Articles for Exempt Income

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
4 days, 13 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
ITAT Half Yearly Digest: January To June 2024 - PART I
5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law  

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

India Delhi Kolkata Tax Indian Income Tax Title
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
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
Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT
1 year, 10 months ago

Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that the disallowance under Section 14A of the Income Tax Act is not warranted if no exempt income is earned.The two-member bench of Anubhav Sharma and Anil Chaturvedi has observed that Section 14A envisages that there should be actual receipt of income, and hence Section 14A of the Act. …

Income Crores Member Itat Exempt Assessee Ita