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Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Disallowance u/s 14A - no separate books of account are ...

Income Tax

February 12, 2016

Disallowance u/s 14A - no separate books of account are maintained for taxable income and exempt income - some expenditure on account of administrative expenses has to be disallowed on reasonable estimate basis - AT

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

  2. Expenditure relatable to exempt income as provided under sub section (1) of section 14A is required to be added back while computing book profit under section 115JB - AT

  3. Disallowance u/s 14A - Assessee offered a suo-motto disallowance - By merely stating, that as the assessee was maintaining consolidated accounts, therefore, in the...

  4. Addition u/s 14A read with rule 8D - categorical finding and satisfaction of the A.O. that expenditure has been incurred to earn the exempt income - Disallowance upheld

  5. 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...

  6. Disallowance u/s 14A - expenses towards exempted income - AO could not have straightaway resorted to Rule 8D(2)(iii) of the Rules in order to compute the disallowance u/s 14A - AT

  7. Disallowance u/s 14A - The disallowance u/s 14A was warranted even if there was no exempt income. - AT

  8. 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...

  9. 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

  10. Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

 

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