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156 orders · Page 3 of 4
The Tribunal held that the purchase of shares in physical form for cash from a dubious broker, along with the timing of dematerialization and sale, indicated a pre-arranged setup to introduce unaccounted income as exempt LTCG. The purchase price was also found to be higher than the market price at the time, further casting doubt on the genuineness of the transaction.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the assessee is liable to pay the penalty under Section 271F for failing to furnish the return of income by the due date, even though the penalty proceedings were initiated after the assessment order. The assessee did not provide any reasonable cause for the delay.
The Tribunal found that the assessee's non-appearance was due to genuine medical reasons. Therefore, in the interest of justice, the matter was remanded back to the Assessing Officer for proper adjudication.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal upheld the AO's decision, finding that the land was acquired for business purposes and developed through a partnership firm. The assessee's actions indicated an intention to earn profit from land development, thus treating the gains as business income and denying the Section 54F deduction.
The Tribunal held that the assessee is entitled to deduction for expenses subject to TDS on actual payment basis if TDS is deducted and deposited. Regarding the loan waiver, the Tribunal found that it was not taxable under Section 28(iv) or Section 41(1) as it was not a trading liability and the purpose of the loan was not clearly established as for capital assets or working capital. The addition on account of loan waiver was directed to be deleted.
The Tribunal upheld the deletion of additions made by the AO. It found that the AO's additions were based on an inspector's report without rejecting the assessee's books of accounts or obtaining a valuation report. The Tribunal relied on various High Court and Supreme Court judgments stating that additions cannot be made on mere suspicion or surmises without corroborative evidence.
The Tribunal held that the PCIT correctly observed that the Assessing Officer failed to apply his mind to various issues during the assessment proceedings. The assessee also failed to provide plausible explanations for these discrepancies even during the Section 263 proceedings.
The Tribunal held that the PCIT exceeded his jurisdiction under Section 263 by directing an addition on an issue not forming the basis of the reopening under Section 147. The reassessment proceedings were limited to the income that escaped assessment as per the reasons recorded for reopening.
The Tribunal held that no adjustment is allowed for higher depreciation amounts, but adjustments are permissible for differences in depreciation rates. The TPO was directed to re-compute adjustments based on previous ITAT decisions.
The Tribunal held that no adjustment is allowed for higher depreciation amount per se, but adjustments are permissible for differences in depreciation rates. The TPO was directed to re-compute adjustments based on previous ITAT decisions for AY 2009-10.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax paid by a domestic company. Therefore, the assessee's claim for a refund of excess DDT was dismissed, following a Special Bench decision.
The Tribunal held that the DTAA does not apply to Dividend Distribution Tax (DDT) paid by a domestic company, citing a Special Bench decision. Therefore, the assessee's claim for a refund of excess DDT was dismissed.
The Tribunal held that the reopening was valid as it was based on information from group searches. However, the addition under Section 68 was deleted as the assessee had provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the unsecured loan.
The Tribunal held that the Assessing Officer and CIT(A) erred in making the addition as the assessee had clearly denied the transaction and provided evidence of mistaken identity. The AO failed to verify the assessee's contentions by not issuing notices to the relevant parties.
The Tribunal admitted additional evidence, finding that the cash sales register and bank statements sufficiently explained the cash deposits. The Tribunal held that the CIT(A) failed to consider the provided evidence adequately.
The Tribunal held that the assessee's method of revenue recognition was consistently followed and accepted in prior years. The Tribunal also found no prejudice to the revenue regarding the TDS credit claim.
The Tribunal held that the penalty under Section 271(1)(c) was not leviable as the issue was debatable at the time of assessment and penalty proceedings, especially considering the pendency of the matter before the Supreme Court. The assessee had disclosed the relevant details, thus there was no concealment or furnishing of inaccurate particulars.
The Tribunal found that the Assessing Officer and CIT(A) ignored evidence provided by the assessee regarding the sale of land, withdrawal from his father's account, and regular cash deposits from agricultural income. Therefore, the addition was deleted.
The Tribunal held that the AO failed to provide the assessee with the search materials and the opportunity to cross-examine the key witness, violating principles of natural justice. The assessee had provided sufficient documentation to establish the genuineness of the loans.
The Tribunal found that the assessee had provided sufficient explanation and documentary evidence for the time deposit and cash deposits, including bank statements and interest certificates. The reopening of the assessment under Section 148 was also found to be in order.
The Tribunal held that the assessee had established the trail of the amount through its balance sheet, bank statements, and sales register, showing receipt of cheques from various parties against sales. The Tribunal also noted that the assessee was not given an opportunity to cross-examine the deponent whose statement was relied upon by the AO.
