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214 orders · Page 3 of 5
The Tribunal upheld the CIT(A)'s deletion of the Rs. 6.08 crores addition, finding the assessee's retraction of surrender to be substantiated. The Tribunal also restored the issue of rent expenses to the AO for verification and upheld the deletion of excess cash addition.
The Tribunal found that both lower authorities passed ex-parte orders without adequate opportunity for hearing. The assessee's contention that the firm was dissolved and the business continued as a proprietorship, with evidence submitted, was not duly considered.
The Tribunal held that the orders passed by the lower authorities violated the principles of natural justice as the assessee was not given a proper opportunity of being heard. Consequently, the orders were set aside.
The Tribunal held that the PCIT's revisionary order under Section 263 was not justified as the Assessing Officer's order was neither erroneous nor prejudicial to the revenue. The AO had conducted sufficient inquiries and taken a permissible view.
The Tribunal agreed that the additions were made without appreciating the records in the proper perspective and that the CIT(A) had not afforded adequate opportunity of hearing. Therefore, the matter was restored back to the AO for reconsideration.
The Tribunal allowed the appeal regarding the disallowance of 20% of total expenses, finding the AO's disallowance to be based on assumptions rather than concrete evidence. Regarding the share capital addition, the Tribunal noted that the assessee had provided substantial evidence and directed the deletion of the protective addition.
The Tribunal condoned the delay in filing the appeal in exceptional circumstances. The matter was remanded back to the Assessing Officer to provide the assessee with an opportunity of being heard and to properly adjudicate the issues on merit, including verifying land valuation.
The Tribunal found merit in the assessee's arguments regarding the lack of a reasonable opportunity to be heard. The circumstances presented were considered valid reasons for non-compliance.
The Tribunal found that the CIT(A) did not thoroughly verify the assessee's submissions regarding stock summary and excess consumption. Therefore, the matter was remanded back to the CIT(A) for a fresh adjudication after calling for a remand report from the Assessing Officer.
The Tribunal held that provisions of Section 13(1)(b) are to be invoked only at the time of assessment and not at the time of granting registration under Section 12A. The CIT(E) was not competent to invoke these provisions for denying registration.
The Tribunal found that the CIT(A) did not provide the assessee with an opportunity to present further evidence and that the AO had not examined the claim of cash withdrawals. Therefore, the matter was set aside to the AO for verification.
The Tribunal held that the assessee did not receive proper service of notices as they were sent to an incorrect email ID and the assessee had opted out of email communication. Therefore, in the interest of justice, the matter was restored to the CIT(A) for de novo consideration.
The Tribunal held that the interest income from nationalized banks was not eligible for Section 80P deduction. However, it found that the cash deposited during demonetization belonged to the members and was not the society's income, thus deleting the addition under Section 68.
The Tribunal held that interest income from investments in banks by a co-operative society is not eligible for deduction under Section 80P(2)(a)(i). However, it allowed the assessee to claim expenses incurred against commission income.
The Tribunal held that interest income from investments in banks by a co-operative society is not eligible for deduction under Section 80P(2)(a)(i). However, it allowed the assessee to claim expenses incurred against commission income.
The Tribunal held that the CIT(A) erred in dismissing the appeal ex-parte without adjudicating the issues on merits, especially the assessee's claim of not paying cash and the legality of reopening. The matter was set aside for fresh adjudication.
The Tribunal upheld the CIT(A)'s decision to partly allow the assessee's appeal. The addition of Rs. 1,04,81,999/- related to payments made from the assessee's bank account was deleted, but the remaining addition was confirmed due to lack of satisfactory explanation for the source of funds.
The Tribunal upheld the CIT(A)'s decision to partly allow the assessee's appeal. The addition of Rs. 1,04,81,999/- related to payments made from the assessee's bank account was deleted, but the remaining addition was confirmed due to lack of satisfactory explanation for the source of funds.
