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136 orders · Page 3 of 3
The Tribunal allowed depreciation on electrical installation at 15% based on a previous ruling. The issue of undisclosed receipts was restored to the AO for further evidence. The set-off of unabsorbed business loss against book profit was upheld.
The tribunal dismissed the grounds related to treating interest income as business income, following a jurisdictional High Court ruling. However, it remanded the issue of expense deduction related to this interest income back to the Assessing Officer for verification.
The Tribunal held that the assessee failed to provide valid justification for the delay in obtaining PAN and did not furnish evidence to support its business activities in earlier years. The cash deposit was therefore considered to be from undisclosed sources.
The tribunal dismissed the grounds related to treating interest income as business income, following a jurisdictional High Court ruling. However, it remanded the issue of expense deduction related to this interest income back to the Assessing Officer for verification.
The Tribunal held that the reassessment order was neither erroneous nor prejudicial to the revenue because the sale deed was cancelled and the consideration was repaid. Therefore, Section 56(2)(vii)(b) was not applicable.
The Tribunal held that the CIT(A) passed an ex-parte order without adjudicating the issues. In the interest of justice, the matter was remanded back to the CIT(A) for proper adjudication on merits, ensuring the assessee is given an opportunity of hearing.
The Tribunal held that the realization of advances and income thereon were diverted at source due to a statutory obligation to repay the DICGCI. Therefore, such income was not taxable in the hands of the assessee.
The Tribunal upheld the CIT(A)'s decision, finding the purchase of computers to be genuine and allowing depreciation. Consequently, related interest expenditure was also allowed. Disallowances under Section 40A(3) and Section 14A were also deleted based on the CIT(A)'s reasoning and judicial precedents.
The Tribunal restored issues related to export commission, clearing and forwarding expenses, and ocean freight to the CIT(A) for fresh adjudication. It upheld the CIT(A)'s deletion of interest expenses and the addition for outstanding creditors, while partly allowing the assessee's appeal on TDS disallowances.
The Tribunal upheld the order of the CIT(A) confirming the addition made by the Assessing Officer. The assessee failed to discharge the onus of proving the identity, creditworthiness, and genuineness of the outstanding liability to ACE Enterprises.
The Tribunal allowed depreciation on electrical installation at 15% based on a previous ruling. The issue of undisclosed receipts was restored to the AO for further evidence. The set-off of unabsorbed business loss against book profit was upheld.
The Tribunal allowed depreciation on electrical installation at 15% based on a previous ruling. The issue of undisclosed receipts was restored to the AO for further evidence. The set-off of unabsorbed business loss against book profit was upheld.
The Tribunal found that a significant portion of the difference was due to service tax accounted separately and prior year adjustments, which should be reconciled. For the remaining unreconciled amount, the addition was restricted to the profit element (8% of the gross amount).
The Tribunal held that once a resolution plan is approved by the NCLT, all claims not part of the plan are extinguished, and no proceedings can be continued. Therefore, the Revenue's appeal is infructuous.
The Tribunal held that the penalty under Section 271(1)(c) does not sustain as the basis for the penalty has been deleted by a previous Tribunal order. The Department also failed to demonstrate any concealment of income or furnishing of inaccurate particulars by the assessee.
The Tribunal held that reopening of assessment under Section 147 is invalid if it is initiated solely for the purpose of verification. Following the Gujarat High Court's decision, the Tribunal quashed the assessment framed under Section 147.
The Tribunal held that since no delivery took place in the speculative derivative transactions, they did not constitute turnover for the purpose of Section 44AB. The assessee had a bona fide belief that audit was not required.
The Tribunal held that the reasons provided by the assessee for the inordinate delay were not reasonable and lacked supporting evidence, such as an affidavit from the accountant. The Tribunal also noted the assessee's lack of vigilance and cooperation throughout the proceedings.
The Tribunal restored issues related to export commission, clearing and forwarding expenses, and ocean freight to the CIT(A) for fresh adjudication. It upheld the CIT(A)'s deletion of interest expenses and the addition for outstanding creditors, while partly allowing the assessee's appeal on TDS disallowances.
The Tribunal allowed depreciation on electrical installation at 15% based on a previous ruling. The issue of undisclosed receipts was restored to the AO for further evidence. The set-off of unabsorbed business loss against book profit was upheld.
The Tribunal held that the PCIT could not revise the assessment order under Section 263 because the issue of agricultural income had already been considered and decided by the Commissioner of Income Tax (Appeals). Therefore, the revision proceedings were unjustifiable.
The Tribunal held that differential treatment cannot be given to co-owners for the same sale transaction. Following judicial precedents, the Tribunal quashed the assessment order invoking Section 50C, citing the principle of equality under Article 14 of the Constitution.
The Tribunal held that for Section 195 to apply, the payment must have an element of income taxable in India. Since the commission paid to non-resident agents was not taxable in India, the assessee was not obligated to deduct TDS, and the disallowance was deleted.
The Tribunal held that the CIT(A) was correct in allowing the deduction under Section 80IB(11C) as the assessee had complied with the conditions, including obtaining necessary certificates and having arrangements for additional staff. The Tribunal also found that the bullion investment was properly explained and accounted for.
The Tribunal held that the provisions made by the assessee were reduced from the corresponding assets on the balance sheet, constituting an actual write-off. Following the Gujarat High Court's decision, such write-offs are not hit by Section 115JB.
The Tribunal found that the assessee had provided sufficient documentary evidence, including FD maturity advice and bank statements, to establish the source of funds for the mutual fund investments. Therefore, the addition made under Section 69 was deleted.
The Tribunal held that the assessee had furnished full and true particulars of the loss, and the omission to add it back was a bona fide and inadvertent mistake. Following the Supreme Court's decision in Price Waterhouse Coopers Pvt Ltd, the Tribunal cancelled the penalty.
The Tribunal held that since the assessee was still in loss even after the disallowance of bad debts, there was no tax evasion and thus no mala fide intention. Therefore, the penalty was not sustainable.
The Tribunal upheld the CIT(A)'s decision to restrict the addition on sundry debtors written off, finding that the assessee had offered them as income. The Tribunal also upheld the CIT(A)'s restriction of Attimari Coolie expenses to 25%, following a precedent from a previous assessment year.
The Tribunal held that the CIT(A) was correct in allowing the deduction under Section 80IB(11C) as the assessee had complied with the conditions, including obtaining necessary certificates and having arrangements for additional staff. The Tribunal also found that the bullion investment was properly explained and accounted for.
The Tribunal held that the payments made to the University of Texas were not in the nature of royalty or fees for technical services as defined under the India-USA DTAA. Specifically, the 'make available' clause was not satisfied, meaning the assessee was not enabled to carry out similar research independently.
The Tribunal held that the TPO erred in treating the arm's length price of the intra-group services as 'Nil' without applying any prescribed benchmarking method. The assessee had provided substantial evidence of receiving services, and the TPO's approach was unsustainable.
The Tribunal held that the source of withdrawal was clearly demonstrated in the bank statement, and the subsequent deposit of cash in hand, which originated from a bank withdrawal, could not be treated as unexplained money. The assessee had sufficiently explained the source of the cash.
The Tribunal held that the payments made to the University of Texas were not in the nature of royalty or fees for technical services as defined under the India-USA DTAA. Specifically, the 'make available' clause was not satisfied, meaning the assessee was not enabled to carry out similar research independently.