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603 orders · Page 4 of 13
The High Court quashed the ITAT's order and remanded the matter back for fresh adjudication. The Tribunal is to reconsider whether the assessee complied with the Industrial Park Scheme, 2002, and is eligible for the deduction.
The tribunal held that the assessee failed to provide any material to prove the cash belonged to M/s S.S. Tours and Travels. The court found this to be a pure finding of fact without perversity, thus not subject to interference under Section 260A.
The High Court held that the assessee bank was eligible for deduction under Section 36(1)(viii) as it qualified as a 'Financial Corporation' under the Act. The court also noted that other substantial questions of law had already been decided against the revenue in previous judgments.
The High Court found that the revenue's appeal was based on the same grounds as a previous appeal that had already been dismissed. Therefore, no substantial question of law arose.
The High Court noted that its own previous dismissal of the Revenue's appeal against the earlier ITAT orders (for AY 2009-10 and 2010-11) meant no substantial question of law arose in the current appeal.
The Tribunal held that the waived interest could not be reduced from book profit as no provision was made for it, and it was treated as a liability. However, a portion of the waiver (Rs. 1.08 Crores) was remitted for further examination.
The Tribunal correctly held that denial of cross-examination violates natural justice. The High Court affirmed that the existence of leased assets and genuineness of transactions are questions of fact, concluded by concurrent findings.
The tribunal dismissed the review petition because the revenue could not furnish documents to prove their case fell under the exception. Liberty was granted to the revenue to seek revival again upon obtaining necessary documents.
The High Court held that substantial questions of law 1 to 3 were against the revenue and in favour of the assessee. However, for questions 4 and 5 concerning bad debts, the tribunal's order was quashed.
The High Court held that the maintenance of separate accounts for STP and non-STP units was directory, not mandatory, under Section 10A. It also found that the issue of double deduction did not arise. However, the court found that the tribunal had not properly addressed the condition of export sales being at least 75% of total sales.
The High Court held that the denial of cross-examination, even with efforts to trace the assessee, violates natural justice. The court found no merit in the revenue's appeal.
The High Court held that the advance of Rs. 62,84,681/- to a sister concern for municipal taxes was for business expediency and affirmed the Tribunal's finding. However, the advance of Rs. 7 Crores to another sister concern was remitted to the Tribunal for fresh consideration due to lack of evidence. Additions to book profits under Section 115JB and allocation of common expenses were held in favour of the assessee.
The learned counsel for the assessee sought and was granted leave to withdraw the appeal. Consequently, the High Court dismissed the appeal as withdrawn. No decision was made on the merits of the case, and therefore, no ratio decidendi or operative directions were issued. The specific issues that led to the original appeal before the ITAT are not detailed in this High Court judgment.
The Tribunal affirmed the Commissioner's finding that the bank had discharged its onus by providing corroborative evidence of the leased assets' existence. The High Court held that the issue of asset existence is a question of fact, and the concurrent findings of fact by the lower authorities were not perverse.
The High Court answered the substantial questions of law against the revenue and in favour of the assessee. However, the court quashed the ITAT's finding regarding an advance of Rs. 7 Crores to a sister concern and remitted the matter back to the ITAT for fresh adjudication.
The High Court held that the criminal revision petition should have been filed before the Sessions Court, as the Special Court is presided over by a Judicial Magistrate subordinate to the Sessions Court. Therefore, the petition was transferred to the appropriate Sessions Court.
The Tribunal erred in holding that the income from stock options was salary income, as there was no employer-employee relationship between the assessee and SiRF USA. The right to purchase shares constitutes a capital asset, and its cashless exercise is a transfer of this asset.
The High Court noted that a mutual agreement had been reached between the competent authorities of India and USA, and the Assessing Officer had passed an order giving effect to this agreement. Consequently, the substantial questions of law were rendered academic.
The High Court, referencing a related judgment, found the substantial questions of law to be in favor of the assessee. Consequently, the appeal filed by the revenue was dismissed.
The High Court directed the formation of a committee to examine claims for deletion of acquired lands based on specific criteria, including prior conversion, layout formation, and construction. The BDA is to act on the committee's reports.
The High Court decided that substantial questions of law III, IV, and V were already answered in favor of the assessee by a previous judgment. Consequently, the ITAT order was quashed.
The High Court allowed the appellant's request to withdraw the appeal. Liberty was granted to revive the appeal if the occasion arises.
The High Court, by referring to a judgment passed on the same day in another case, found no merit in the Revenue's appeal. The substantial questions of law were answered in favour of the assessee.
The High Court held that the substantial questions of law raised in the appeal had already been decided against the revenue in a previous judgment. Therefore, no substantial question of law arose for consideration.
