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194 orders · Page 4 of 4
The Tribunal held that the penalty under Section 271E is not permissible in the absence of a regular assessment framed against the assessee. The Tribunal relied on a Punjab & Haryana High Court judgment on identical facts.
The Tribunal allowed the assessee's claim for written-off irrecoverable deposits as business loss. It remanded issues related to professional charges for project appraisal and due diligence to the AO for fresh adjudication. The disallowance for dead stock expenses was dismissed, and the disallowance under Section 14A was allowed.
The Tribunal held that the assessee was indeed a legal heir and had received a share of the sale consideration. It directed the Assessing Officer to recompute the capital gain based on the calculation made in a similar case of another co-owner.
The Tribunal restored the appeal to the CIT(A) for fresh consideration. This was done to provide the assessee with a proper opportunity of being heard, as the assessee claimed insufficient opportunity was given and additional evidence was not considered.
The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s deletion of several disallowances. The Tribunal also allowed the assessee's appeal, deleting the penalty imposed under Section 271(1)(c) as the initial claim was an inadvertent mistake.
The Tribunal held that the penalty under Section 271E is not permissible in the absence of a regular assessment framed against the assessee. The Tribunal relied on a Punjab & Haryana High Court judgment on identical facts.
The assessee sought to withdraw the appeal as the issue had been resolved in subsequent proceedings. The Tribunal allowed the withdrawal of the appeal.
The Tribunal set aside the ex-parte order of the CIT(A) and remanded the matter back to the CIT(A) for a fresh adjudication. The assessee was directed to pay a cost of Rs. 1000/- for failing to file required details on time.
The Tribunal held that the appeal of the Revenue was no longer maintainable due to the low tax effect, as per CBDT Circular No. 17 of 2019, which enhanced the monetary limit for appeals. The appeal was dismissed on this ground.
The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue of depreciation on plant and machinery to the Assessing Officer for fresh adjudication. The claim for depreciation on cars was also partly allowed for statistical purposes.
The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue of depreciation on plant and machinery to the Assessing Officer for fresh adjudication. The claim for depreciation on cars was also partly allowed for statistical purposes.
The Tribunal held that a claim being inaccurate does not automatically equate to furnishing inaccurate particulars of income. The penalty provisions under Section 271(1)(c) require an element of dishonest intent or consciousness, which was not established in this case. The assessee's claim was considered an 'inaccurate claim' rather than a deliberate act of furnishing inaccurate particulars.
The Tribunal held that the reassessment proceedings were valid. It also ruled that Section 56(2)(vii)(c) of the Income Tax Act would apply to shares allotted due to renouncement by unrelated third parties, but not for shares allotted due to renouncement by close relatives. The valuation of shares was upheld based on the previous year's balance sheet.
The Tribunal found that the CIT(A) passed ex-parte orders without giving the assessee a proper opportunity to be heard. Therefore, the impugned orders were set aside.
The Tribunal dismissed the Revenue's appeals as not maintainable, accepting the applicability of the CBDT circular which sets a threshold for tax effect in pending appeals.
The Tribunal held that interest earned from nationalized banks is not eligible for deduction under Section 80P, but only the net interest income after deducting expenses is taxable. However, interest earned from cooperative banks is eligible for deduction under Section 80P(2)(d).
The Tribunal dismissed the Revenue's appeals as not maintainable, accepting the applicability of the CBDT circular which sets a threshold for tax effect in pending appeals.
The Tribunal, considering the assessee's explanation for not providing details earlier and the Revenue's no objection, set aside the CIT(A)'s order. The matter was remanded back to the AO to consider the additional evidence filed by the assessee.
The Tribunal dismissed the Revenue's appeals as not maintainable, accepting the assessee's contention regarding the CBDT circular and the tax effect.
The Tribunal upheld the CIT(A)'s decision to admit additional evidence and delete the additions made by the AO. The Tribunal found no infirmity in the CIT(A)'s reasoning that the AO's rejection of books and estimation of gross profit lacked proper basis.
The Tribunal upheld the disallowance of cash payments for electricity expenses as the assessee failed to prove exceptions under Rule 6DD. The Tribunal also dismissed the Revenue's appeal against the deletion of additions for unsecured loans and share capital, finding the evidence sufficient.
