Tag: Rule 8D
Rule 8D can not be applied without giving reasons. Unless AO rejects explanation of the assessee with some reasoning, mere rejection per se not accepted – Supreme Court rejects Revenue’s SLP ABCAUS Case Law Citation: ABCAUS 2873 (2019) (04) SC Important Case Laws Cited/relied upon by the parties …
Income Tax Rule 8D is prospective in operation and could not apply to any assessment year prior to AY 2008-09 – Supreme Court settles the law ABCAUS Case Law Citation: ABCAUS 2188 (2018) (01) SC Important Case Laws Cited/relied upon by the parties: Commissioner of Wealth Tax, Meerut Vs. Sharvan Kumar Swarup & Sons, …
Disallowance us 14A(2)-AO need not resort to Rule 8D always. AO is entitled to make disallowance u/s 14A(2), Rules cannot prevail over the Act – ITAT ABCAUS Case Law Citation: ABCAUS 1172 (2017) (03) ITAT The Grievance: The assessee had challemged the order of the CIT invoking revisionary …
Rule 8D not applicable to shares held as stock in trade. Calcutta High Court upheld ITAT judgment deleting disallowance made us 14A for interest expenditure ABCAUS Case Law Citation: ABCAUS 1144 (2017) (02) HC Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Dhanuka & Sons vs. …
Rule 8D Amendment CBDT Notification 43/2016. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 43/2016 New Delhi, the 2nd June, 2016 S.O. 1949(E)– In exercise of the powers conferred by section 295 read with subsection (2) of section 14A of …
No disallowance us 14A on presumption only-If the assessee has not claimed any expenditure on exempt income and there can not be any disallowance under section 14A on mere presumption. This was held by ITAT Kolkata in a recent judgment as under: Case Law Details: I.T.A No. 1336/Kol/2013 …
In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners capital, bank and unsecured loans were struck up in receivables holding that money has no colour and in a running business it rotates and balance in each account changes …
Disallowance u/s 14A Rule 8D3-Computation of total Assets include current liabilities also ITAT Delhi in a recent judgment has remanded the case to the Assessing Officer noticing that the AO for the purpose of disallowance u/s 14A computed incorrect value of “total assets” as per Rule 8D by excluding …
Computation of disallowance u/s 14A , Rule 8D-Bank Charges for Export Service not includible ITAT Delhi in a recent judgment has held that bank charges pertaining to exports services have no relation with the investments made yielding exempt income and hence not includible for calculation of disallowance u/s …
Green tea leaves cess allowed on 100 % composite income before applying Income Tax Rule 8D HIGH COURT AT CALCUTTA ITA No.269 OF 2009 COMMISSIONER OF INCOME TAX, KOLKATA – II Versus M/S MORAN TEA CO. LTD. Coram: Hon’ble Justice Girish Chandra Gupta And Hon’ble Justice Asha Arora Date …
