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178 orders · Page 2 of 4
The Tribunal held that the assessee was indeed a developer, not merely a contractor, based on the risks, responsibilities, and financial involvement undertaken. Consequently, the claim for deduction under Section 80IA(4) was allowed.
The Tribunal held that the assessee was indeed a developer, not merely a contractor, based on the risks, responsibilities, and financial involvement undertaken. Consequently, the claim for deduction under Section 80IA(4) was allowed.
The Tribunal held that the assessee was indeed a developer, not merely a contractor, based on the risks, responsibilities, and financial involvement undertaken. Consequently, the claim for deduction under Section 80IA(4) was allowed.
The Tribunal set aside the ex-parte orders of the CIT(A) and remanded the matters back to the AO. The assessee was granted an opportunity to be heard and present evidence before the AO.
The Tribunal held that since the CESTAT had deleted the additions proposed by the Excise Department, and the ITAT had previously directed fresh adjudication based on the CESTAT order, the additions sustained by the CIT(A) were liable to be set aside. The Tribunal also noted that additions were made on an estimated basis without rejecting the assessee's books of accounts.
The Tribunal held that the assessee was indeed a developer, not merely a contractor, based on the risks, responsibilities, and financial involvement undertaken. Consequently, the claim for deduction under Section 80IA(4) was allowed.
The Tribunal, considering the ratio laid down by the Hon'ble Jurisdictional High Court in CIT vs. GSRTC, found no merit in the assessee's appeal. Therefore, the appeal was dismissed.
The Tribunal held that the foreign exchange fluctuation was in accordance with Accounting Standard AS-11 and universally accepted accounting practices. Therefore, it was an eligible claim and could not be disallowed.
The tribunal held that proceedings under the Insolvency and Bankruptcy Code (IBC) override those under the Income Tax Act. Since the resolution plan was approved by the NCLT and the Income Tax Department's claim was not part of it, the appeal was not maintainable.
The Tribunal held that the assessee's failure to disclose the income was a bonafide mistake, as the survey occurred after the original return was filed. Therefore, the penalty was not justified.
The Tribunal noted that the CIT(A) passed an ex parte order without giving the assessee an adequate opportunity to present their case. Therefore, the matter was restored to the CIT(A) for adjudication on merits.
The Tribunal held that the distance of the land from the municipal limits of Ahmedabad should be measured as on the date of the CBDT notification (06.01.1994), not the date of transaction. The AO was directed to verify this distance and delete the addition if the land was beyond 8 KM.
The Tribunal held that the mere fact that service tax was debited but not credited in the P&L account does not mean it was not accounted for. It also noted that service tax is presumed to be included in the sales price if not collected separately, a fact confirmed by the CIT(A) in the succeeding year.
The Tribunal held that merely because a claim was not accepted by the revenue does not automatically attract penalty. The revenue must prove deliberate error or intention to evade tax, which was not established in this case. The assessee's admission of mistake was considered bona fide.
The Tribunal held that the assessee had sufficiently explained the cash deposits by providing a cash book and substantiating the opening balance. The addition was made without any basis as the revenue had not controverted the assessee's explanations.
The Tribunal held that the project's initial approval was obtained on January 11, 2008, which was before the stipulated date. Relying on a previous ITAT decision for the assessee's own case for AY 2012-13, the Tribunal found no violation of Section 80IB(10).
The Tribunal allowed the assessee's request to withdraw the appeal, noting that the Revenue had no objection. The appeal was dismissed under the VSV Scheme.
The Tribunal held that since the assessee did not maintain any books of accounts due to seizure by the search team, the penalty under Section 271B for failure to get accounts audited does not arise. Furthermore, there was a reasonable cause for the failure as per Section 273B.
The Tribunal found no justifiable basis for the 20% profit rate applied by the revenue authorities. Considering Section 44AD of the Act, which presumes an 8% net profit for civil contracts, the Tribunal directed the addition to be restricted to 8% of the receipts.
The Tribunal upheld the CIT(A)'s decision regarding the classification of income from sale of land as Long Term Capital Gains, following the principle of consistency as the Revenue had accepted it as such in earlier years. The issue of house property income was remanded for fresh determination.
The Tribunal set aside the ex-parte orders of the CIT(A) and remanded the matters back to the AO. The assessee was granted an opportunity to be heard and present evidence before the AO.
The Tribunal held that since the CESTAT had deleted the additions proposed by the Excise Department, and the ITAT had previously directed fresh adjudication based on the CESTAT order, the additions sustained by the CIT(A) were liable to be set aside. The Tribunal also noted that additions were made on an estimated basis without rejecting the assessee's books of accounts.
The Tribunal found the assessee's reasons for non-appearance and delay to be plausible, especially considering the lack of proof of notice service and the assessee's request to avoid email communication. Therefore, the appeals were restored to the CIT(A).
The Tribunal condoned the delay in filing the appeal, citing the assessee's genuine difficulty and the need for substantial justice. It directed the revenue to grant credit for the DDT paid by correcting the OLTAS database, emphasizing the department's role in assisting assessees with genuine errors.