The Tribunal upheld the CIT(A)'s decision to delete most of the additions made by the AO, finding that the assessee had provided sufficient evidence and explanations for the transactions. A partial disallowance for cash payments was sustained.
The Tribunal held that the non-compete fee paid to the retiring partner was a revenue expenditure. It reasoned that the payment was to protect the assessee's profit-earning apparatus and that the revenue did not suffer any loss of tax.
The Tribunal found that the appeal filed before the CIT(A) was not maintainable because it was digitally signed by an individual who was not a director of the assessee company during that period. Consequently, the CIT(A)'s order was set aside.
The Tribunal held that the CIT(A)'s order was unsustainable as it was a non-speaking order, failing to comply with Section 250(6) of the Income Tax Act. The matter was remanded back to the CIT(A) for fresh adjudication on merits.
The ITAT set aside the order of the CIT(A) because it was a non-speaking and non-reasoned order, failing to comply with Section 250(6) of the Act. The matter was remanded back to the CIT(A) for fresh adjudication on merits.
The Tribunal held that the initiation of proceedings under Section 153C for AY 2012-13 was without jurisdiction and barred by limitation. The search took place in 2013, but the satisfaction note was dated 05.03.2019, which is more than six years after the search and after the amendment to Section 153C (effective 01.04.2015). The Tribunal found the facts identical to CIT vs. Jagjit Singh, where the Supreme Court held that issuing a Section 153C notice after a significant delay prejudices the assessee. Therefore, Ground No. 1 was allowed. Regarding grounds 2 to 5, the Tribunal observed that only an Excel sheet was found during the search, and the Assessing Officer did not conduct independent inquiries or rely on disclosures before the Income Tax Settlement Commission. The additions were not solely based on seized material but on estimation and surmises. Consequently, grounds 2 to 5 were also decided in favour of the assessee. The Tribunal further noted that AY 2012-13 was an unabated assessment year and the additions were not sustainable. The appeal was allowed.
The Tribunal held that the assessee was duly communicated about the proposed adjustments before processing the return, and the email used was valid. Therefore, the adjustments made were legally valid.
The Tribunal condoned the delay in filing the appeal and restored the matter to the CIT(A) for fresh adjudication. This was due to the CIT(A) issuing notices during the COVID-19 pandemic and sending them via email against the assessee's stated preference for physical notices, violating principles of natural justice.
The Tribunal held that the CIT(A)'s disallowance under Section 57(iii) was incorrect. However, it upheld the disallowance of a portion of interest paid to related parties under Section 58(2) r.w.s. 40A(2) as excessive and unreasonable.
The Tribunal held that the CIT(A)'s disallowance under Section 57(iii) was incorrect. However, it upheld the disallowance of a portion of interest paid to related parties under Section 58(2) r.w.s. 40A(2) as excessive and unreasonable.
The Tribunal held that the CIT(A) erred by dismissing the appeal ex-parte without a reasoned order on merits, violating Section 250(6). The Tribunal set aside the CIT(A)'s order and remanded the matter for fresh adjudication.
The Tribunal held that the amortization of premium on government securities, when held to maturity, is permissible as per RBI guidelines and CBDT circulars. The AO's disallowance was therefore incorrect.
The Tribunal dismissed the Revenue's appeal regarding the deletion of unexplained jewellery, upholding the CIT(A)'s order based on ITAT precedents. However, the Tribunal allowed the Revenue's appeal regarding the classification of share transactions, restoring the AO's order treating them as business income.
The Tribunal held that the reopening of assessment was bad in law as it was based on a review of existing records without new material and the approval under Section 151 was mechanically granted. On merits, the Tribunal found that the allotment date of the property should be considered for computing capital gains, thus treating it as LTCG.
The Tribunal held that the CIT(A)'s disallowance under Section 57(iii) was incorrect. However, it upheld the disallowance of a portion of interest paid to related parties under Section 58(2) r.w.s. 40A(2) as excessive and unreasonable.
The Tribunal set aside the NFAC's order and remanded the matter back. The NFAC is directed to consider the delay condonation petition and decide the appeal on its merits after hearing the assessee.
