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366 orders · Page 6 of 8
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal set aside the rejection orders, directing the CIT(E) to grant the assessees a reasonable opportunity to present their case. The assessees were instructed to provide necessary documents and update their contact information.
The Tribunal held that Section 54F does not mandate a completion certificate and that the assessee had provided sufficient evidence of construction within the stipulated period. The denial of deduction on technical grounds was deemed unjustified.
The Tribunal condoned the delay, stating that the assessee had provided sufficient cause and that not condoning it would cause grave prejudice. The case was restored to the Assessing Officer for a fresh decision after providing the assessee an opportunity to be heard.
The Tribunal held that the PCIT was justified in invoking Section 263 as the DVO's report, received after the assessment order, was crucial for determining capital gains. The AO's failure to consider this material made the assessment order erroneous.
The Tribunal held that the totalling errors in the inventory figures were apparent from the record and were due to system processing, not the assessee's fault. Therefore, the matter was set aside to the Jurisdictional AO for rectification.
The Tribunal held that while there was underreporting of income due to claiming TDS credit without offering the full corresponding income, it was not misreporting. The penalty was directed to be modified for underreporting.
The Tribunal held that since the original assessment order was set aside, the consequent penalty order did not survive. The penalty order was quashed as the penalty proceedings were initiated afresh in the new assessment order.
The Tribunal held that the disallowance of the entire marketing expenses was unjust. While some substantiation was lacking, the expenses were incurred by the sales team for client visits and were supported by audited accounts. Therefore, the disallowance was restricted to Rs. 5 lakhs.
The Tribunal restricted the addition on bogus purchases to a 2% profit element, considering the assessee's agreement and past profit ratios. The addition on account of unsecured loans was deleted as the source of a significant portion was proved, and the remaining amounts were small with identifiable parties.
The Tribunal held that the CIT(A) rightly applied a previous ITAT decision in a co-owner's case with identical facts. The Revenue failed to provide sufficient tangible material to disprove the assessee's claim of agricultural use.
The Tribunal held that the disallowance of the entire marketing expenses was unjust. While some substantiation was lacking, the expenses were incurred by the sales team for client visits and were supported by audited accounts. Therefore, the disallowance was restricted to Rs. 5 lakhs.
The Tribunal noted that the assessee had been granted registration by the Income Tax Commissioner (Exemptions) on a fresh application. Therefore, the original dispute no longer existed.
The Tribunal held that the assessee did not file a fresh return in response to the notice u/s 148, thus the notice u/s 143(2) could not be generated. Regarding the merits, the Tribunal upheld the CIT(A)'s direction to verify the short-term capital loss as no substantiating material was provided by the assessee.
The Tribunal held that the CIT(A) should have condoned the delay and adjudicated the appeals on merits, especially since they pertained to penalty orders. The matter was set aside to the CIT(A) for re-adjudication.
The Tribunal held that the CIT(A) erred in rejecting additional evidence without proper adjudication. The matter was set aside to the CIT(A) to admit the additional evidence and re-adjudicate the grounds on merits.
The CIT(A) set aside the assessment order, finding that it was passed in violation of natural justice as the assessee's submissions were not properly verified. The matter was referred back to the AO for a fresh assessment.
The Tribunal held that the GPA was not admissible as evidence because it was executed in the USA and notarized in India, which is not permissible under Indian law for documents executed abroad. Consequently, the POA holder's affidavit based on this defective GPA was also inadmissible.
The ITAT condoned the delay in filing the appeal, acknowledging the assessee's grave financial distress. The tribunal restored the appeal to the CIT(A) for fresh adjudication after providing the assessee with a due opportunity of hearing.
The Tribunal held that the assessee is eligible to claim set-off of unabsorbed brought forward business loss with short-term capital gains on depreciable assets, following High Court decisions. The matter was set aside to the AO for verification and allowance of the claim.
The Tribunal held that interest income received from co-operative banks is eligible for deduction under Section 80P(2)(d), following the jurisdictional High Court's decision. The Assessing Officer's disallowance was deemed incorrect.
The Tribunal held that the CIT(A) should have condoned the delay and adjudicated the appeals on merits, especially since they pertained to penalty orders. The matter was set aside to the CIT(A) for re-adjudication.
The Tribunal held that the compensation received under the BSNL VRS-2019 scheme is eligible for exemption under Section 10(10B) of the Act. The Assessing Officer was directed to grant the relief to the assessees.
The Tribunal held that the compensation received under the BSNL VRS-2019 scheme is eligible for exemption under Section 10(10B) of the Act. The Assessing Officer was directed to grant the relief to the assessees.
The Tribunal held that a delay in filing Form 10DA is not fatal to claiming deduction under Section 80JJAA if the form is available to the AO before the assessment is framed. Therefore, the PCIT's revision order was bad in law.
The Tribunal, following a previous decision in the assessee's own case, restored the matter to the Assessing Officer for fresh adjudication. This includes determining proportionate administrative expenses and consequential deduction under Section 80P.
The Tribunal found that while the AO accepted the exemption, the computation of income required verification. The CIT(A) had not examined the correctness of the computation. Therefore, the matter was restored to the AO for re-verification and re-computation.
The Tribunal held that the assessee failed to establish the genuineness of the donation. The investigation revealed a modus operandi of providing accommodation entries through political parties, and mere banking transactions and receipts were insufficient to prove the donation's legitimacy.
The Tribunal condoned the delay, set aside the CIT(A)'s order, and restored the matter to the Assessing Officer (AO). The assessee was directed to pay Rs. 10,000/- to the Prime Minister's National Relief Fund as a cost for the delay.
The Tribunal held that the AO could not have made a reference to the DVO under Section 55A for determining the fair market value of the cost of acquisition for the assessment year in question. Additionally, the DVO's valuation was found to be inconsistent with previous valuations of similar properties in the same area.
The Tribunal upheld the CIT(A)'s deletion of the addition, finding that the assessee had produced audited books of account and supporting documents for the sales. The Assessing Officer had not rejected the books of account or pointed out any defects in quantitative records.
The Tribunal condoned the delay in filing the appeal and allowed the assessee's claim for exemption, following a previous ITAT decision on the same VRS scheme. The Tribunal held that bona fide ignorance of legal provisions constitutes sufficient cause for delay.
The Tribunal upheld the CIT(A)'s order regarding the Debenture Redemption Reserve, holding it to be a provision for an ascertained liability and not a reserve for book profit computation under Section 115JB. The Revenue's appeal on this ground was dismissed.
The Tribunal condoned the delay in filing the appeal and allowed the assessee's claim for exemption, following a previous ITAT decision on the same VRS scheme. The Tribunal held that bona fide ignorance of legal provisions constitutes sufficient cause for delay.
The Tribunal upheld the CIT(A)'s order regarding the Debenture Redemption Reserve, holding it to be a provision for an ascertained liability and not a reserve for book profit computation under Section 115JB. The Revenue's appeal on this ground was dismissed.
The Tribunal condoned the delay, holding that bona fide ignorance of legal provisions constitutes sufficient cause. The Tribunal allowed the exemption under Section 10(10B), following its own prior decisions on identical facts.
The Tribunal noted the assessee's non-compliance before both the Assessing Officer and the CIT(A). However, in the interest of justice, the matter was remanded to the Assessing Officer for fresh assessment.
The Tribunal held that once documentary evidence establishes the actual contribution of each co-owner, any addition must be apportioned accordingly. The addition in the assessee's hands cannot exceed his documented share of 17%.
The Tribunal held that cash withdrawals from a bank account cannot be treated as unexplained expenditure. Furthermore, since the basis for reopening the case (unexplained expenditure) did not survive, no other additions could be made, including the agricultural income.
The Tribunal held that compensation received under the BSNL VRS-2019 scheme is eligible for exemption under Section 10(10B) of the Income Tax Act, treating it as retrenchment compensation. The Assessing Officer was directed to grant the relief.
The Tribunal held that since the reopening was done beyond four years, the AO had to prove failure by the assessee to disclose material facts. As the issue was already examined and accepted in the original assessment, the reopening was based on a change of opinion and was therefore bad in law.
The Tribunal held that compensation received under the BSNL VRS-2019 scheme is eligible for exemption under Section 10(10B) of the Income Tax Act, treating it as retrenchment compensation. The Assessing Officer was directed to grant the relief.