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Search results for disallowance

Rule 8D Of IT Rules Can Be Invoked Only If Assessee's Computation Of Expenses Attributable To Earning Exempt Income Is Found Inadequate: Delhi HC
5 days, 9 hours ago

Rule 8D Of IT Rules Can Be Invoked Only If Assessee's Computation Of Expenses Attributable To Earning Exempt Income Is Found Inadequate: Delhi HC

Live Law  

The Delhi High Court has held that recourse to Rule 8D of the Income Tax Rules, 1962 for computing disallowance under Section 14A of the Income Tax Act is available only if the Assessee's computation of expenses attributable to earning exempt income, is found to be inadequate. Aggrieved, the Assessee preferred an appeal before the Commissioner of Income Tax which …

Delhi Income Rule Expenditure Exempt Computation Earning
'Concealment Of Income' & 'Furnishing Inaccurate Income Particulars' Distinct Grounds For Penalty U/S 271(1)(c) Of IT Act, Can't Be Clubbed: Delhi HC
4 weeks, 1 day ago

'Concealment Of Income' & 'Furnishing Inaccurate Income Particulars' Distinct Grounds For Penalty U/S 271(1)(c) Of IT Act, Can't Be Clubbed: Delhi HC

Live Law  

The Delhi High Court has made it clear that when the Revenue proposes to impose penalty on an assessee under Section 271 of the Income Tax Act, 1961 for alleged 'concealment of particulars of income' or for 'furnishing inaccurate particulars of income'- it must specify which one of the two charges it seeks to press and the Revenue cannot be …

Penalty Revenue Itat Assessee Inaccurate Particulars Inaccurate Concealment
Expenses Incurred For Payment Of Foreclosure Premium Of Loan Is Allowable As Business Expenditure U/S 37(1): Madras High Court
1 month, 1 week ago

Expenses Incurred For Payment Of Foreclosure Premium Of Loan Is Allowable As Business Expenditure U/S 37(1): Madras High Court

Live Law  

The Madras High Court recently ruled that the expenditure incurred for payment of foreclosure premium for restructuring loan and obtaining fresh loan at a lower rate of interest is allowable as business expenditure u/s 37 of the Income Tax Act. Such ruling came while dealing with a case where scrutiny proceedings were initiated, leading in revisional assessment u/s 263, based …

Business Court Payment Premium Bench Cit Foreclosure Premium
Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT
4 months, 3 weeks ago

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.The bench of G.S.Pannu and Kul Bharat has observed that the assessee had disallowed the. The Delhi Bench …

Tax Bank Income Interest Charges Itat Guarantee
ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty
4 months, 4 weeks ago

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

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The Delhi Bench of Income Tax Appellate Tribunal has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. and Pradip Kumar Kedia has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed. The bench of Yogesh Kumar U.S. …

Penalty Order Fee Account Itat Assessee Cit
Direct Tax Weekly Round-Up: 14 To 20 July 2024
5 months ago

Direct Tax Weekly Round-Up: 14 To 20 July 2024

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Bombay High Court JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court Case Title: Royal Bitumen Private Limited, Mumbai Vs. Assistant Commissioner of Income-Tax The Bombay High Court has held that the Jurisdictional Assessing Officer would cease to have jurisdiction to issue any notice under Section 148A and to take further actions under Section …

Kerala Tax Court Title Kerala High Court Held High
Disallowance Operate Against Erring Employer Assessee When Employees' Contribution To EPF/ESI Not Made Within Due Date: Kerala High Court
5 months, 1 week ago

Disallowance Operate Against Erring Employer Assessee When Employees' Contribution To EPF/ESI Not Made Within Due Date: Kerala High Court

Live Law  

The Kerala High Court has held that the disallowance operates against erring employer assessee when employees' contribution to EPF/ESI not made within the due date.The bench of Justice A.K.Jayasankaran Nambiar and Justice Syam Kumar V.M. The Kerala High Court has held that the disallowance operates against erring employer assessee when employees' contribution to EPF/ESI not made within the due date. …

Justice Court Payments Employees Kerala High Court Income Tribunal
ITAT Cases Weekly Round-Up: 16 To 22 June 2024
6 months ago

ITAT Cases Weekly Round-Up: 16 To 22 June 2024

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Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT Bangalore Case Title: ITO Versus M/s. Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT Case Title: Suchi Agrawal Versus ITO The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing …

Delhi Title Income Tribunal Held Bench Versus
Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

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Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