The Tribunal held that the commission paid to the director was for actual services rendered and not an attempt to avoid tax. It also found that the restriction of the weighted deduction under Section 35(2AB) was not sustainable due to non-compliance with principles of natural justice.
The Tribunal restored the matter to the Assessing Officer for a fresh examination of evidence, considering the additional evidence and explanations provided by the assessee. The AO was directed to re-examine the case and afford the assessee a reasonable opportunity to furnish evidence.
The Tribunal noted that the AO failed to consider the assessee's contention regarding taxability under Section 41(1) and instead applied Section 28(iv). The Tribunal found that the taxability of loan waivers under OTS needs to be properly examined under the relevant sections, considering the purpose of the loan.
The Tribunal held that the penalty levied on the disallowance made under Section 40A(3) is not sustainable as the payments were disclosed in the Tax Audit Report and made due to business expediency. Regarding loading and unloading expenses, the Tribunal found the disallowance to be an ad-hoc estimation due to the nature of expenses and not indicative of concealed income.
The Tribunal found no merit in the grounds challenging the reopening of the assessment. However, regarding the addition on merits, the Tribunal found that the AO might not have had sufficient time to verify the assessee's submissions due to late filing.
The ITAT held that the CIT(A) failed to pass a reasoned order on merits and did not comply with Section 250(6) of the Income Tax Act. The tribunal found that the CIT(A) dismissed the appeal ex-parte due to non-compliance by the assessee, without adjudicating the issues.
The Tribunal held that the systematic recovery of salaries and their subsequent misrepresentation as corpus donations constituted a violation of Sections 13(1)(c) and 13(1)(d) of the Income Tax Act. This fraudulent activity disqualified the trust from exemptions under Sections 11 and 12.
The Tribunal held that the systematic recovery of salaries and their subsequent misrepresentation as corpus donations constituted a violation of Sections 13(1)(c) and 13(1)(d) of the Income Tax Act. This fraudulent activity disqualified the trust from exemptions under Sections 11 and 12.
The Tribunal held that while the KG-D6 Basin is within India's Exclusive Economic Zone (EEZ), operations on a foreign ship within the EEZ, not involving direct interaction with the seabed or subsoil, are not automatically considered services rendered within 'India' for tax purposes. The specific notification extending the Income Tax Act to the EEZ only applies to income derived from specified activities.
The Tribunal decided to set aside the matter to the AO to verify if the commission paid to certain parties in the current year was also allowed in the subsequent assessment year. If verified, the assessee's claim should be allowed.
The Tribunal found that the CIT(A) failed to adjudicate the issues on merits and violated principles of natural justice by not providing adequate opportunity to the assessee. The Tribunal also noted discrepancies in evidence presented by both the AO and the assessee regarding the supplier's status.
The Tribunal held that the systematic recovery of salaries and their subsequent misrepresentation as corpus donations constituted a violation of Sections 13(1)(c) and 13(1)(d) of the Income Tax Act. This fraudulent activity disqualified the trust from exemptions under Sections 11 and 12.
The Tribunal noted that CBDT Circular No. 7/2024 extended the time limit for filing applications for 80G approval until June 30, 2024. The assessee had filed a fresh application within this extended period.
The Tribunal held that the TPO's benchmarking of interest was inappropriate due to geographical and risk differences, and the Prime Lending Rate already accounted for these factors. Regarding royalty, the Tribunal agreed that withholding tax liability is contingent on actual payment and taxability of income, which was not triggered as the royalty was not yet payable.
The Tribunal held that the guarantee fee was justifiable as the effective borrowing cost, including the fee, was lower than the bank's quoted interest rate. The Tribunal noted that a similar addition for a prior assessment year was deleted and upheld by the High Court.
The Tribunal held that payments for the use of standard off-the-shelf software under End User License Agreements (EULAs) do not constitute royalty under the India-UK DTAA. Consequently, there was no obligation to deduct TDS under Section 195.