Disallowance under section 14A for Expenditure against exempt income if No dividend income is not claimed as exempt by assessee

Short Overview: Where assessee had not claimed any exempt income during relevant assessment year, disallowance under section 14A was not warranted because in the absence of any tax-free income, the corresponding…

Continue ReadingDisallowance under section 14A for Expenditure against exempt income if No dividend income is not claimed as exempt by assessee

Rent from Children can not be treated as a Tool for Tax Evasion if it is a Genuine Arrangement: ITAT in case of Md. Hussain Habib Pathan v. Asst. CIT

In a significant ruling, the ITAT), Mumbai bench has held that the rent received from son and daughter of the assessee could not be treated as a tax evasion tool…

Continue ReadingRent from Children can not be treated as a Tool for Tax Evasion if it is a Genuine Arrangement: ITAT in case of Md. Hussain Habib Pathan v. Asst. CIT

High Court set a side addition made on a/c of cash deposited during demonetization period by saying assessee had not been heard in E assessment proceeding

HC of Madras in the case of Salem Sree Ramavilas Chit Company Private Limited v/s The Deputy Commissioner of Income Tax vide its Writ Petition No:1732 dated 4th February 2020…

Continue ReadingHigh Court set a side addition made on a/c of cash deposited during demonetization period by saying assessee had not been heard in E assessment proceeding