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Income Tax : No disallowance under section 14A can be made if assessee has not incurred and claimed any expenditure on exempt income

Facts in brief:- The assessee is a Private Limited Company. It filed its return of income on 26.9.20

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Income Tax : Deduction claimed of securities transaction tax under section 88E cannot be rejected if fulfill the condition of rule 20AB

The brief facts of the case are that the assessee filed its return of income for the relevant year o

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Income Tax : Depreciation under section 32 when the cost had already been claimed in the preceding year by application of Income

Facts, in brief, as per the relevant orders are that return declaring income of `1,92,16,940/- filed

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Income Tax : Explanaion of section 73 is not applied in the transaction of govt securities and expenditure claimed must be accompanied by evidence

The learned Assessing Officer has erred in disallowing Rs. 25.00 lacs, on ad hoc basis, towards shar

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Income Tax : If expenditure incurred has direct nexus with its income generating apparatus can be claimed as revenue expenditure

Brief facts are: The assessee is engaged in the manufacturing of hardware made of brass such as elec

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Income Tax : Deduction claimed under sec 80 O cannot include sundry expenses

DEDUCTION U/S 80-O:- the assessee was requested to prove their claim for deduction u/s. 80-O with do

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Income Tax : Depreciation on computer can be claimed at 60%

The return of income in the present case was filed at a loss of Rs.19,03,733/-. The only addition ma

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Income Tax : As per sec 23(1) deduction from house property income can be claimed only under sec 24

Analysis of the case found the following ... Ground no. 1 is regarding the disallowance of interest

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Income Tax : It is the burden of the assessee to proof that the expenditure related to the business and depreciation on computer can be claimed at 60%

We have carefully considered the arguments of both the sides and perused the material placed before

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Income Tax : As per sec 41(1) if deduction claimed of any trading liability and subsequently received any amount on that it will be treated profit from business

Section 41(1) of the Act, as it existed at the relevant time, was as under:- “41. Profits charge

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Income Tax : Depreciation claimed for computer software etc is allowed only if used for more than 180 days

The Commissioner issued notice under Section 263 of the Act on two grounds: firstly, the respondent

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Income Tax : ALLOWABILITY OF LOSS CLAIMED BY A GOLDMITH ON ACCOUNT OF SEI

Where the assessee, who is carrying on a lawful business in gold, has committed infraction of law in

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Income Tax : Depreciation can be claimed on leased vehicles

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