Youtor
WHETHER DISALLOWANCE US 14A CAN EXCEED EXEMPT INCOME
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=6rQyAi61ndA
link for full case: https://drive.google.com/file/d/1Clvy... • Case Summary: • [2021] 433 ITR 23 (Mad) • [IN THE MADRAS HIGH COURT] • PRINCIPAL COMMISSIONER OF INCOME-TAX • v. • EWS FINANCE AND INVESTMENTS PVT. LTD. • T. S. SIVAGNANAM and MS. R. N. MANJULA JJ. • February 15, 2021. • Section(s): Income-tax Act, 1961, s. 14A Assessment Year: 2009-10 • Favouring: Assessee • Tag Line: Whether disallowance u/s 14A can exceed exempt income? • 'The following are principles of section 14A : • (a) To prevent claim for deduction of expenditure in relation to exempt income. • (b) To ensure that only expenses incurred in respect of earning taxable income are allowed ; • (c) To apportion expenditure between taxable and non-taxable income of an indivisible business; • (d) the basic principle of taxation is to tax net income. • (e) once a proximate cause for disallowance is established , a disallowance has to be effected . • • Cases referred to : • CIT v. Chennai Properties and Investments Ltd. [2005] 274 ITR 117 (Mad) (para 4) • CIT v. Elnet Technologies Ltd. [2013] 30 taxmann.com 63 (Mad) (para 4) • CIT v. Taikisha Engineering India Ltd. [2015] 370 ITR 338 (Delhi) (para 4) • CIT v. Tidel Park Ltd. [2020] 15 ITR-OL 502 (SC) (para 4) • Godrej and Boyce Manufacturing Co. Ltd. v. Deputy CIT [2010] 328 ITR 81 (Bom) (para 4) • Joint Investments Pvt. Ltd. v. CIT [2015] 372 ITR 694 (Delhi) (para 4) • #EWSFINANCEANDINVESTMENTSPVTLTD • #section14A • #CITvChennaiPropertiesandInvestmentsLtd • #CITvElnetTechnologiesLtd • #CITvTaikishaEngineeringIndiaLtd • #CITvTidelParkLtd • #GodrejandBoyceManufacturingCoLtdvDeputyCIT • #JointInvestmentsPvtLtdvCIT • #IncomeTaxcasesUpdates • #LatestIncomeTaxcases • #IncomeTax • #IncomeTax1961 • #IncomeTaxNotices • #IncomeTaxCases • #incometaxcasesanalysis • #IncomeTaxLaw • #CaseLaw • #CaseStudy • #advocateamitkumargupta • #9811291390 • #amitkumargupta
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