Validity of order u/s 263 - Computation of book profits u/s ...

High Court Upholds Order: Assessing Officer's Error on Exempt Income Expenditure Affects Book Profits Calculation u/ss 115JA, 115JB.

December 14, 2013

Case Laws Income Tax HC

Validity of order u/s 263 - Computation of book profits u/s 115JA/ 115JB - Assessing Officer had failed to disallow expenditure in respect of exempt income as per the mandate of Section 14A - revision sustained - HC

View Source

← Previous Next →

Validity of order u/s 263 - Computation of book profits u/s ...

High Court Upholds Order: Assessing Officer's Error on Exempt Income Expenditure Affects Book Profits Calculation u/ss 115JA, 115JB.

December 14, 2013

Case Laws Income Tax HC

You may also like:

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Disallowance u/s 14A read with Rule 8D - In any case, as per section 14A(3) whether or not the assessee has incurred any expenditure for earning exempt income, a part of...

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

Reopening of assessment u/s 147 - Addition u/s 14A read with Rule 8D. "Reason to believe" in Section 147 means cause or justification for the competent authority to...

Nature of expenditure - Revenue expenditure or capital expenditure - The ITAT held that, it is now well settled that revenue expenditure is allowable in entirety in the...

Difference between assessed income and returned income arose due to inadvertent error in taking opening written down value (WDV) at book value instead of WDV under...

Jurisdiction - power of Sales Tax Officer u/s 67 of the VAT Act to seize the books of accounts - The Calcutta High Court held that, since the Sales Tax Officer, who...

Agriculture income is exempt u/s 10(1) of the Income Tax Act, 1961. Increasing agriculture expenditure and reducing exempted agriculture income will not automatically...

Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust...

Classification of books - Work Books or Exercise Book - Sulekh Sarita - presence of printed text does not affect their classification under heading 48.20 as exercise...

Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred...

Addition u/s 14A - exempt dividend income - the estimation of 0.5% of assets which yielded exempted income during the year would be a most reasonable estimate for...

Claim of Expenditure at the rate of 7.5% of the interest income - Admittedly, there is no specific expenditure incurred to earn the interest income. However, incurring...

Quick Updates: