![Penalty can’t be Levied for Disallowance of a Claim which was Debatable and Bonafide: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/12/No-Penalty-Taxscan.jpg "Penalty can’t be Levied for Disallowance of a Claim which was Debatable and Bonafide: ITAT [Read Order]")
Penalty can’t be Levied for Disallowance of a Claim which was Debatable and Bonafide: ITAT [Read Order]
While dismissing the appeal filed by the revenue the Chandigarh bench of Income Tax Appellate Tribunal (ITAT) held that if disallowance of claim was...
![No Disallowance u/s 40(a)(ia) when Assessee deducted TDS under Wrong Provision under a bonafide belief: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/09/TDS-Taxscan.jpg "No Disallowance u/s 40(a)(ia) when Assessee deducted TDS under Wrong Provision under a bonafide belief: ITAT Mumbai [Read Order]")
![Cash Payments made in a Village which does not have Banking Facility are not allowable as Expenditure unless Genuineness of Same is proved: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/03/Cash-Transaction-Limit.jpg "Cash Payments made in a Village which does not have Banking Facility are not allowable as Expenditure unless Genuineness of Same is proved: Bombay HC [Read Judgment]")
![Disallowance under Sec. 14A is Applicable to Dividend Income even if DDT is Paid on it: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/08/Supreme-Court-of-India-Taxscan.jpg "Disallowance under Sec. 14A is Applicable to Dividend Income even if DDT is Paid on it: SC [Read Judgment]")
Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]
In CIT v. Jubiliant Enterprises Pvt. Ltd, the division bench of the Bombay High Court confirmed that the disallowance of interest under Section 14A of the Income Tax Act should be made with reference...
![Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-2-Tax-Scan.jpg "Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]")
No Disallowance with respect to Exempt Income can be made if the Securities are held as Stock-in-Trade: Calcutta HC [Read Order]
In CIT v. M/s. G K K Capital Markets (P) Limited, the division bench of the Calcutta High Court held that no disallowance under section 14A r/w Rule 8D can be made with respect to exempt income if...
![No Disallowance with respect to Exempt Income can be made if the Securities are held as Stock-in-Trade: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/07/Shares-TaxScan.jpg "No Disallowance with respect to Exempt Income can be made if the Securities are held as Stock-in-Trade: Calcutta HC [Read Order]")
Retainership Fee Paid to the Advisor cannot be disallowed when the service was availed for Gaining both Taxable and Exempted Income: Kolkata ITAT [Read Order]
In a recent ruling, the division bench of the Kolkata ITAT ruled that the retainership fee paid to a person for rendering advisory services on investments cannot be disallowed by invoking section 14A...
![Retainership Fee Paid to the Advisor cannot be disallowed when the service was availed for Gaining both Taxable and Exempted Income: Kolkata ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "Retainership Fee Paid to the Advisor cannot be disallowed when the service was availed for Gaining both Taxable and Exempted Income: Kolkata ITAT [Read Order]")
![‘Privilege Fee’ is allowable as Expenditure u/s 37 of Income Tax Act: ITAT Hyderabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "‘Privilege Fee’ is allowable as Expenditure u/s 37 of Income Tax Act: ITAT Hyderabad [Read Order]")
Disallowance of Input Tax Credit is not an ‘Error’ to be rectified u/s 66 of KVAT Act: Kerala HC [Read Judgment]
In a recent ruling, the single bench of the Kerala High Court held that disallowance of the input tax credit by the assessing officer cannot be a ground for invoking s. 66 of the KVAT Act since it is...
Penalty cannot be levied on Non-disallowance of Expenditure by the assesee on bonafide belief: ITAT Mumbai [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal, Mumbai, if the assessee does not make disallowance u/s 43-Bin bonafide belief, then the Revenue cannot impose penalty under section 271(1)(c) of...
![Penalty cannot be levied on Non-disallowance of Expenditure by the assesee on bonafide belief: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Penalty-Tax-Scan.jpg "Penalty cannot be levied on Non-disallowance of Expenditure by the assesee on bonafide belief: ITAT Mumbai [Read Order]")