Disallowance of expenditure u/s.14A r.w.r 8D - The primary onus ...

Assessee Must Prove No Indirect Costs Linked to Tax-Free Income u/s 14A and Rule 8D.

July 9, 2013

Case Laws Income Tax AT

Disallowance of expenditure u/s.14A r.w.r 8D - The primary onus to exhibit that no indirect expenditure has been incurred in respect of the tax-free income is on the assessee. - AT

View Source

← Previous Next →

Disallowance of expenditure u/s.14A r.w.r 8D - The primary onus ...

Assessee Must Prove No Indirect Costs Linked to Tax-Free Income u/s 14A and Rule 8D.

July 9, 2013

Case Laws Income Tax AT

You may also like:

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

Cabinet approves Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

Petition u/s 227 of Criminal Procedure Code for discharge dismissed. Allegations in complaint constitute offence of money laundering u/s 3 of PMLA. Prosecution of...

Valuation - includability or otherwise of the value of the free-of- cost components - Normally, the cost price of a product would take into account the purchase cost of...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Addition of different amounts made towards amount received for sale of Transferable Developmental Rights (TDR) - Income or current liability - assessee’s income from TDR...

ITAT ruled against treating entire share sale proceeds as undisclosed income under section 68. While penny stock transactions require scrutiny, price volatility alone...

The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Even in the case of charitable hospital, it is not possible to provide medicines to every patient, free of cost. It is only in very deserving cases, a charitable...

Duty of AO to Guide the Assessee - Considering the specific facts on record that the assessee is non resident the amount which the ld. AO has taxed is earned and sourced...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal for statistical purposes in relation to the computation of capital gains arising from the transfer...

Quick Updates: