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The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal held that the CIT(A) was correct in deleting the addition. The Assessing Officer had accepted the sales leg of the business but disputed the purchase leg without proper inquiry or rebuttal of the assessee's evidence. The cash withdrawals were found to be explained and linked to the business activity.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal decided to condone the delay in filing the appeals. The reasoning was based on the fact that the assessee is a cooperative bank that has gone into liquidation. The Tribunal acknowledged that due to the liquidation process, there might be administrative difficulties and delays in handling legal matters. The Tribunal relied on the principle that justice should be done and that procedural technicalities should not stand in the way of substantial justice, especially when a cooperative bank is under liquidation. Therefore, the delay was condoned, and the appeals were admitted for hearing on merits. The operative direction was to proceed with the hearing of the appeals.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal noted that the assessee had not claimed deduction under Section 80P in its computation of income. However, it found that the assessee's liabilities, particularly towards DICGC, exceeded its assets and income, indicating no real income was earned.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal held that the reopening of assessment was bad in law as it was done after the expiry of four years from the end of the relevant assessment year without fulfilling the conditions of the first proviso to Section 147. The assessee had disclosed material facts, and the AO should have sought further details during the original assessment.
The tribunal acknowledged that Section 270A provides for two distinct defaults with different penalty rates: underreporting and misreporting. However, the Assessing Officer failed to specify the exact default, issuing notices and levying penalty for both simultaneously. Citing judicial precedents, the tribunal held that such vague notices or orders render the penalty void ab initio, as they vitiate the assessee's right to a fair hearing. Consequently, the penalty of Rs. 10,61,360/- levied under Section 270A was directed to be deleted.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Income Tax Appellate Tribunal held that the lower authorities' finding that the assessee failed to substantiate his claim was incorrect. It noted that the assessee had provided sufficient evidence, including HUF bank statements and ITR, proving the cash was deposited in the HUF's account. Therefore, the addition made to the assessee's income was not justified and was directed to be deleted.
The Tribunal condoned the delay, holding that the assessee had shown sufficient cause. The Tribunal restored the matter to the Assessing Officer for a fresh assessment after providing the assessee with an opportunity of hearing.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal held that no disallowance under Section 14A is permissible in the absence of exempt income. It also confirmed the deletion of depreciation disallowance, noting that depreciation had been allowed in the initial year of acquisition and the subsequent claim was supported by a Form 3CEA certificate.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal upheld the additions made by the Assessing Officer, affirming the Ld. CIT(A)'s decision to dismiss the appeal. It found that the assessee's claim of genuine share transactions lacked evidence, noting the significant mismatch between the number of shares purchased and sold, and the failure to demonstrate that the omission of income was unintentional or the purchase genuine.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal observed that the rejection was based solely on technical non-compliance without any adverse findings on the trust's charitable nature or genuine activities. Citing the benevolent intent of exemption provisions and Supreme Court precedents, the Tribunal set aside the CIT(E)'s order and remanded the matter back for fresh adjudication on merits, with directions to provide the assessee adequate opportunity to be heard and furnish all required documents.
The Tribunal consolidated 24 appeals filed by both the Revenue and the Assessee, pertaining to Avyaa Developers and its erstwhile partners, for Assessment Years 2016-17 to 2020-21 (excluding AY 2019-20). The primary dispute concerned the transfer of ownership of the partnership firm and the consideration received. The Tribunal noted that the assessments were completed under Section 153C of the Act. The judgment details the sequence of events, including the formation and reconstitution of the firm, acquisition of properties, and the search operation on October 8, 2020. Crucially, it highlights the seizure of an agreement dated August 5, 2017, for the transfer of shares in Avyaa Developers to Shri Virendra Amritbhai Patel and Shri Dhanesh Jain, along with an amended agreement dated August 14, 2017, introducing them as partners. The Tribunal observed that the agreements detailed cash and cheque payments, with evidence of payments made prior to the agreement dates. The judgment also refers to a Memorandum of Understanding (MOU) that valued properties and outlined the terms for the new partners to acquire a 50% share and join the firm for developing a commercial mall. The MOU specified the total consideration and payment schedule, indicating that payments made were on account of sale proceeds of properties and for joining the partnership. The Tribunal's specific findings on the issues raised by the parties are not fully detailed in the provided excerpt, but it indicates a thorough examination of the agreements and financial transactions.
The Tribunal noted that the assessee did not claim deduction under Section 80P in its computation of income. However, considering the bank's liquidation status and substantial overriding statutory liabilities, the issue of real income requires fresh adjudication.
Given that the penalty proceedings under Section 271D were already remanded for de novo consideration and the inter-related nature of Sections 271D and 271E, the Tribunal remanded the penalty proceedings under Section 271E to the JCIT. The JCIT is to conduct fresh proceedings and decide on levying or dropping the penalty after considering the assessee's submissions.
The Tribunal held that the agricultural expenses were already provided for and submitted before the Assessing Officer, and any further disallowance would lead to skewed results. Therefore, the addition made by the Assessing Officer was erroneous.
The Tribunal held that interest under Section 234B should only be computed up to the date of self-assessment tax payment (03.04.2023), not till the date of processing under Section 143(1), as there was no variation in the assessed tax. It concluded that charging interest beyond the tax payment date was a clear mistake apparent from the record and rectifiable under Section 154. Therefore, the Tribunal set aside the lower authorities' orders and directed the CPC to recompute interest accordingly.
The tribunal found that the appeals were summarily dismissed by the CIT(A) without providing a reasonable opportunity of being heard. Acceding to the assessee's request for a fresh opportunity, the tribunal remanded both appeals to the CIT(A) for de-novo adjudication.
The Tribunal observed that the donor's bank statements reflected the transactions and that the Revenue had previously not raised objections to the gift deeds and the amounts received. Therefore, the Revenue was precluded from objecting to the cash deposits at a later stage. Consequently, the appeal was allowed.
The Tribunal condoned the delay of 178 days in filing the appeal, acknowledging the assessee's explanation and their undertaking to provide necessary details. The Tribunal noted that the assessee had previously been granted permanent registration under section 12AB and provisional registration under section 80G(5). However, the CIT(E) had denied the 80G(5) registration due to the assessee's failure to respond to notices. Considering the assessee's undertaking, the Tribunal set aside the order of the CIT(E) and remanded the matter back to the CIT(E)'s file. The direction was to consider the available materials and grant registration under section 80G(5) after providing one more opportunity of hearing to the assessee. The appeal was allowed for statistical purposes.
The Tribunal held that the assessment order for Assessment Year 2011-12 was barred by limitation as prescribed under section 153C(1) of the Act. The satisfaction by the non-searched AO was recorded in March 2018. The Tribunal noted that the period of six years for assessment under section 153C, when applied to a non-searched person, is to be reckoned from the date of receiving the seized material by the AO having jurisdiction over that person. In this case, the receipt of records by the AO was in March 2018, making the preceding six years AY 2017-18 to 2012-13. Therefore, AY 2011-12 fell outside this period. The Tribunal respectfully followed the Apex Court judgment in CIT vs. Jasjit Singh, which held that the proviso to section 153C(1) was intended to address the reckoning of the six-year period from the date of seizure, to avoid prejudice to third parties who might have to preserve records for an inordinate period. The Tribunal found no merit in the Revenue's grounds of appeal as the assessment itself was beyond the period of limitation. Consequently, the order of the CIT(A) quashing the assessment order was confirmed. No issue was expressly left undecided.
The Tribunal noted that interest income from nationalized banks is not eligible for deduction under Section 80P(2)(a)(i). However, it held that proportionate expenses incurred for earning this income could be allowed under Section 57 of the Act, subject to establishing the connection.
The Tribunal observed that the CIT(A) passed an ex-parte order without giving the assessee adequate opportunity to present their case. Therefore, the matter was restored to the CIT(A) for de novo adjudication to allow the assessee to present their case on facts and law.
The Tribunal held that the CIT(A) was justified in deleting the addition made by the Assessing Officer. The undisclosed income disclosed in other firms by the same partners was honoured, and the facts supported the CIT(A)'s conclusion regarding the partial acceptance of the disclosure.
The Tribunal noted that the assessee did not get an adequate opportunity to present its case before the CIT(A), especially considering the notices issued during the Covid pandemic. Therefore, the matter was restored to the file of the CIT(A) for fresh adjudication on merits, adhering to principles of natural justice.
The Tribunal found that the ₹30,14,000/- represented a component of the property purchase consideration and the cost incurred by the assessee to acquire the land, not a separate sale or undisclosed income. Consequently, the addition made by the Assessing Officer was directed to be deleted.
The Tribunal held that the source of Rs. 5,00,000 loan was satisfactorily explained. Regarding the remaining Rs. 89,400, the loans from the assessee's brother and his HUF were through banking channels and their creditworthiness was not disputed. Therefore, no addition was warranted.
The Tribunal condoned the delay due to genuine reasons (age, rural background, limited literacy, and procedural unawareness). It accepted the assessee's explanation that cash deposits originated from agricultural income, supported by evidences. Consequently, the addition under Section 69 was deleted, and the related penalty under Section 271(1)(c) was quashed as unsustainable.
The Tribunal condoned the delay due to genuine reasons (age, rural background, limited literacy, and procedural unawareness). It accepted the assessee's explanation that cash deposits originated from agricultural income, supported by evidences. Consequently, the addition under Section 69 was deleted, and the related penalty under Section 271(1)(c) was quashed as unsustainable.
The Tribunal found that despite condoning the delay, the CIT(A) wrongly dismissed the appeal for non-prosecution. Considering the assessee's status as a charitable trust and in the interest of justice, the Tribunal set aside the CIT(A)'s order and restored the matter for de-novo adjudication, granting the assessee a fresh opportunity to present its case for both assessment years.
The Tribunal upheld the decision of the CIT(A). The assessee, during the appellate proceedings before the CIT(A), had provided details related to cash deposits and withdrawals concerning cash collections from customers for embroidery work. The CIT(A) had called for a remand report, which confirmed that the assessee submitted the assessment order, cash book, sample cash sale invoices, bank account statement, and ledger account of customer applications. The AO did not doubt these details in his remand report. Therefore, the CIT(A) had correctly allowed the assessee's appeal. The Tribunal found no discrepancy pointed out by the Revenue regarding these evidences, and thus, the appeal filed by the Revenue did not survive.
The Tribunal found no reason to affirm the order of the Assessing Officer, noting that the assessee had failed to furnish the required details regarding the investment.
The Tribunal acknowledged the online communication mode, making the accountant's failure explanation less convincing. However, it imposed a cost of Rs. 5,000/- on the assessee, payable to the Prime Minister National Relief Fund, and directed the Ld. CIT(E) to provide another opportunity for hearing to reconsider the registration applications under Section 12AB and 80G(5).
The tribunal found that the appeals were summarily dismissed by the CIT(A) without providing a reasonable opportunity of being heard. Acceding to the assessee's request for a fresh opportunity, the tribunal remanded both appeals to the CIT(A) for de-novo adjudication.
The tribunal condoned the delay in filing the appeal. Recognizing that no prejudice would be caused to the Revenue by allowing the assessee an opportunity to be heard, the tribunal remanded the case back to the JCIT, Patan Range, Patan, for a fresh decision after hearing the assessee's submissions. The appeal was allowed for statistical purposes.
The Tribunal observed that while the assessee presented details of cash deposits and withdrawals during the appeal, these had not been previously submitted to the Revenue Authorities. Consequently, the matter was remanded to the Assessing Officer to properly examine these details before deciding on any benefits related to the cash deposits.
The Tribunal held that government grants received for specific purposes, like salary and NCC activities, which were not utilized for those purposes and not refunded, cannot be accumulated. The non-utilization leads to stockpiling rather than using funds for the designated purpose.
The Tribunal held that the CIT(A) had passed an ex-parte order without deciding the appeal on merits, failing to consider the assessee's adjournment application and evidence. The Tribunal decided to remand the matter back to the CIT(A) for proper adjudication.
The Tribunal held that the stamp duty value was correctly adopted as the full consideration. However, regarding the Section 54 deduction, the AO and CIT(A) did not adequately appreciate the assessee's contention on the investment ratio. The cost of improvement was allowed due to the age of the transaction and available evidence.
Given the assessee's plea for an opportunity to comply, the Tribunal set aside the CIT(A)'s order and restored the matter to the Assessing Officer for a de-novo assessment. The assessee was directed to submit all relevant documents and comply with future notices without seeking unnecessary adjournments.