13 December 2021


Search Results for Tag : Disallowance

Judgments

When place of removal is buyer's premises, Appellant is eligible for credit(04.07.2019)

The Appellants are engaged in the manufacturing of parts of Fuel Injection Pump/Valve Assembly and are registered with the Central Excise Department. .....

Tags : Credit, Disallowance, Legality

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Disallowance of deduction under Section 80IB(10) of IT Act, in respect of interest income should be restricted to net interest and not gross interest(04.05.2020)

In facts of present case, the Assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The ret.....

Tags : Assessment, Disallowance, Deduction

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Draft order framed under Section 144C(1) of the IT Act in the name of a non-existent company is void ab initio(17.08.2020)

Present appeal by the Assessee is preferred against the order framed under Section 143(3) read with Section 144C(5) of the Income-tax Act, 1961 [IT Ac.....

Tags : Draft assessment, Disallowance, Legality

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Interest can be capitalized only in respect of capital assets purchased out of borrowed funds(04.09.2020)

The revenue has filed present appeal challenging the decision rendered by Learned CIT(A) in respect of disallowance of interest expenditure made by th.....

Tags : Interest, Disallowance, Legality

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When assessee proves business/commercial expediency, disallowance under Section 40A(3) of IT Act is unwarranted(18.11.2020)

The assessee is a partnership firm engaged in the business of manufacturing and fabrication of machine components. The assessment under Section 143(3).....

Tags : Disallowance, Additions, Legality

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If transaction of payment of rent is not found bogus then disallowance of expenditure under Section 40A(2)(b) of IT Act is not warranted(27.11.2020)

The assessee filed its return of income for the assessment year under consideration under Section 139(1) of the Income Tax Act, 1961 declaring total i.....

Tags : Assessment, Disallowance, Legality

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High Court in a revision can examine only when factual aspects are mixed with legal aspects(26.11.2018)

The revision Petitioner herein is the 4th accused was an Assistant Engineer of the Kerala Water Authority ('the KWA') from 1994 to 1997. He and other .....

Tags : Discharge, Disallowance, Validity

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The revised return of income filed within the prescribed time limit replaces the original return of income(08.12.2020)

The assessee has filed present appeal challenging the order passed by learned Commissioner Of Income Tax (CIT(A)). The assessee is challenging the dis.....

Tags : Assessment, Disallowance, Legality

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Amount of investment which yielded exempt income alone should be taken into consideration for purpose of arriving at average value of investment(08.06.2021)

In facts of present case, the Appellant is a Company incorporated under the Companies Act, 1956 and engaged in the business of investment in shares an.....

Tags : Assessment, Disallowance, Legality

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Once the borrowed funds were utilized for business purposes, interest paid on same becomes an allowable deduction under Section 36(i)(iii) of the IT Act(02.08.2021)

Present appeal arises out of the order by the learned Commissioner of Income Tax (Appeals). The ground raised by the assessee is with regard to challe.....

Tags : Disallowance, Interest, Legality

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Retrospective provision in a taxing Act which is "for the removal of doubts" cannot be presumed to be retrospective, if it alters or changes the law as it earlier stood(14.10.2021)

The assessee has filed present appeal challenging the order passed by Learned Commissioner of Income Tax [CIT(A)], National Faceless Appeal Centre and.....

Tags : Assessment, Disallowance, Legality

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Assessee is not entitled to deduction in respect of interest income earned from investments with Co- operative Banks(14.10.2021)

The assessee is a co-operative society registered under the Karnataka Co-operative Societies Act, 1959. For the assessment year 2015-2016, the return .....

Tags : Assessment, Deduction, Disallowance

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Interest income generated out of surplus fund invested in the Fixed Deposit is a part of the business income(25.10.2021)

The fact of the case is that, assessment under Section 143(3) read with Section 263 of the Income Tax Act, 1961 (IT Act) was finalized at Rs. 42,09,9.....

Tags : Assessment, Disallowance, Provision

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LIBOR rate of interest is applicable while computing the notional interest on receivables from the associated enterprises (AEs)(07.05.2021)

The brief facts of the case are that, the assessee is a Private Limited company engaged in the business of manufacturing steel rods filed its return o.....

Tags : Assessment, Expenditure, Disallowance

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News

ITAT Ahmedabad: Disallowance Made for Exempted Income not to be Added for Book Profit(19.05.2021)

Income Tax Appellate Tribunal (ITAT) Ahmedabad, ruled that the disallowance made for Exempted Income should not to be added for computing of Computati.....

Tags : ITAT Ahmedabad, Disallowance

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ITAT Mumbai Deletes Disallowance on Expenditure(12.02.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai, while granting relief to the IDBI Bank deleted the disallowance on expenditure incurred in relation to i.....

Tags : ITAT Mumbai, Disallowance

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ITAT Jaipur: Order of AO Accepting Suo-Moto Disallowance for Bonus Cannot be Held to be Erroneous(04.03.2021)

Income Tax Appellate Tribunal (ITAT), Jaipur Bench has ruled that the order of Assessing Officer/AO accepting suo-moto disallowance for bonus cannot b.....

Tags : ITAT Jaipur, Disallowance

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ITAT Confirms Disallowance Since Sham Transactions Under the Garb of Donation Was Used for Evasion(20.05.2019)

Income Tax Appellate Tribunal, Chennai has held that the Assessing Officer was rightly disallowed deduction claim since their involved sham transactio.....

Tags : ITAT, Disallowance

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ITAT, Mumbai: No Disallowance of Interest on Borrowed Capital for Business Purposes(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that interest paid on borrowed funds used for business purposes cannot be disallowed.

Tags : Income Tax Appellate Tribunal, Disallowance of Interest on Borrowed Capital

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ITAT Delhi: Disallowance of Expenditure is not Concealment of Income(30.07.2019)

Income Tax Appellate Tribunal (ITAT) Delhi has ruled that mere disallowance of expenditure claimed in the return would not amount to ‘concealment of i.....

Tags : ITAT Delhi, Disallowance

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ITAT Allows Disallowance for Non-Submission of Documents and Non-Deduction of TDS on Reimbursements(24.12.2019)

Income Tax Appellate Tribunal, Delhi has held that disallowance of a sum for non-submission of documents and non-deduction of Tax Deduction at Source .....

Tags : ITAT, Disallowance

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ITAT, Bangalore: No Disallowance of Interest Expenses on Account of Non-Deduction of TDS(12.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that there should be no disallowance of interest expenses on account of non- deduction of Tax.....

Tags : Income Tax Appellate Tribunal, No Disallowance of Interest Expenses

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ITAT, Kolkata: Disallowance of Deduction of Interest Income Should be Restricted to Net Interest(08.05.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has held that disallowance of deduction under Section 80IB(10) of the Income Tax Act, 1961 in respect of.....

Tags : Income Tax Appellate Tribunal, Disallowance of Deduction of Interest Income

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