The Tribunal held that the issue regarding the admissibility of deduction under Section 80P(2)(a)(i) was debatable at the time, with differing High Court views. Therefore, the assessee had not furnished inaccurate particulars, and the penalty was not attracted.
The Tribunal held that since the addition on which the penalty was levied was deleted by the Tribunal in the quantum appeal, the basis for the penalty no longer existed. Therefore, the penalty became infructuous.
The Tribunal held that the issue regarding the admissibility of deduction under Section 80P(2)(a)(i) was debatable at the time, with differing High Court views. Therefore, the assessee had not furnished inaccurate particulars, and the penalty was not attracted.
The Tribunal held that the issue regarding the admissibility of deduction under Section 80P(2)(a)(i) was debatable at the time, with differing High Court views. Therefore, the assessee had not furnished inaccurate particulars, and the penalty was not attracted.
The Tribunal held that the TDS was correctly reflected in Form 26AS and should have been allowed as credit to the assessee. The lower authorities' observation that it was not reflected in 26AS was found to be unjustifiable.
The Tribunal held that statements recorded under Section 133A of the Income Tax Act do not have evidentiary value. The CIT(A) correctly estimated the gross profit at 12.5% after considering project-wise details and directed reopening of other assessment years.
The Tribunal held that the deduction under Section 80P cannot be denied solely due to defects in filling the return columns, especially when the claim is otherwise supported by case law. The matter was remanded to the AO for fresh adjudication.
The Tribunal held that the addition made by the AO was not justified, following a co-ordinate bench's decision in an identical case. The revenue failed to provide any contrary material or distinguishing features.
The Tribunal held that the assessee had obtained the audit report for AY 2012-13 and uploaded it, but it was ignored by the lower authorities. Therefore, the penalty imposed under Section 271B was not justified.
The Tribunal held that for AY 2010-11, a portion of the cash deposit was explained by prior withdrawals, but Rs. 2,50,000 remained unexplained and was confirmed. For AY 2012-13, the entire cash deposit was explained by prior withdrawals and was allowed. Grounds related to reopening, interest, and penalties were dismissed.
The Tribunal held that the disallowance of indexed cost of improvement, which pertained to AY 2011-12, could not be made in AY 2014-15. Furthermore, the reopening of assessment was not justifiable for AY 2014-15 based on the sale of property in AY 2011-12.
The Tribunal found that due to unfortunate circumstances, the assessee could not properly present its case before the CIT(A). Therefore, the matter was remanded back to the CIT(A) for proper adjudication, ensuring the principles of natural justice are followed.
The Tribunal held that the assessee's mistake in computing LTCG was bonafide and not a concealment of income or furnishing of inaccurate particulars. The penalty was wrongly imposed as the assessee had disclosed all relevant details and the issue was debatable.
The Tribunal held that the Assessing Officer failed to establish the assessee's involvement in manipulating share prices or that the assessee's own funds were not invested. The Tribunal found that the assessee had provided sufficient details regarding the purchase, dematerialization, and sale of shares.
The Tribunal held that the non-filing of the audit report along with the return of income was a procedural lacuna, not an assessee's fault, especially when the report was obtained in time. The Gujarat High Court's decision was relied upon, stating that filing the audit report during assessment or appellate proceedings satisfies the legal requirement.
The Tribunal held that the assessee had provided sufficient evidence, including purchase invoices, sales registers, and confirmations, which the lower authorities had ignored. The rejection of books of account was also found to be unsubstantiated.
The Tribunal held that for AY 2010-11, a portion of the cash deposit was explained by prior withdrawals, but Rs. 2,50,000 remained unexplained and was confirmed. For AY 2012-13, the entire cash deposit was explained by prior withdrawals and was allowed. Grounds related to reopening, interest, and penalties were dismissed.
The Tribunal held that the CIT(A) correctly adjusted the deferred tax liability and brought forward losses while calculating book profit under Section 115JB. Consequently, the book profit was correctly determined as NIL.
The Tribunal held that the assessee had sufficient cash balance from previous withdrawals to cover the deposit, and the AO and CIT(A) ignored the evidence provided. Therefore, the addition under Section 69A was not sustainable.
The Tribunal held that the delay in filing the audit report (Form 10B) is a procedural omission and should not be an impediment to claiming exemption under Section 11. The matter was restored to the CIT(A) to decide the exemption claim in accordance with law.
The Tribunal held that the CIT(A) passed an ex-parte order without considering the evidence submitted by the assessee. It found that the assessee had provided sufficient evidence to support the agricultural income and related expenditures, which had been accepted in past assessment years.
The Tribunal held that the assessee's explanation for the difference in sale price due to occupants receiving higher consideration was justifiable. It also allowed the deduction for rent paid against HRA, finding that the assessee was indeed paying rent to the HUF.