Tax Customs Income Tax Title Delhi High Court Income Tribunal
Computation Of 6 Assessment Years For Search Assessments U/S 153C Starts From Date Of Receiving Seized Documents: ITAT
6 months, 3 weeks ago

Computation Of 6 Assessment Years For Search Assessments U/S 153C Starts From Date Of Receiving Seized Documents: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the computation of six assessment years for search assessments under Section 153C of the Income Tax Act starts from the date of receiving seized documents.The bench of Saktijit Dey and Naveen Chandra has relied on the decision of the Supreme Court in the case of CIT vs. Jasjit Singh,. …

Tax Search Assessment Income Case Date Itat
No Disallowance Under Section 14A Of Income Tax Act Is Warranted In Respect Of Investments Not Yielding Tax Free Income: ITAT
6 months, 3 weeks ago

No Disallowance Under Section 14A Of Income Tax Act Is Warranted In Respect Of Investments Not Yielding Tax Free Income: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that disallowance has to be worked out on the basis of investment which yielded dividend during the year and not by factoring in the total amount of investment.The bench of Amit Shukla and Renu Jauhri has observed that no disallowance under section 14A of the Income Tax Act is warranted. …

Income Tax Income Tax Act Act Itat Ita Section 14A Disallowance
Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT
7 months, 3 weeks ago

Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT

Live Law  

The Ahmedabad ITAT held that in the absence of the Assessing Officer pointing out as to how despite the assessee's explanation, there was no nexus between the interest-bearing funds and their utilization for making advances for earning interest income, no disallowance u/s 57 of the Income tax Act was tenable. The ITAT explained that the only requirement to be fulfilled …

Expenses Income Interest Income Act Bench Itat Assessee
ITAT Cases Weekly Round-Up: 10 To 16 March 2024
9 months ago

ITAT Cases Weekly Round-Up: 10 To 16 March 2024

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Case Title: Balduhak Co-operative Agriculture Service Society verses ITO Finding that that the assessee is a Cooperative Society which was engaged in providing short term credit facility to its members, the Chandigarh ITAT ruled that interest income has been earned on deposits placed with a co-operative society and duly eligible for deduction under section 80P of the Income tax Act. …

Mumbai Kolkata Tax Title Income Tax Act Order Income
Prima Facie Adjustment Made By CPC Towards Deduction U/s 80P Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT
9 months, 1 week ago

Prima Facie Adjustment Made By CPC Towards Deduction U/s 80P Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT

Live Law  

The Kolkata ITAT ruled that section 80AC of the Income tax Act puts a bar against claiming of deduction in respect of certain income provided under the head of Chapter VIA which includes section 80P of the Act also if the return of income are not filed before the due date prescribed u/s. The return filed by assessee was processed …

Income Cpc Act Bench Deduction Itat Prima
AO Fails To Examine Relevant Material For Determining FMV Of Interest Rate For Availing Unsecured Loans: Mumbai ITAT Remits Matter
9 months, 1 week ago

AO Fails To Examine Relevant Material For Determining FMV Of Interest Rate For Availing Unsecured Loans: Mumbai ITAT Remits Matter

Live Law  

Observing that the relevant material for determining the fair market value of the interest rate for availing unsecured loans has not been examined, the Mumbai ITAT restored the issue of disallowance of excessive interest payment on unsecured loans to the file of AO for de novo adjudication. The AO however held that the average bank rates are 12% and therefore, …

Loans Rate Bench Interest Rate Itat Related Assessee
PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
9 months, 1 week ago

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT

Live Law  

Finding that the case of assessee was selected for limited scrutiny by the AO, the Chennai ITAT ruled that the PCIT cannot enlarge the scope of limited scrutiny u/s 263 of the Income tax Act. The Bench of V. Durga Rao and Manjunatha, G. observed that “it is not a fit case to invoke the provisions of section 263 of …

Income Case Limited Bench Itat Assessee Pcit
Business Restructuring Amongst Foreign Group Entities To Eliminate Duplicate Corporate Procedure Is 'International Transaction' U/s 92B: Mumbai ITAT
9 months, 1 week ago

Business Restructuring Amongst Foreign Group Entities To Eliminate Duplicate Corporate Procedure Is 'International Transaction' U/s 92B: Mumbai ITAT

Live Law  

The Mumbai ITAT ruled that as per Explanation to section 92B of the Income tax Act, the transaction of business restructuring shall be considered an international transaction, irrespective of the fact whether it has a bearing on the profit, income, losses, or assets of such enterprises. The ITAT also upheld the disallowance of interest on Compulsory Convertible Debentures and treatment …

