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113 orders · Page 1 of 3
The Tribunal held that the disallowance of expenses and depreciation under Section 14A was not warranted as the assessee had sufficient interest-free funds and Rule 8D was not applicable for the assessment year in question. Consequently, the penalties levied were cancelled.
The Tribunal held that the disallowance of expenses and depreciation under Section 14A was not warranted as the assessee had sufficient interest-free funds and Rule 8D was not applicable for the assessment year in question. Consequently, the penalties levied were cancelled.
The Tribunal held that Section 68 of the Income Tax Act is not attracted if the assessee does not maintain books of account. It also found that the assessee had discharged the initial onus by providing confirmations, PAN, and bank statements for the loan transactions.
The Tribunal held that interest earned from nationalized banks is not eligible for deduction under Section 80P. However, it remanded the matter to the Assessing Officer to determine the net interest income and miscellaneous income, considering expenses incurred for earning such income.
The Tribunal held that the failure to disclose the capital gain was a bona fide error and not an intentional concealment or furnishing of inaccurate particulars. Therefore, the penalty levied under Section 271(1)(c) was not justified.
The Tribunal decided to admit additional evidence submitted by the assessee, consisting of audited accounts of Orient Spa Ltd. and confirmation of accounts. The issue was remitted back to the Assessing Officer for proper adjudication after considering these evidences.
The Tribunal followed its co-ordinate bench's decision in the assessee's own case for the same assessment year, which deleted the disallowance under Section 40(a)(ia) on freight payments. Therefore, the demand under Section 201(1)/201(1A) was also deleted.
The Tribunal held that the assessee is eligible to claim TDS credit in the year the income is received and offered to tax, even if the TDS was deducted in an earlier year by the payer following the accrual system. This is consistent with the assessee's cash basis of accounting.
The Tribunal held that the assessee had indeed offered the unaccounted inventory as income. However, it remanded the issue to the AO to verify if the purchases account was adjusted for goods returned, which could impact the taxable income.
The Tribunal condoned the delay in filing the appeal and decided to remand the case back to the CIT(A) for fresh adjudication. This was to ensure the assessee receives an adequate opportunity of hearing, adhering to the principles of natural justice.
The Tribunal held that the 'mark to market' loss on the swap contract is an allowable business expense, following previous decisions in favour of the assessee's group entities. The disallowance made by the Assessing Officer was therefore incorrect.
The Tribunal held that the addition of Rs.10,75,000/- on account of capital gain was upheld. The reassessment proceedings were also upheld, and no interest was levied.
The Tribunal held that since the trust was registered under Section 12AA and all other conditions for exemption were fulfilled, the belated filing of Form 10B should not be a ground to deny exemption under Section 11. The AO and CIT(A) were not right in making the addition and denying the exemption.
The Tribunal held that once the dispute was settled under VSVS, the penalty proceedings became infructuous and could not be continued. Therefore, the penalty order was unsustainable.
The Tribunal held that while the bank account was in the name of the assessee's wife, the pay-in-slip was signed by the assessee, indicating a connection. Therefore, the addition was reduced by 50%.
The Tribunal held that the assessee's explanation of books being seized during a search constituted a reasonable cause for not getting the accounts audited. Therefore, the penalty levied under Section 271B was deleted.
The Tribunal held that the 'mark to market' loss on the swap contract is an allowable business expense, following previous decisions in favour of the assessee's group entities. The disallowance made by the Assessing Officer was therefore incorrect.
The Tribunal held that the disallowance of expenses and depreciation under Section 14A was not warranted as the assessee had sufficient interest-free funds and Rule 8D was not applicable for the assessment year in question. Consequently, the penalties levied were cancelled.
The Tribunal held that the reassessment proceedings under Section 147 were invalid because the reasons recorded for reopening did not align with the actual additions made. Consequently, the assessment order was quashed.
The Tribunal dismissed the Department's grounds of appeal concerning upward adjustments and royalty payments. It also dismissed the Department's appeal regarding the disallowance of education expenses for a director, upholding the CIT(A)'s decision.
The Tribunal held that the AO lacked valid reasons to reopen the assessment under Section 147. The information regarding cash deposits in FY 2016-17 did not establish a belief of escapement of income for AY 2015-16.
The Tribunal partly allowed the appeals, directing that a small percentage of bank deposits be considered as commission income. For one ground, the issue was restored to the CIT(A) for further verification regarding telescoping of cash found.
The Tribunal reiterated its earlier order, confirming the addition made by the AO and CIT(A) regarding unexplained term deposits. The Tribunal found no reason to deviate from the previous decision due to the assessee's consistent non-appearance.
The Tribunal dismissed the Department's grounds of appeal concerning upward adjustments and royalty payments. It also dismissed the Department's appeal regarding the disallowance of education expenses for a director, upholding the CIT(A)'s decision.
The Tribunal dismissed the Department's grounds of appeal concerning upward adjustments and royalty payments. It also dismissed the Department's appeal regarding the disallowance of education expenses for a director, upholding the CIT(A)'s decision.
The Tribunal upheld the additions made by the AO and confirmed the disallowance of speculation loss. The assessee's failure to provide evidence to substantiate claims regarding client code modifications and speculation loss led to the dismissal of the appeal.
