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. …
The Delhi Bench of Income Tax Appellate Tribunal has held that no disallowance shall be made to the assessee in regards to the chargeable sum paid by the assessee to a foreign company without deduction of tax. Billaiya and Yogesh Kumar held that the second proviso to clause of S. 40 of the Income Tax Act provides that in cases …
The Delhi Bench of the Income Tax Appellate Tribunal has ruled that no disallowances can be made under Section 40A of the Income Tax Act, 1961 for payments made otherwise than by way of account payee cheques or bank drafts for purchase of agricultural land, where the seller of the agricultural land has insisted on payment in cash. Hence, the …
