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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Disallowance u/s 14A - the investment was purely of business ...

Income Tax

November 1, 2013

Disallowance u/s 14A - the investment was purely of business nature as the company in which the amount was invested was a loss making company and there was no question of earning any dividend income from such investment - no disallowance u/s 14A - AT

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  1. Investment in personal capacity and separate accounts maintained, no disallowance – Section 14A

  2. Disallowance u/s 14A - The expenditure incurred exclusively for business activity cannot be included in such attributable expenses for the purpose of disallowance u/s.14A - AT

  3. Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

  4. Disallowance u/s 14A - since the shareholders funds are far in excess of the investments, it can be presumed that investments are out of interest free shareholders funds...

  5. Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

  6. Disallowance u/s 14A - Disallowance made on account of interest expenditure - AO has not made any disallowance on account of interest expenditure u/s 14A of the I.T. Act...

  7. Disallowance u/s 14A - There is direct and proximate nexus between the exempted income, which the investments shall genearate and the expenditures directly or indirectly...

  8. Disallows of interest expenditure u/s 14A - the disallowance has to be made even in case of strategic investments in the associate company. - AT

  9. Disallowance u/s 14A - without establishing any nexus between the expenditure incurred and investment, Rule 8D cannot be invoked - AT

  10. Whether investment in unquoted shares be excluded while applying the disallowance provisions of section 14A - Held no - AT

 

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