Issue: Whether CIT(A)’s Order confirming the AO’s addition of INR 23,55,074 to the total income of the assessee hold good? Case name: HAC India Ltd. v. DCIT Circle Background The assessee claimed the interest paid on loan taken from Kotak Bank as an expense while computing short term capital gain under Section 111A. The assessee … Continue reading ITAT Kolkata decides: Can the Assessee re-claim the expense disallowed under Section 14A while computing short term capital gains?
Case: Aryadoot Transport(P) Ltd. v. DCIT Issues: Whether CIT(A) erred in confirming the disallowance of INR 7.15 Lakhs by the AO?Whether the value of strategic investments should be taken into account while computing disallowance amount under Section 14A? Background The assessee carried out the business of providing truck trailers.He was assessed for the year, 2015-16, … Continue reading ITAT Mumbai Decides: Can Value of Strategic Investments be considered while computing the amount of disallowance under Section 14A?
Case: The PR Commissioner of Income Tax v. DLF Home Developers, Forum: Supreme Court Background: Supreme Court Dismisses Revenue’s Appeal [SLP(C)] to Disallow brokerage related expenses. Given below is the summary of the case when appealed in Delhi HC for reference along with all the related links. Case: The PR Commissioner of Income Tax v. … Continue reading Whether expenses pertaining to brokerage incurred by a builder can be deductible as expenses?
Access all the links in this article by signing up for free with Riverus Research Map for income tax here. There are some heads of income which are considered tax-free or exempt for the purposes of the Income Tax Act (“Act”). On the other hand, the Act allows certain expenses incurred exclusively for earning income … Continue reading Disallowance under Section 14A: an Analysis