Judgement

ITAT rules Section 14A disallowance unsustainable where no exempt income arose during relevant assessment year.

Dividend Income Taxability Defeats Section 14A Disallowance, Holds ITAT

News

Deepak Fertilisers and Petrochemicals Corporation Ltd. received a tax demand of about Rs. 74.89 crore from the State Tax Department, Pune, because officials wrongly applied a higher VAT rate of 13.5% instead of the correct 3% on natural gas sales to its subsidiary.

Deepak Fertilisers Receives Rs. 74.89 Crore Tax Notice Over VAT Rate Dispute

ITAT rules duty drawback taxable only upon actual receipt and credited into the assessee's bank account.

Duty Drawback Taxable Only Upon Actual Receipt, Holds ITAT

ITAT deletes the Section 68 addition after the assessee furnishes complete documentary evidence supporting share capital transactions.

ITAT Grants Relief in Rs.12.53 Crore Share Capital Addition Case

ITAT allows interest deduction on continuing business loans despite no fresh asset purchases during year.

ITAT Grants Relief Against Vehicle Loan Interest Disallowance Addition

ITAT holds interest on existing business loans allowable despite the absence of fresh asset purchases.

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Dividend Income Taxability Defeats Section 14A Disallowance, Holds ITAT

Deepak Fertilisers Receives Rs. 74.89 Crore Tax Notice Over VAT Rate Dispute

Duty Drawback Taxable Only Upon Actual Receipt, Holds ITAT

ITAT Grants Relief in Rs.12.53 Crore Share Capital Addition Case

ITAT Grants Relief Against Vehicle Loan Interest Disallowance Addition

ITAT Allows Interest Claim on Existing Business Loan Liability