MAT - Addition made by the AO in part u/s 14A r.w. Rule 8D while ...

Assessing Officer's Addition Under Sec 14A & Rule 8D Adjusted to 1% of Exempt Income to Avoid Litigation.

December 17, 2019

Case Laws Income Tax AT

MAT - Addition made by the AO in part u/s 14A r.w. Rule 8D while determining the book profit u/s.115JB - our action for restoring back the issue to the file of AO would unnecessarily cause further litigation - disallowance on an ad-hoc basis @ 1 % of the exempted income to be made.

View Source

← Previous Next →

MAT - Addition made by the AO in part u/s 14A r.w. Rule 8D while ...

Assessing Officer's Addition Under Sec 14A & Rule 8D Adjusted to 1% of Exempt Income to Avoid Litigation.

December 17, 2019

Case Laws Income Tax AT

You may also like:

MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

MAT - Exempted income - adjustment to book profit u/s 115JB - there is no mechanism provided under the clause (f) to Explanation-1 of Sec. 115JB of the Act to make the...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

Levy of penalty u/s. 271(1)(c) - Addition of LTCG - Assessing Officer while recording satisfaction has invoked both the charges of section 271(1)(c) - ambiguity and...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

The Appellate Tribunal examined the reopening of assessment u/s 147 beyond the limitation period, involving the addition of cash deposits in the assessee's savings bank...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and directed the penalty u/s 271(1)(c) of the Income Tax Act to be deleted. The Assessing Officer...

The Appellate Tribunal examined the validity of the reassessment notice issued u/s 148 and the consequent order passed u/s 147 regarding the addition made by the...

Agriculture income is exempt u/s 10(1) of the Income Tax Act, 1961. Increasing agriculture expenditure and reducing exempted agriculture income will not automatically...

Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and...

Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - Return of Income as filed u/s 139(1) itself was declared an invalid Return - scope of...

Quick Updates: