Income Tax - Highlights / Catch Notes

In the case before ITAT Chennai, the issue of disallowance u/s ...

ITAT Chennai held no disallowance u/s 14A r.w.r. 8D as no exempt income earned. Re-examine TDS u/s 195 on technical services considering DTAA. Dismissed prior period expenditure claim.

Case Laws Income Tax

May 23, 2024

In the case before ITAT Chennai, the issue of disallowance u/s 14A r.w.r. 8D was considered. The CIT(A) found that no exempt income was earned by the assessee, leading to full relief being granted. The order of the CIT(A) and AO regarding disallowance was set aside, directing the AO to delete the addition from the total income. Regarding TDS u/s 195 for listing charges paid to Bank of New York, it was noted that DTAA provisions were not considered. The AO was directed to re-examine the issue in light of DTAA provisions. The claim of prior period expenditure was dismissed as it cannot be allowed in the assessment of a specific year. The writing off of carbon income was remanded to the AO for re-examination based on past treatment by the Department. The issue was decided in favor of the assessee for statistical purposes only.

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In the case before ITAT Chennai, the issue of disallowance u/s ...

ITAT Chennai held no disallowance u/s 14A r.w.r. 8D as no exempt income earned. Re-examine TDS u/s 195 on technical services considering DTAA. Dismissed prior period expenditure claim.

Case Laws Income Tax

May 23, 2024

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