The Tribunal held that the AO's assessment order lacked clear satisfaction for initiating penalty proceedings as mandated by Section 271(1B) of the Act. The direction to issue a penalty notice was not specific enough for all additions made.
The Tribunal held that the assessee was eligible for exemption under Section 10A from January 2010 onwards. The delay in STPI approval was due to procedural discrepancies beyond the assessee's control, and the subsequent approval should be treated as retrospective from the date of the original application.
The Tribunal held that the reassessment proceedings were valid. It also ruled that Section 56(2)(vii)(c) of the Income Tax Act would apply to shares allotted due to renouncement by unrelated third parties, but not for shares allotted due to renouncement by close relatives. The valuation of shares was upheld based on the previous year's balance sheet.
The Tribunal upheld the CIT(A)'s deletion of additions, finding that the assessee had provided sufficient documentary evidence during remand proceedings. The Tribunal noted that the AO's remand report did not contain adverse comments and that the Revenue failed to produce contrary evidence.
The Tribunal dismissed the appeal as not maintainable due to the delay in filing and the absence of grounds of appeal. No reason was found to condone the delay.
The Tribunal dismissed the Revenue's appeal regarding the disallowance of interest expenditure, following the precedent set by the Gujarat High Court and previous ITAT orders. The Tribunal also noted that the assessee's appeal was partly allowed for statistical purposes.
The Tribunal held that the assessee's admission of excess stock during the survey, coupled with the lack of proper supporting evidence for stock valuation, justified the addition. Offering the stock in subsequent years does not negate the existence of unaccounted stock in the current year.
The Tribunal held that merely making an incorrect claim for expenditure due to non-deduction of TDS does not amount to furnishing inaccurate particulars or concealment of income. The penalty was deleted as the Assessing Officer did not clearly establish the specific inaccurate particulars or concealment.
The Tribunal dismissed the Revenue's appeal regarding the disallowance of interest expenditure, following the precedent set by the Gujarat High Court and ITAT in the assessee's own case for earlier years. The assessee's appeal was partly allowed for statistical purposes.
The Tribunal dismissed the Revenue's appeals as not maintainable, acknowledging the applicability of the CBDT circular regarding tax effect thresholds. The Revenue can seek restoration if they can demonstrate inapplicability of the circular.
The Tribunal dismissed the Revenue's appeals as not maintainable because the tax effect did not exceed the revised monetary limit prescribed by CBDT Circular No. 17 of 2019.
The Tribunal dismissed the Revenue's appeals as not maintainable, acknowledging the applicability of the CBDT circular regarding tax effect thresholds. The Revenue can seek restoration if they can show the circular's inapplicability.
The Tribunal dismissed the Revenue's appeals as not maintainable, accepting the applicability of the CBDT circular which sets a threshold for tax effect in pending appeals.
The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue of depreciation on plant and machinery to the Assessing Officer for fresh adjudication. The claim for depreciation on cars was also partly allowed for statistical purposes.
The Tribunal held that the Revenue's appeal was not maintainable due to the CBDT circular which mandates dismissal of pending appeals where the tax effect does not exceed Rs. 50 Lakhs.
The Tribunal upheld the penalty, noting that the assessee did not provide any explanation or evidence before the lower authorities. The assessee also failed to appear for hearings before the NFAC, leading to the dismissal of their appeal.
The Tribunal found that the CIT(A) passed ex-parte orders without giving the assessee a proper opportunity to be heard. Therefore, the impugned orders were set aside.
The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue of depreciation on plant and machinery to the Assessing Officer for fresh adjudication. The claim for depreciation on cars was also partly allowed for statistical purposes.
The Tribunal held that interest earned by a co-operative society on its investments held with a co-operative bank is eligible for deduction under Section 80P(2)(d) of the Income Tax Act. The assessee's appeal was allowed.
The Tribunal upheld the disallowance of belated payments of employees' contribution towards PF & ESI, following the jurisdictional High Court's decision.
The tribunal held that belated payments of employees' contribution towards PF & ESI are not deductible. This decision followed the jurisdictional High Court's ruling on a similar issue.
The Tribunal held that while the CIT(A) was justified in admitting additional evidence, he failed to provide the Assessing Officer an opportunity to examine it as per Rule 46A(3). Therefore, the matter was restored to the Assessing Officer.
The Tribunal followed the jurisdictional High Court's decision which held that such delayed payments are not deductible. Therefore, the addition made by the AO was confirmed.