Home Highlights March 2014 Year 2014 This

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1. Disallowance of expenditure u/s 14A read with rule 8D - proportionate disallowance of interest - common pool of funds - if we apply the ratio laid down in the various...

2. Disallowance u/s 14A - Disallowing interest expense - Neither the assessee furnished the working of disallowances under section 14A, nor the lower authority made the...

3. Disallowance u/s 14A r.w.r. 8D - suo moto disallowance by assessee - the legal grounds as to applicability of Rule 8D as raised by the Revenue fails since the assessee,...

4. Computation of the interest on refund u/s 244A - the judicial proprietary demands that order of the Tribunal of earlier years must be followed and therefore we direct...

5. Direct Tax Vivad se Vishwas Act - VSV Act - settlement of the dispute of petitioner for assessment year 2015-16 without withdrawing the interest already granted under...

6. Interest u/s 244A on self assessment tax payment - AO directed to re-compute the amount of interest u/s. 244A by first adjusting the amount of refund already granted...

7. Interest u/s.244A - AO directed to re-compute the amount of interest u/s. 244A by first adjusting the amount of refund already granted towards the interest component and...

8. Disallowance u/s 14A r.w.r. 8D - Addition of interest expenditure - The ITAT found substantial merit in the alternative contention of learned counsel for the assessee...

9. The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting...

10. Disallowance u/s 14A read with Rule 8D - the AO has not computed any disallowance under Rule 8D(2)(i) and Rule 8D(2)(ii) of the Rules and only under Rule 8D(2)(iii) of...

11. Disallowance u/s 14A read with Rule 8D - In any case, as per section 14A(3) whether or not the assessee has incurred any expenditure for earning exempt income, a part of...

12. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

13. The ITAT Pune ruled on interest income from land acquisition and fixed deposits. Interest u/s 28 of Land Acquisition Act is not taxable based on Bombay High Court...

14. Computation of refund and interest thereon under section 244A - The present case is not a case where interest on interest due was claimed by the assessee. The issue...

15. Disallowance u/s 14A - expenses towards exempted income - AO could not have straightaway resorted to Rule 8D(2)(iii) of the Rules in order to compute the disallowance u/s 14A - AT