The Tribunal noted that the Kerala High Court had held that belatedly filed returns could be accepted for Section 80P claims if further proceedings were pending. Considering the short delay and in the interest of justice, the Tribunal restored the case to the CIT(Appeals) for fresh adjudication.
The Tribunal upheld the CIT(A)'s order, stating that subordinate authorities must give consequential effect to higher appellate orders unless stayed. The Revenue's appeal was dismissed as the ITAT's order was not stayed or set aside by a higher forum.
The Tribunal noted that the assessee had settled the dispute under the Vivad Se Vishwas Scheme and sought withdrawal. The Revenue did not dispute this position. Therefore, the appeal was dismissed as withdrawn.
The Tribunal noted that deficits from earlier years are treated as application of income in subsequent years. However, the assessee failed to provide necessary details regarding the carry forward of deficits. Therefore, the issue was restored to the AO for fresh adjudication.
The Tribunal held that interest earned from co-operative banks is eligible for deduction under Section 80P(2)(d) of the Act, following the Gujarat High Court's decision.
The Tribunal upheld the CIT(A)'s deletion of both additions. For labour expenses, the assessee had provided sufficient evidence including TDS, affidavits, and bills, satisfying the onus of proof. For the land development agreement, the CIT(A) correctly noted that not providing for the liability did not result in revenue loss or postponement of tax.
The Tribunal noted that the bank statement in question belonged to M/s Jenil Empire and not the assessee. Therefore, the income should not be taxed in the hands of the assessee. The matter was set aside and remitted back to the Assessing Officer for further examination.
The Tribunal held that the assessee's claim of bogus loss, admitted only after detection by the AO, constituted concealment of income. The delay in filing the appeal was attributed to the assessee's negligence.
The Tribunal partly allowed the appeal. It reduced the addition on account of estimated GP rate to Rs. 72,022, considering the assessee's prior year GP rate. The addition under section 40(a)(ia) was deleted, following the principle that once books are rejected and assessment is based on estimation, further line-by-line additions are not permissible.
The Tribunal, considering the unorganized nature of the assessee's business and the frequent cash transactions, applied the peak credit theory and other judicial precedents. It restricted the disallowance to 10% of the deposits made, considering it to meet the ends of justice.
The Tribunal held that the approval for reopening the assessment was granted mechanically without proper application of mind by the Principal Commissioner. Therefore, the assumption of jurisdiction was bad in law, rendering the assessment void ab initio.
The Tribunal followed a coordinate bench decision which had restored the Assessing Officer's order, relying on the jurisdictional Gujarat High Court's view. The Tribunal found the PCIT's revision order unsustainable.
The assessee requested to withdraw the appeal as the issue had become infructuous. The Tribunal accepted the assessee's request.
The Tribunal held that the AO had conducted detailed inquiries during the limited scrutiny assessment regarding interest expenses and deductions. The PCIT erred in concluding that the assessment order was erroneous and prejudicial to revenue, as the AO had applied his mind and made plausible conclusions based on the inquiries.
The Tribunal held that the CIT(A) had correctly found that the Assessing Officer was factually incorrect in disallowing interest as the assessee had mixed interest-free and interest-bearing funds. The Tribunal also upheld the deletion of addition on account of cessation of liability as the amounts were outstanding creditors shown in the books.
The Tribunal held that the CIT(A) had correctly found that the Assessing Officer was factually incorrect in disallowing interest as the assessee had mixed interest-free and interest-bearing funds. The Tribunal also upheld the deletion of addition on account of cessation of liability as the amounts were outstanding creditors shown in the books.
The Tribunal, in the absence of any submissions from the assessee, found no infirmity in the orders passed by the lower authorities. Consequently, the appeal was dismissed.
The Tribunal allowed the assessee's request to withdraw the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.
The Tribunal held that the issue is covered against the assessee by the jurisdictional High Court's decision. However, it allowed the assessee to revive the appeal if the Supreme Court reverses the High Court's finding.
The Tribunal held that adjustments under section 143(1)(a) are not permissible for debatable issues. Following its own order for a previous assessment year, the Tribunal allowed the assessee's appeal.
The Tribunal held that the CBDT circular No. 320 is applicable, and since the trustees are not entitled to any share in the income, the tax should be charged at the rate ordinarily applicable to an individual after allowing the basic exemption limit and slab rates.
The Tribunal held that for public charitable trusts where trustees are not entitled to any share of the income, tax should be charged at the rate applicable to an individual after allowing the basic exemption limit and slab rates, following a previous co-ordinate bench decision.
The Tribunal accepted the assessee's request for withdrawal of the appeal. The Revenue did not object to the withdrawal.
The tribunal held that interest income earned from co-operative banks is eligible for deduction under Section 80P(2)(d). However, interest income from nationalized banks is not eligible for such deduction.
The Tribunal held that for public charitable trusts where trustees are not entitled to any share of the income, tax should be charged at the rate applicable to an individual after allowing the basic exemption limit and slab rates, following a previous co-ordinate bench decision.
The Tribunal held that the CBDT circular No. 320 is applicable, and since the trustees are not entitled to any share in the income, the tax should be charged at the rate ordinarily applicable to an individual after allowing the basic exemption limit and slab rates.