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72 orders · Page 1 of 2
The Tribunal held that expenditure incurred in earlier years and adjusted against income of a subsequent year amounts to application of income in that subsequent year. This is permissible under Section 11(1)(a) of the Income-tax Act.
The Tribunal held that the assignment of a portion of an onshore contract by the AE to the assessee constituted an international transaction. The Tribunal also allowed the assessee's ground regarding works contract tax and remanded issues concerning capital expenses and foreign exchange loss for fresh verification.
The Tribunal upheld the CIT(A)'s decision that losses from a non-STPI unit cannot be set off against profits of an STPI unit for Section 10A deduction. However, the issue regarding the exclusion of foreign exchange expenses from export turnover was remanded for re-examination.
The Tribunal restored the issues of bad debts, advances written off, and interest disallowances to the Assessing Officer for fresh consideration. The Tribunal also upheld the deletion of foreign exchange fluctuation loss disallowance by the CIT(A).
The Tribunal restored the issues of bad debts, advances written off, and interest disallowances to the Assessing Officer for fresh consideration. The Tribunal also upheld the deletion of foreign exchange fluctuation loss disallowance by the CIT(A).
The Tribunal restored the issues of bad debts, advances written off, and interest disallowances to the Assessing Officer for fresh consideration. The Tribunal also upheld the deletion of foreign exchange fluctuation loss disallowance by the CIT(A).
The Tribunal restored the issues of bad debts, advances written off, and interest disallowances to the Assessing Officer for fresh consideration. The Tribunal also upheld the deletion of foreign exchange fluctuation loss disallowance by the CIT(A).
The Tribunal found that the CIT(A) did not address the merits of the appeal against the Section 154 order and summarily dismissed it. Therefore, the CIT(A)'s order was set aside.
The Tribunal held that payments of interest to KUIDFC are to be considered as payments to the Government, and therefore, Section 196 of the Income Tax Act applies, exempting the payer from TDS obligations.
The Tribunal held that the audit report can be filed at the appellate stage and that a completion certificate is not mandatory if construction is completed within the stipulated time and occupancy is established. The issue of verification of documents was remanded to the AO.
The Tribunal restored the issues of bad debts, advances written off, and interest disallowances to the Assessing Officer for fresh consideration. The Tribunal also upheld the deletion of foreign exchange fluctuation loss disallowance by the CIT(A).
The Tribunal held that the penalty notices issued were invalid because they did not specify the exact grounds for initiating penalty proceedings (concealment of income or furnishing inaccurate particulars). Following the jurisdictional High Court's decision, the penalty for both assessment years was set aside.
The Tribunal found that the Director had not considered the applications on merits and had rejected them solely on the grounds of non-compliance. Therefore, the Tribunal recalled the orders and remanded the issue back to the Director for reconsideration.
The Tribunal held that the CIT(A) correctly deleted the addition of Rs. 29,55,92,202 for the Shantiniketan Project as the land was stock-in-trade and no sale occurred in the assessment year. The Tribunal also upheld the CIT(A)'s decision to allow partial relief under Section 41(1) and sustained the disallowance under Section 14A.
The Tribunal held that certain comparable companies selected by the TPO were not functionally comparable and excluded them. It also directed the exclusion of telecommunication charges from both export and total turnover for Section 10A computation. The Tribunal allowed the deduction under Section 10A for the Bangalore unit, following previous High Court and Tribunal decisions.
The Tribunal held that advances received from the Associated Enterprise (AE) should be considered for working capital adjustment if demonstrated not to have been used for fixed assets, remanding the issue for further verification. The Tribunal also upheld the CIT(A)'s direction to exclude telecommunication and travel expenses from both total and export turnover for Section 10A deduction.
The Tribunal held that the jurisdictional High Court's decision in Tata Elxsi Ltd. is binding, and therefore, the CIT(Appeals)'s order to exclude expenses from both export and total turnover is confirmed. The cross-objection by the assessee was not adjudicated.
The Tribunal held that the Resale Price Method (RPM) was the most appropriate method for determining the ALP in this case, as the assessee was essentially a trader without significant value addition. The TPO's rejection of RPM was found to be incorrect.
The Tribunal held that advances received from the Associated Enterprise (AE) should be considered for working capital adjustment if demonstrated not to have been used for fixed assets, remanding the issue for further verification. The Tribunal also upheld the CIT(A)'s direction to exclude telecommunication and travel expenses from both total and export turnover for Section 10A deduction.
The Tribunal held that the CIT(A) correctly deleted the addition of Rs. 29,55,92,202 for the Shantiniketan Project as the land was stock-in-trade and no sale occurred in the assessment year. The Tribunal also upheld the CIT(A)'s decision to allow partial relief under Section 41(1) and sustained the disallowance under Section 14A.
The Tribunal held that the time limit for investment under Section 54EC(1) is six months from the date of transfer, and even if the investment falls into two financial years, the deduction cannot be denied. The amendment clarifying the Rs. 50 lakh limit per financial year was effective from April 1, 2015.
The Tribunal condoned the delay in filing the appeals, considering the subsequent legal development and the reasonable cause shown by the assessee. On merits, the Tribunal held that the assessee is entitled to depreciation on goodwill as it was an owned asset used for business purposes.
The Tribunal held that the assessment and demand were raised against a non-existent entity, establishing a prima facie case for the assessee. Consequently, a stay was granted on the recovery of the balance demand.
The Tribunal held that credit card charges are bank charges and not commission under Section 194H, aligning with previous ITAT decisions and a CBDT notification. It also upheld the deletion of disallowance for driver commissions, finding no conclusive material to doubt their genuineness or that individual payments exceeded TDS thresholds.
