Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Disallowance under section 14A was confined to the exempt income actually earned, because the Tribunal followed the binding Delhi High Court view that such disallowance cannot exceed the exempt income. The assessee had earned exempt income, while the Assessing Officer computed a higher amount under Rule 8D; the Tribunal restricted the disallowance to the exempt income amount. It also held that the Explanation inserted in section 14A by the Finance Act, 2022 operates prospectively and did not apply to Assessment Year 2017-18. The appeal was partly allowed and the disallowance was restricted accordingly.
Disallowance under section 14A was confined to the exempt income actually earned, because the Tribunal followed the binding Delhi High Court view that such disallowance cannot exceed the exempt income. The assessee had earned exempt income, while the Assessing Officer computed a higher amount under Rule 8D; the Tribunal restricted the disallowance to the exempt income amount. It also held that the Explanation inserted in section 14A by the Finance Act, 2022 operates prospectively and did not apply to Assessment Year 2017-18. The appeal was partly allowed and the disallowance was restricted accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