The Tribunal dismissed the Department's grounds of appeal concerning upward adjustments and royalty payments. It also dismissed the Department's appeal regarding the disallowance of education expenses for a director, upholding the CIT(A)'s decision.
The Tribunal dismissed the Department's grounds of appeal concerning upward adjustments and royalty payments. It also dismissed the Department's appeal regarding the disallowance of education expenses for a director, upholding the CIT(A)'s decision.
The Tribunal clarified that the ground of appeal of the Revenue is dismissed, and consequently, the appeal filed by the Revenue is dismissed. The assessee is entitled to the deduction for interest expenses under Section 24(b) as the interest-bearing fund was used for acquiring the house property.
The Tribunal held that the change in Assessing Officer did not invalidate the assessment proceedings, as the successor officer had jurisdiction. The Tribunal also found that the assessee failed to establish the genuineness and source of cash gifts amounting to Rs. 16,56,000/-, making the addition just and proper.
The Tribunal held that the interest expenditure was incurred wholly and exclusively for the purpose of business, including land trading and financial business. The Assessing Officer and CIT(A) erred in disallowing the interest claim based on presumptive calculations.
The Tribunal held that the assessee had provided sufficient evidence, including cash books and sales details, to explain the cash deposits. The addition made by the Assessing Officer and upheld by the CIT(A) was deemed incorrect.
The Tribunal condoned the delay in filing the appeal, considering the reasons provided as sufficient cause to advance substantial justice. It also set aside the CIT(A)'s ex-parte order, stating that procedural non-compliance should not hinder justice, and restored the issue to the CIT(A) for fresh adjudication.
The Tribunal held that borrowing an amount for the smooth running of business, even during a lean period, is not a sole ground for disallowing interest. The disallowance under Section 36(1)(iii) was therefore not justified.
The Tribunal found merit in the assessee's contention that its internal comparable was more appropriate as it involved royalty for technology to assemble entire vehicles, unlike the TPO's comparables which were for manufacturing specific parts. The adjustment made by the TPO was deleted.
The Tribunal found ambiguities in the evidence provided by the assessee regarding the loan from Shri Ashok Khurana. Additionally, fresh evidence regarding repayment of loans from Akshar Trading Co. and M.S. Carting Contractor was submitted, which was not examined by the lower authorities. Therefore, the issue was set aside to the AO for de-novo assessment.
The Tribunal held that the PCIT failed to demonstrate how the AO's order was erroneous. The AO had conducted detailed inquiries and verification before passing the assessment order, and the PCIT had not shown that the AO's chosen course of action was unsustainable in law.
The tribunal held that professional development expenses and advertisement expenses were personal in nature and not incurred wholly and exclusively for the purpose of profession. However, the disallowance of telephone and vehicle expenses was found to be unjustified.
The Tribunal allowed the Section 54F exemption, following a High Court ruling that substantial compliance with investment within the stipulated period is sufficient, even without depositing in the capital gains account. The addition for unexplained cash deposits was also deleted, holding that withdrawals from the bank used for deposits were not doubted.
The Tribunal held that the expenses were incurred for better utilization of existing space and to meet the principal's requirements, without creating a new asset. Therefore, the expenses were allowable as revenue expenditure.
The tribunal held that the mandatory notice under Section 143(2) was not issued, rendering the assessment proceedings void-ab-initio. The defect of non-issuance of notice could not be cured under Section 292BB.
The Tribunal held that the assessee is eligible to claim long-term capital gains on shares held as investment, and dividend income is exempt under Section 10(34) regardless of whether shares are held as stock-in-trade or investment. The Tribunal also deleted the disallowance of interest expenditure under Section 14A.
The Tribunal allowed the Section 54F exemption, following a High Court ruling that substantial compliance with investment within the stipulated period is sufficient, even without depositing in the capital gains account. The addition for unexplained cash deposits was also deleted, holding that withdrawals from the bank used for deposits were not doubted.
The Tribunal held that the income from the sale of the property was taxable in the hands of the members of the assessee association and not in the hands of the association itself. The Tribunal found that the members were the real owners of the property, having contributed funds and received allotment certificates.
The Tribunal held that the assessee had discharged its onus by providing confirmation from Vatsal Parikh, who confirmed the cash deposit and whose creditworthiness was established. Therefore, the addition made by the Assessing Officer was not justified.
The Tribunal held that penalty cannot be levied on additions made based on the deeming provision of Section 50C(2) of the Act, as it is difficult to conclusively hold an assessee liable for concealment or furnishing inaccurate particulars in such cases. The assessee's stand that the consideration can be tested by a reference to the DVO under Section 50C(2) was accepted.
The Tribunal acknowledged the assessee's request for withdrawal and found no reason to keep the appeal pending. Consequently, the appeal was dismissed as withdrawn.
The Tribunal held that a company outsourcing most of its work to third-party vendors is not functionally comparable to a company that performs its activities in-house. Therefore, CTIL should be excluded from the list of comparables.
The Tribunal held that the AO had conducted necessary inquiries during the assessment proceedings, as evidenced by the CASS selection reasons and the summons issued. Therefore, the PCIT's order under Section 263, based on the premise of inadequate inquiry, was set aside.
The Tribunal noted that the assessee was not properly confronted with the NSE information and that the loss figure needed verification. Therefore, the issue was remanded back to the AO for proper verification and adjudication, with an opportunity for the assessee to present evidence.