The Tribunal held that the radiologists were engaged under a contract for services, not a contract of service, and thus no employer-employee relationship existed. Therefore, the assessee was not liable for TDS under Section 192.
The Tribunal held that since the additions on which the penalty was levied were remitted back to the AO for fresh consideration, the substratum for the penalty had disappeared. Therefore, the penalty order was not sustainable at that stage.
The Tribunal found that the CIT(A) relied on the TDS certificate without verifying the assessee's claim of the amount being an advance. The Tribunal decided to remand both issues back to the Assessing Officer for fresh examination and verification.
The Tribunal found discrepancies in the documentation and the sequence of transactions, raising doubts about the genuineness of the agreements to sell. Consequently, the matter was remanded to the AO for a thorough verification.
The Tribunal found discrepancies in the documentation and the sequence of transactions, raising doubts about the genuineness of the agreements to sell. Consequently, the matter was remanded to the AO for a thorough verification.
The Tribunal found discrepancies in the documentation and the sequence of transactions, raising doubts about the genuineness of the agreements to sell. Consequently, the matter was remanded to the AO for a thorough verification.
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance to 10% of the 'speed money' expenditure. This was based on precedent from the assessee's own case for a prior assessment year, where a similar disallowance was considered justified but reduced.
The Tribunal held that there was a reasonable cause for the assessee's failure to comply with Section 269SS for the Rs. 5 lakh loan. For the Rs. 1,73,000 loan, it was held that there was no violation of Section 269SS as each individual loan was below the prescribed limit.
The tribunal held that a co-operative society carrying on banking business is not obligated to deduct tax at source on interest paid to its members, relying on Section 194A(3)(v) of the Income Tax Act. The CIT(A)'s order in favour of the assessee was upheld.
The Tribunal held that the assessee failed to discharge its onus under Section 68 by not providing details of the actual share applicants. A confirmation from a third party claiming to have arranged the funds and taken over the liability was insufficient to prove the identity, creditworthiness, and genuineness of the transaction.
The Tribunal held that the CIT failed to record cogent reasons to establish that the Assessing Officer's order was both erroneous and prejudicial to the revenue. Therefore, the CIT wrongly assumed jurisdiction under Section 263.
The Tribunal held that the TP adjustment grounds were withdrawn by the assessee due to a mutual agreement procedure resolution. Regarding Section 10A deduction, the Tribunal directed that foreign currency expenses should be excluded from both export and total turnover, accepting the assessee's alternate plea.
The Tribunal held that a cooperative bank, being a cooperative society, is eligible for the deduction under Section 80P(2)(d) on interest earned from its investments. Therefore, the CIT's order was not justified.
The Tribunal, following established precedents, treated the appeal as unadmitted due to the assessee's non-prosecution. The appeal was dismissed in limine.
The Tribunal upheld the CIT(A)'s decision to exclude the reimbursement from total turnover, following the jurisdictional High Court's judgment in CIT vs. Tata Elxsi. The pendency of an SLP against the High Court's decision was not considered a reason to deviate.
The Tribunal held that the assessee's representative had agreed to the disallowance before the AO. The Tribunal also noted that the earlier years' returns were processed under section 143(1) and not scrutinized, thus the rule of consistency did not apply. Conducting a tax audit does not exempt the assessee from substantiating claims.
The Tribunal held that depreciation is allowable on capital assets for computing the income of a charitable trust, and claiming depreciation does not amount to double benefit. It also held that excess application of income in earlier years can be carried forward and set off against income of subsequent years.
The Tribunal upheld the CIT(A)'s decision to exclude the reimbursement from total turnover, following the jurisdictional High Court's precedent. The pendency of an SLP against the High Court's judgment was not considered a reason to deviate.
The Tribunal held that it is possible to bifurcate the capital gain arising from the sale of land and building separately, even if sold as one unit. The land, held for more than 36 months, should be considered for long-term capital gains, irrespective of the building's holding period.
The Tribunal acknowledged that the issue of software expenses was covered against the assessee by a High Court decision. However, for relocation expenses, the Tribunal admitted additional evidence filed by the assessee and remanded the issue to the AO for de novo consideration.
The Tribunal found that the CIT(Appeals)'s order lacked clarity on how the assessee accounted for overdue interest. It noted that while Section 43D allows certain entities to defer tax on sticky loan interest, other assessees can still claim it if they demonstrate the loans are doubtful. The matter was remanded for fresh consideration by the AO.
The Tribunal held that TATA Elxsi Ltd. is functionally different and not comparable to the assessee. It also found no grounds to exclude Bodhtree Consulting Ltd. and Geometric Software Solutions Ltd. from the list of comparables.
The Tribunal held that expenses incurred in foreign currency should not be reduced from export turnover for computing deduction under Section 10A, following the jurisdictional High Court's decision. For telecommunication and insurance charges, the matter was remanded for verification.
The Tribunal held that the assessee failed to establish genuine business expediency for advancing the loan at a concessional rate. Therefore, the disallowance of interest made by the Assessing Officer and confirmed by the CIT(Appeals) was upheld.
The Tribunal held that the charges retained by the bank for credit card transactions are in the nature of bank charges, not commission or brokerage under Section 194H. Therefore, TDS was not required on these charges.
The Tribunal acknowledged the assessee's reasons for non-compliance, including ill health and unreceived notices due to a change of residence. It was deemed in the interest of substantial justice to provide a fresh opportunity for the assessee to present their case.