Scheme Bench Merger Paid Transaction Itat Assessee
Investments Yielding Tax Exempt Income Can Only Be Considered For Computing Disallowance Under Rule 8D(2)(iii): Kolkata ITAT
9 months, 1 week ago

Investments Yielding Tax Exempt Income Can Only Be Considered For Computing Disallowance Under Rule 8D(2)(iii): Kolkata ITAT

Live Law  

Abiding by the principle of judicial hierarchy and binding precedent, the Kolkata ITAT directed the AO to consider only the investments yielding tax exempt income for computation of disallowance under Rule 8D of the Income Tax Rules 1962. The Bench of the ITAT comprising of Sanjay Garg and Girish Agrawal observed while referring to the decision of Coordinate Bench of …

Tax Income Bench Itat Exempt Cit Disallowance
Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT
9 months, 1 week ago

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

Live Law  

While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139 of the Income Tax Act, 1961 is only directory and not mandatory for the year under consideration, the New Delhi ITAT directed the AO to allow deduction claimed u/s 80IA of the Income Tax Act, 1961. The ADIT …

Audit Case Report Form Bench Itr Deduction
Disallowance Of Claim U/s 80P By CPC Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT
9 months, 1 week ago

Disallowance Of Claim U/s 80P By CPC Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT

Live Law  

On finding that the alleged disallowance by CPC is beyond its jurisdiction as the adjustment towards deduction u/s. 80P of the Income Tax Act came to CPC only from Apr 01, 2021, the Kolkata ITAT interfered with the action of CPC in denying the deduction u/s 80P of the Income Tax Act, 1961. The Bench of the ITAT comprising Sanjay …

Income Cpc Act Bench Claim Return Deduction
Contribution Collected From Employees If Not Deposited Within Due Dates Prescribed As Per PF & ESIC Act, Is Dis-Allowable: Mumbai ITAT
9 months, 1 week ago

Contribution Collected From Employees If Not Deposited Within Due Dates Prescribed As Per PF & ESIC Act, Is Dis-Allowable: Mumbai ITAT

Live Law  

The Mumbai ITAT recently clarified that mere deposit of employee's contribution before due date of filing return of income as per Section 139 of Income tax Act, will not make it eligible for deduction. Vs. CIT 143 taxmann.com 178, the Bench of Prashant Maharishi and Narendra Kumar Choudhry reiterated that “such sum collected from employees if not deposited within the …

Employees Provident Fund Date Contribution Deposited Act Bench
UCO Bank Eligible For Cenvat Credit Of Service Tax Paid On Telephone Bills In Respect Of Telephones Installed At Employees' Residence: CESTAT
10 months, 1 week ago

UCO Bank Eligible For Cenvat Credit Of Service Tax Paid On Telephone Bills In Respect Of Telephones Installed At Employees' Residence: CESTAT

Live Law  

The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal has held that UCO Bank is eligible for the Cenvat Credit of service tax paid on telephone bills in respect of the telephones installed at the residence of employees.The bench of Ashok Jindal and K. Anpazhakan has observed that the telephone has been installed to the residence. The Kolkata …

Tax Services Credit Bank Service Telephones Tribunal
Voluntary Disallowance Of Expense U/s 40(A)(ia) Is No Basis To Treat Taxpayer As 'Assessee In Default' U/s 201(1): Delhi ITAT
10 months, 2 weeks ago

Voluntary Disallowance Of Expense U/s 40(A)(ia) Is No Basis To Treat Taxpayer As 'Assessee In Default' U/s 201(1): Delhi ITAT

Live Law  

On finding that voluntary disallowance of expense u/s 40 of the Income Tax Act is not a ground to treat the assessee as 'assessee in default' u/s 201, the Delhi ITAT deleted the addition of chargeable interest u/s 201 as well as the treatment of 'assessee in default' u/s 201. The Bench comprising Anubhav Sharma and M. Balaganesh observed that, …

Bench Treat Default Tds Tas Itat Assessee
CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT
11 months ago

CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT

Live Law  

While setting aside the CIT's order enhancing assessee's income under Section 251 of Income tax Act, 1961 by disallowing Employees Stock Option Plan expenses under Section 37, the Mumbai ITAT held that the CIT has acted beyond his jurisdiction in enhancing assessee's income, since the AO during the course of assessment, has not taken into consideration the assessee's revised return …

Expenses Loss Income Return Coram Itat Revised