The High Court held that no substantial question of law arose for consideration as the issue had been decided against the revenue in a previous judgment. Therefore, the appeal was dismissed.
The High Court held that the assessee is entitled to disclose revenue from certain activities spread over the period of insurance policies, rather than recognizing the entire amount when invoices are raised. The court also found the assessee was allowed to change its method of accounting and could follow accounting standard 9 for revenue recognition.
The Tribunal held that since there was uncertainty of recovery and the arrangement for sharing charges was later scrapped, the income was hypothetical and not real. Therefore, it was not taxable in the relevant assessment year. The High Court agreed with the Tribunal.
The Tribunal held that the assessee rightly followed Accounting Standard-9 for revenue recognition on a pro-rata basis and that its activities were not those of an insurance company. The High Court agreed, stating the assessee is entitled to change its accounting method if it results in a more appropriate preparation of financial statements.
The High Court quashed the impugned Family Court orders for interim maintenance and salary attachment. It directed the Family Court to reconsider the interim maintenance application from September 2020 onwards, considering subsequent events and rental income.
The High Court held that the assessee is entitled to disclose revenue from insurance policies over the period of the policies, rather than recognizing the entire amount when invoices are raised. The court also found the assessee was allowed to change its method of accounting and follow Accounting Standard 9 for revenue recognition.
The High Court quashed the order passed by the Tribunal. The matter was remitted back to the Tribunal for disposal within six months.
The High Court found a discrepancy regarding whether the assessee produced a warrant of authorization or a panchanama. Therefore, the court quashed the ITAT's order and remitted the matter back to the Tribunal for a fresh decision.
The High Court quashed the order passed by the ITAT. The matter was remitted back to the Tribunal for fresh consideration.
The Tribunal held that amounts from lapsed demand drafts, credited to the profit and loss account but appropriated to a general reserve as per RBI instructions, do not partake the character of income in the hands of the assessee and are not taxable. The assessee remains obligated to meet future claims from this reserve.
The High Court dismissed the appeal filed by the Revenue. The court followed its judgment in related appeals, indicating that the Revenue's grounds were not accepted.
The High Court disposed of the appeal with liberty granted to the revenue to revive it. This was based on the assessee's submission regarding the tax effect and the binding nature of the CBDT circular.
The High Court dismissed the appeal filed by the Revenue. The court's decision was based on reasons provided in other related judgments delivered on the same day.
The High Court held that the question of compliance with Section 10B conditions is a question of fact, and the concurrent findings of the CIT(A) and ITAT, based on evidence, were not perverse. The court also found that the assessee was a new unit and that the claim for revised deduction was validly considered.
The High Court held that the question of compliance with Section 10B conditions is a question of fact, and the concurrent findings of the CIT(A) and ITAT, based on evidence, were not perverse. The court also found that the assessee was a new unit and that the claim for revised deduction was validly considered.
The High Court held that the question of compliance with Section 10B conditions is a question of fact, and the concurrent findings of the CIT(A) and ITAT, based on evidence, were not perverse. The court also found that the assessee was a new unit and that the claim for revised deduction was validly considered.
The High Court set aside the controlling authority's order regarding the incorrect service period calculation and the deduction of income tax. The rest of the authority's findings were upheld.
The High Court held that the issues involved in the appeal were rendered academic, similar to other related appeals decided on the same day. Consequently, the appeal was dismissed.
The High Court held that the questions involved in the appeal were rendered academic. Therefore, the appeal was dismissed.
The High Court directed the Commissioner of Income Tax (Appeals) to expeditiously dispose of the petitioner's appeal. The court also waived the requirement of statutory pre-deposit for the appeal.
The High Court held that substantial question of law (3) regarding depreciation disallowance was already answered by a previous judgment in favour of the assessee. The court disposed of the appeal with liberty to argue other questions in a separate appeal.
The High Court held that the restrictions on gold import were imposed by notifications issued after the dates of import. Therefore, the goods were freely importable at the time of their import by the respondent.
The High Court noted that the ITAT's order remitting the matter to the Assessing Officer rendered the first substantial question of law academic. The second substantial question of law was answered against the revenue based on a previous High Court decision.
The High Court found that the ITAT erred in placing the burden on the Assessing Officer to prove that investments were made from borrowed funds. The matter was remitted to the Commissioner of Income Tax (Appeals) to examine the assessee's claim of using surplus funds for investments.
The tribunal held that the discount on debentures should be allowed as a deduction only in proportion to the debentures redeemed in the relevant year, not in full in the year of issue. This was based on the principle that the benefit of the discount is realized over the life of the debentures.
The High Court held that the Revenue is liable to pay interest on the unpaid interest calculated under Section 244A. This decision was based on a prior judgment of the same court.