabad held that FCCDs are debt hence interest paid/ payable on FCCDs in to be computed by applying LIBOR plus 200 basis points.
ITAT Delhi held that notional interest cannot be taxed as income as bank statement of the foreign bank account doesn’t show that any interest has been credited.
CESTAT Chandigarh held that CENVAT Credit on warranty service provided free of cost during the warranty period through third parties dealer cannot be denied to the manufacturer.
ITAT Mumbai held that issuance of manual final assessment order without containing DIN (Document Identification Number) is deemed to have never been issued. Accordingly, the impugned order is unsustainable in law.
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
Explore the pivotal case of Devkripa Textile Mills vs ACIT (ITAT Jodhpur) where the court addressed disallowances on director’s remuneration, depreciation, and expenses, offering insights for tax compliance.
