Disallowance u/s. 14A r.w. Rule 8D - Mandation of recording ...

Assessing Officer Upholds Rs. 4 Lakh Disallowance on Exempt Dividend Income; Rule 8D Applied, Section 14A Satisfied.

January 14, 2022

Case Laws Income Tax AT

Disallowance u/s. 14A r.w. Rule 8D - Mandation of recording satisfaction- We find that the AO had after exhaustively dealing with the contention advanced by the assessee that the disallowance of ₹ 4 lac (supra) offered in the return of income was quite reasonable qua the exempt dividend income, had on the basis of elaborate reasons as to why the said claim of the assessee company was not to accepted and the disallowance was required to be determined as per the mechanism provided in Rule 8D, therein, dislodged the suo motto disallowance that was offered by the assessee in its return of income. We, thus, not being persuaded to subscribe to the claim of the ld. AR that the Assessing Officer had failed to record his satisfaction that as to why the assessee's claim for disallowance u/s. 14A was not to be accepted, reject the same. - AT

View Source

← Previous Next →

Disallowance u/s. 14A r.w. Rule 8D - Mandation of recording ...

Assessing Officer Upholds Rs. 4 Lakh Disallowance on Exempt Dividend Income; Rule 8D Applied, Section 14A Satisfied.

January 14, 2022

Case Laws Income Tax AT

You may also like:

The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

Reopening of assessment - allegation of undisclosed source of purchase of property - If the Assessing Officer has to say that there are two properties purchased, either...

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 ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

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...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

CIT(A) restricted addition on account of accommodation entries to 15% instead of 100%, as the Assessing Officer failed to establish that work was not actually performed....

Rectification of mistake u/s 254 - non issuance of valid notice u/s 143(2) - transfer of case u/s 127 - Legislative intent becomes clear with reading to Section 127(3)...

Regarding additions u/s 14A for disallowance of expenditure related to exempt income, the ITAT upheld the CIT(A)'s order, which modified the Assessing Officer's (AO)...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where...

Penalty imposed u/s 112a(ii) of Customs Act for smuggling through mis-declaration and undervaluation. Extent of duty evasion uncertain but forensic evidence established...

Appellant imported fermented and dried processed Sumatra cocoa beans which failed to conform to IS 8865:2003 standards as per FSSAI and BIS testing. Adjudicating...

Quick Updates: