![Income Tax Department cannot make Additions based on Statements Retracted during Search without Incriminating Material: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Addition-Incriminating-Material-found-during-Search-and-Seizure-Incriminating-Material-Search-and-Seizure-ITAT-taxscan.jpg "Income Tax Department cannot make Additions based on Statements Retracted during Search without Incriminating Material: ITAT [Read Order]")
Income Tax Department cannot make Additions based on Statements Retracted during Search without Incriminating Material: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the Income Tax Department cannot make additions to an assessee's...
![Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Mumbai-Income-tax-Tax-Free-Income-Tax-free-income-investments-TAXSCAN.jpg "Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]")
![Disallowance u/s 14A can be made only in Respect of Investments that yielded Tax-Free Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Disallowance-Investments-Tax-Free-Income-ITAT-Investments-that-Yielded-Tax-Free-Income-taxscan.jpg "Disallowance u/s 14A can be made only in Respect of Investments that yielded Tax-Free Income: ITAT [Read Order]")
CBDT exempts Chennai Metropolitan Water Supply and Sewerage Board from Income Tax u/s 10(46) [Read Notification]
The Central Board of Direct Taxes (CBDT), vide notification no. S.O. 90(E) dated 8th January 2024 has notified the income tax exemption of Chennai Metropolitan Water Supply and Sewerage Board under...
![CBDT exempts Chennai Metropolitan Water Supply and Sewerage Board from Income Tax u/s 10(46) [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/01/CBDT-Chennai-Metropolitan-Water-Supply-Sewerage-Board-Income-Tax-TAXSCAN.jpg "CBDT exempts Chennai Metropolitan Water Supply and Sewerage Board from Income Tax u/s 10(46) [Read Notification]")
Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance made under Section 14A of the Income Tax Act 1961 read with Section 8D(2)(ii) of the Income Tax Rules 1962. ...
![Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Interest-Funds-Investments-Interest-Bearing-Funds-Not-Applied-for-the-Purpose-of-Making-Investments-ITAT-taxscan.jpg "Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]")
Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal held that AO will re-compute the disallowance only on the investments giving rise to exempt income and exclude the investments which does not...
![Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-prove-interest-bearing-funds-investments-rise-exempt-income-ITAT-directs-re-computation-disallowance-taxscan.jpg "Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]")
Non adherence to RBI Circular Prior to Issue of Audit Report is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 1 lakh
The Institute of Chartered Accountants of India (ICAI), reprimanded a Chartered Accountant (CA), imposed a fine of Rupees one lakh and held that non-adherence to Reserve Bank of India (RBI) Circular...
CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]
The Central Board of Direct Taxes (CBDT) has clarified the taxability of Income earned by Non-Resident Investor from off-shore Investments in Investment Fund routed through Alternative Investment...
![CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]](https://www.taxscan.in/wp-content/uploads/2023/07/CBDT-CBDT-clarifies-taxability-of-Income-Income-investments-taxscan.jpg "CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]")
