Reassessment notice issued on question of facts can’t be challenged before High Court: Madras HC
Here is an interesting judgment by Madras High court as under:
Tamilnad Mercantile Bank Ltd.
[2022] 135 taxmann.com 304 (Madras)
The short overview and key observations were as under:
1. Where ...
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Posts tagged "section 14A"
If there are multiple basket & multiple option of the market rates are available then option which is most favourable to assessee needs to be adopted for determining inter-unit transfer price u/s 80-IA(8)
If there are multiple basket & multiple option of the market rates are available then option which is most favourable to assessee needs to be adopted for determining inter-unit transfer price u/s 80-IA(8)
Short Overview Considering that three different prices ...
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Business disallowance under section 40(a)(ia) on Payment of professional charges if such charges are not claimed in profit and loss account and same being capitalized
Business disallowance under section 40(a)(ia) on Payment of professional charges if such charges are not claimed in profit and loss account and same being capitalized
Short Overview Where assessee did not claim professional charges in its profit and loss account and ...
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If no exempt income is received or receivable on exempt income, no disallowance u/s 14A is warranted.
If no exempt income is received or receivable on exempt income, no disallowance u/s 14A is warranted.
Here is a case wherein it has been held that in case no exempt income is received or receivable on exempt income, no ...
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Business expenditure & Prior period expenses : Mercantile system of accounting vs. Crystallization of expenses
Business expenditure & Prior period expenses : Mercantile system of accounting vs. Crystallization of expenses
Short Overview The incomes or expenses relatable to prior period items were those which arise in the current period, i.e., the period relevant for the ...
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Business expenditure & Prior period expenses : Mercantile system of accounting vs. Crystallization of expenses
Business expenditure & Prior period expenses : Mercantile system of accounting vs. Crystallization of expenses
Short Overview The incomes or expenses relatable to prior period items were those which arise in the current period, i.e., the period relevant for the ...
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Claim made before CIT(A) without filing revised return need to be admitted as Equity demands that correct income of the assessee be ascertained.
Claim made before CIT(A) without filing revised return need to be admitted as Equity demands that correct income of the assessee be ascertained.
Short Overview Though assessee was required to file revised return before AO, however, there was no bar ...
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Sec. 14A couldn’t be invoked if no exempt income was earned during the year: SC dismissed SLP
- SLP dismissed against High Court ruling that section 14A cannot be invoked where no exempt income was earned by assessee in relevant assessment year
[2018] 95 taxmann.com 250 (SC)
SUPREME COURT OF INDIA
Commissioner of Income Tax, (Central) 1
v.
Chettinad Logistics (P.) Ltd.*
A.K SIKRI ...
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