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The tax exemption has been given by the Central Government using its power given under clause (23EE) of section 10 of the Income-tax Act, 1961.

Central Government Grants Income Tax Exemption for Core Settlement Gurantee Fund

Judgement

The assessee, The India Cements Ltd., filed an appeal before the income tax department, raising several grounds covering Section 14A disallowance, interest on loans, vastu fees, subsidies, and royalty.

ITAT Partly Allows Appeal on Section 14A, Interest, Subsidy and Other Tax Issues

News

As per the order, the tax demand arises from transfer pricing adjustments related to payments made to related parties and some corporate tax adjustments, such as the disallowance of depreciation.

Hindustan Unilever Limited Faces Income Tax Demand Worth Rs 1559.69 Crore

The investigation revealed that the firm did not deduct TDS on interest payments of nearly Rs 20 crore, which is a violation of the provisions of Section 194 of the Income Tax Act, 1961.

Income Tax Department Cracks Down On TDS Violations, Recovers Rs 84 Lakh from Cotton Trading Firm

ITAT holds that reversal of MSMED interest provision cannot be added back where the assessee never claimed it as a deduction; matter remanded for verification.

ITAT Mumbai: MSMED Interest Reversal Cannot Be Added If No Deduction Was Claimed

ITAT restores appeal involving ₹64.12 lakh Section 69C disallowance to CIT(A), granting fresh hearing subject to payment of costs.

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Central Government Grants Income Tax Exemption for Core Settlement Gurantee Fund

ITAT Partly Allows Appeal on Section 14A, Interest, Subsidy and Other Tax Issues

Hindustan Unilever Limited Faces Income Tax Demand Worth Rs 1559.69 Crore

Income Tax Department Cracks Down On TDS Violations, Recovers Rs 84 Lakh from Cotton Trading Firm

ITAT Mumbai: MSMED Interest Reversal Cannot Be Added If No Deduction Was Claimed

ITAT Mumbai Restores Appeal to CIT(A) in Rs. 64.12 Lakh Section 69C Disallowance Case