S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendments to section 14A by Finance Act, 2022-No retrospective effect. [R. 8D]
DCIT v. Welspun Steel Ltd (Mum)(Trib)
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendment made by Finance Act, 2022 to section 14A by inserting a non-obstante clause and Explanation will take effect from 1-4-2022 and cannot be presumed to have retrospective effects.[R.8D]
ACIT (LTU) v. Tamilnadu Petroproducts Ltd. (2023) 103 ITR 92 (SN) (Chennai)(Trib)S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-Amendment introduced by Finance Act, 2022, is prospective.[R.8D]
Radison Projects Pvt. Ltd v ITO (2023) 103 ITR 17 (SN)(Kol) (Trib)S. 14A : Disallowance of expenditure-Exempt income-No fresh investments towards mutual funds made in current year-Disallowance is not valid. [R.8D]
DCDC Health Services P. Ltd. v. ACIT (2023) 105 ITR 60 (Delhi) (Trib)S .14A : Disallowance of expenditure-Exempt income-Disallowance of expenditure cannot exceed exempt income earned .[R.8D]
ABCI Infrastructure P. Ltd. v. ACIT (2023) 154 taxmann.com 397 /104 ITR 95 (Guwahati) (Trib)S .14A : Disallowance of expenditure-Exempt income-Only investments yielding tax free dividend income to be considered for disallowance.[R.8D]
Dy. CIT v. Wahid Sandhar Sugars Ltd. (2023)104 ITR 60 (SN)(Delhi) (Trib)S .14A : Disallowance of expenditure-Exempt income–Amendments to section 14A by Finance Act, 2022 is not retrospective effect. [R.8D]
DCIT v. Welspun Steel Ltd (Mum)(Trib) (UR)S. 14A : Disallowance of expenditure-Exempt income – Disallowance cannot exceed exempt income-A.O. to restrict allowance accordingly. [R. 8d]
Hero Corporate Service Pvt. Ltd. v Dy. CIT (2023)101 ITR 77 (SN)(Delhi) (Trib)S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Luxury cars – Trustess did not use the cars-AO did not bring anything on record to rebut the claim of the assessee that the car was used for the principal and staff of the school – Disallowance made by AO to be deleted.[S. 2(15), 11]
Manohar Education Society v. ITO (E) (2023) 200 ITD 682 (SMC) (Delhi)(Trib.)S. 12AB: Procedure for fresh registration-Company registered under Companies Act – Objects are not profit motive – Denial of exemption is not justified. [S. 12A, Companies Act, 2013, S. 8(1)]
Keeday Makauday Foundation v. CIT (E)(2023) 200 ITD 39(Jaipur)(Trib)