Regarding additions u/s 14A for disallowance of expenditure ...

Tax Tribunal Modifies Disallowance, Affirms ESOP as Revenue Expense; Directs TDS Credit Adjustment and Foreign Tax Credit Review.

December 4, 2024

Case Laws Income Tax AT

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) disallowance by excluding investments not yielding exempt income, in accordance with the law. The ITAT rejected the assessee's claim for accepting its suo moto disallowance. On the issue of short credit of TDS, the ITAT directed the AO to grant relief expeditiously as per the CIT(A)'s directions. Concerning short credit of Dividend Distribution Tax (DDT), the ITAT dismissed the ground, stating that the matter requires administrative resolution between the assessee and the Revenue authorities. Regarding denial of foreign tax credit u/s 90/91, the ITAT directed the AO to consider the assessee's case and pass a suitable order. On the allowability of ESOP compensation as revenue expenditure, the ITAT upheld the CIT(A)'s order, following the coordinate bench's decision in the assessee's own case for earlier years.

View Source

← Previous Next →

Regarding additions u/s 14A for disallowance of expenditure ...

Tax Tribunal Modifies Disallowance, Affirms ESOP as Revenue Expense; Directs TDS Credit Adjustment and Foreign Tax Credit Review.

December 4, 2024

Case Laws Income Tax AT

You may also like:

Assessee's appeal allowed regarding disallowance of interest u/s 14A as its own funds exceeded investments yielding exempt income. CIT(A) rightly deleted disallowance of...

ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

TDS u/s 195 and disallowance u/s 40(a)(ia) towards sales commission paid were challenged. Since the services rendered did not fall within fees for technical services or...

The Appellate Tribunal addressed various issues: disallowance of provisions for waste disposal expenses due to lack of evidence and scientific basis, upheld disallowance...

Disallowance u/s 40(a)(ia) - External Development Charges(EDC) paid to HUDA without deduction of tax at source - TDS on EDC u/s 194C/194I - The tribunal concluded that...

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...

Deduction u/s 10A - Adhoc disallowance of professional expenses, electricity charges and miscellaneous expenses - It is not in dispute that the aforesaid administrative...

The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit...

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

The Appellate Tribunal addressed issues u/s 40(a)(ia)/43B regarding disallowance for provisions made for unfinished work claimed as expenditure. CIT (A) upheld AO's...

The Appellate Tribunal addressed the issue of Tax Deducted at Source (TDS) under section 195, specifically disallowance under section 40(a)(i) for payments labeled as...

The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

Nature of expenses - Relaunch expenses - deferred revenue expenditure claimed to the extent of 1/3rd in each of the year -The tribunal disagreed with the AO's...

In a case before ITAT Delhi, the issue was whether expenses incurred on Employee Stock Option (ESOP) scheme are allowable u/s 37(1). The AO disallowed the expenses,...

The Appellate Tribunal addressed several issues: 1. Disallowance of Brand Ambassador Expenses - AO disallowed 75% as capital expenditure, but CIT(A) found it to be...

Quick Updates: