S. 14A : Disallowance of expenditure-Exempt income-Disallowance can be made only on basis of investments which yielded tax free income. [R. 8D]
Zuari Investments Ltd. v. ITO (2022) 209 DTR 313 / 215 TTJ 515 / 139 taxmann.com 92 (Delhi) (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-Not filing details-Investment in subsidiary-Disallowance is proper. [R.8D]
Dhanada Corporation Ltd. v. ACIT (2022) 100 ITR 10 (SN) (Pune) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-No exempt income received during the year-Disallowance cannot be made-Amendment is from AY. 2022-23, prospective in nature.[R.8D]
Muthoot Vehicle and Asset Finance Ltd. v. ACIT (2022)100 ITR 185 (Cochin)(Trib)S. 14A : Disallowance of expenditure-Exempt income-Interest-Disallowance to be worked out on basis of net interest. [S. 8D(2)(ii)]
Bothra Financial Services v. ITO (2022) 100 ITR 452 (Delhi)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Failure to demonstrate that borrowed funds on which interest paid was not utilised for making investment-disallowance was affirmed. [R.8D(2)]
Karnataka State Beverages Corporation Ltd. v. ACIT (2022) 99 ITR 325 (Bang) (Trib)S. 14A : Disallowance of expenditure-Exempt income–Disallowance cannot exceed exempt income.[R.8D]
Dy. CIT v. Mahendra Brothers Exports Pvt. Ltd. (2022) 99 ITR 537 (Mum)(Trib)S. 14A : Disallowance of expenditure-Exempt income-No clear findings-Accounts not rejected-Disallowance was vacated. [R. 8D(2)(iii)]
Care Ratings Ltd. v. ACIT (2022) 215 TTJ 28 / 210 DTR 123 (Mum)(Trib)S. 14A : Disallowance of expenditure-Exempt income-Disallowance can be made only in respect of interest payments from those investments which the dividend income was earned.[R.8D(2)(iii)]
Dy. CIT v. Kanoria Chemicals & Industries Ltd. (2022) 215 TTJ 1003 (Kol)(Trib)S. 14A : Disallowance of expenditure-Exempt income-Share application money-Pending for allotment-Provisions of section 14A cannot be invoked. [R.8D]
Dy. CIT v. GVK Jaipur Expressway (P) Ltd. (2022) 216 TTJ 540 (Jaipur)(Trib)S.14A : Disallowance of expenditure-Exempt income-Interest free funds-Dividend through RTGS-Directed to verify calculation vis a vis calculation accepted in earlier years and restrict disallowance accordingly. [R.8D]
Oswal Woollen Mills Ltd. v. Add. CIT (2022)98 ITR 521 (Chad) (Trib)