Home Highlights February 2014 Year 2014 This

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1. The Managing Director of the company is personally responsible for meeting the expenditure of his son’s education. The expenditure incurred by the assessee for providing...

2. Claim of interest expenditure - Nexus between investments and borrowed funds - A clear and direct nexus has to be established between the loan funds and the investments...

3. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

4. Provision for remuneration of whole time directors – Enhanced directors remuneration – claim of assessee was allowable - AT

5. Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

6. Refund - Education Cess, Secondary & Higher Education Cess and Krishi Kalyan Cess cannot be transferred to GST account and as they were lying unutilized in their cenvat...

7. TDS liability on education cess and higher education cess - assessee’s claim of deduction on account of education cess (EC) & secondary and higher education cess (SHEC)...

8. Allowable deduction - Education Cess (EC) and Secondary & Higher Education Cess (SHEC) on income-tax - It is settled that, education cess on income-tax, dividend...

9. Refund of education cess and the higher education cess - Interpretation of statute - area based exemption availed - revenue directed to refund the education cess and the...

10. Period of limitation - rejection of refund claim of Education and Senior Higher Education cess paid on paper and paper board - Rejection of refund claim upheld - AT

11. Disallowing the business expenditure claimed as incurred for the higher education abroad of the son of a Director of the assessee company, who was also the Managing...

12. The expenditure claimed by the assessee on higher education of the grand-daughter of the Managing Director of the assessee was not wholly and exclusively for the purpose...

13. The ITAT Raipur held that no disallowance of interest expenditure was warranted u/s 14A as the assessee had sufficient self-owned funds. Citing the Bombay High Court and...

14. Deduction in respect of education cess - AO directed to consider the claim of assessee and allow appropriate relief in accordance with the decision above wherein it was...

15. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...