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Decision on Loose Papers found during the Search Section 132
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Question: Whether penalty imposed under section 270A is to quashed when AO as well as assessee has used the same details to arrive at different conclusions i.e. differing quantum of disallowances under section 14A of the Act. High Court of Delhi decided on this issue on May 31, 2022.
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Is punitive charges paid to the railways disallowable u/s 37(1) by holding as penalty. Ans is No. Order passed by ITAT KOLKATA on Nov 20, 2020 in the case of RUNGTA MINES PVT. LTD.vs. ACIT.
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Section 14A For the purpose of computing disallowance u/s 14A of the Act instead of taking into account total investment, only such investments which yielded exempt dividend income during the year are required to be considered for the purpose of disallowance. RELIGARE SECURITIES LTD. & ANR. vs. DCIT. In favour of Assessee. ITAT Delhi
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Section 14A envisages that there has to be an actual receipt of exempt income during the relevant previous year for purpose of making any disallowance u/s 14A, Section 2(22)(e) do not apply when transactions are trading business transactions and The provisions of section 50C cannot be incorporated in the computation of block of the assets. DCIT vs. FUTURZ NEXT SERVICES (PRIVATE) LIMITED. AY 2013-14
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ITAT AHMEDABAD held on Mar 2, 2020 that when assessee has not made any claim for exemption of any income from the payment of tax, therefore, there cannot be any disallowance u/s.14A of the Act
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No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had utilised interest bearing funds to make said investments—In absence thereof, presumption would apply that assessee invested its own interest free funds to make investments in securities capable of yielding an exempt income—Revenue was not able to rebut said presumption—Revenue’s ground dismissed
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There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income