Disallowances of expenditure - Assessee itself has disallowed ...

Court Rules Against Additional Disallowances to Prevent Double Taxation of Cash Expenses Already Disallowed by Assessee.

August 25, 2020

Case Laws Income Tax AT

Disallowances of expenditure - Assessee itself has disallowed major part of cash expenses as unaccounted. There would be no justification for making further addition, which evidently would lead to double taxation. - AT

View Source

← Previous Next →

Disallowances of expenditure - Assessee itself has disallowed ...

Court Rules Against Additional Disallowances to Prevent Double Taxation of Cash Expenses Already Disallowed by Assessee.

August 25, 2020

Case Laws Income Tax AT

You may also like:

ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged...

Disallowance u/s 37(1) - payments of expenditure by way of cash - Assessee has incurred 90% of expenses by way of cheque, meaning thereby, in case of business necessity...

Unexplained expenses u/s 69C - Cash Expenses incurred by the assessee - A fair estimation of disallowance of cash expenses needs to be done in this case. - disallowance...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

The ITAT held that the CIT (A) erred in admitting additional evidence without following Rule 46A. Deletion of additions on forfeited amount and various expenses was...

Disallowance of deduction claimed u/s 24(b) was rejected as the assessee was incurring interest expenditure for redevelopment of the house, and the CIT(A) rightly...

Additions based on Cash Expenditure - Disclosure were made by the appellant in IDS - The Tribunal ruled in favor of the appellant, holding that the entries did not...

Section 90 of the Income Tax Act allows relief from double taxation by granting foreign tax credits (FTCs) on foreign income taxed in both India and the other country....

Various disallowances and additions made by the Assessing Officer (AO) and the Income Tax Appellate Tribunal's (ITAT) decisions on the same. The key points are: 1)...

Disallowance of conveyance expenses, staff welfare expenses, sundry expenses and traveling expenses - certain expenses were not supported by third party vouchers,...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

The appellant sought refund of Countervailing Duty (CVD) and Special Additional Duty (SAD) paid in cash u/s 11B of the Central Excise Act, 1944 read with Section 142(3)...

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...

The Income Tax Appellate Tribunal (ITAT) decided the following: Disallowance of proportionate interest expenses was unjustified as the assessee had sufficient...

Quick Updates: