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89 orders · Page 2 of 2
The Tribunal held that the interest earned on deposits made from share capital during the plant's construction period should reduce the capital cost and is not taxable as income from other sources. This decision followed Supreme Court judgments distinguishing cases where interest is incidental to construction from those where it's freely usable.
The Tribunal held that income from Non-Performing Assets should be recognized only when actually received, not merely on accrual basis. This decision was based on the policy guidelines of the National Housing Bank and the jurisdictional High Court's ruling.
The Tribunal condoned the delay of 8 days in filing appeals before it and also condoned the delay of 278 days in filing appeals before the CIT(A) subject to payment of costs. The matter was restored to the CIT(A) for a decision on merits.
The Tribunal held that the objections raised by the assessee against the notice under section 148 and the validity of the reassessment proceedings were not adjudicated by the lower authorities. Therefore, the matter was remanded to the AO for a fresh adjudication.
The Tribunal restored the matter to the Assessing Officer (AO) for a fresh decision. If the assessee can prove that the interest credited was a notional provision and subsequently reversed, then no TDS liability will be imposed.
The Tribunal held that income from Non-Performing Assets should be recognized only when actually received, not merely on accrual basis. This decision was based on the policy guidelines of the National Housing Bank and the jurisdictional High Court's ruling.
The Tribunal held that the bonus stripping provisions under Section 94(8) are applicable only to mutual funds, not shares. Therefore, the cost of acquisition of shares should be considered prior to the bonus issue.
The Tribunal found the assessee's reasons plausible and decided to remand the case back to the CIT(A). The CIT(A) was directed to decide the appeal after giving the assessee a reasonable opportunity to present her case and any supporting documents.
The Tribunal held that since the assessee voluntarily withdrew the claim by filing a revised return after the Assessing Officer pointed out the issue of exceeding the area limit, the claim could not be re-agitated at the appellate stage. The issue involved factual verification of the built-up area, which the assessee had accepted by filing a revised return.
The Tribunal held that while the assessee had indeed set up its business of property development and leasing, it could not claim business loss against income offered under the head 'income from house property' to avoid double deduction. However, the business loss was allowed to be carried forward.
The Tribunal allowed the assessee's appeal on the Section 10A deduction issue by directing the AO to reduce total turnover along with export turnover. For transfer pricing, the matter was restored to the AO/TPO for fresh consideration based on previous tribunal orders. The revenue's appeal on Section 10A was rejected, and the issue of foreign exchange loss was remanded to the AO for fresh decision due to lack of facts.
The Tribunal held that sales to domestic EOUs are not eligible for Section 10B deduction as the Act mandates receipt of convertible foreign exchange. However, it directed that expenses incurred in foreign exchange should be reduced from both export and total turnover, following a jurisdictional High Court decision.
The Tribunal held that the grounds raised by the revenue were poorly drafted as they referred to a diary not relevant to the assessee. Regarding the addition for undisclosed sales, the Tribunal found that adopting the highest gross profit rate by the CIT(Appeals) was not justified and directed the Assessing Officer to use the average gross profit rate.
The Tribunal held that sales to domestic EOUs are not eligible for Section 10B deduction as the Act mandates receipt of convertible foreign exchange. However, it directed that expenses incurred in foreign exchange should be reduced from both export and total turnover, following a jurisdictional High Court decision.
The Tribunal upheld the exclusion of certain companies from the comparable list due to functional dissimilarity and abnormal profits arising from amalgamation. It also confirmed the CIT(A)'s direction to recompute deduction under Section 10A by reducing telecommunication charges and exchange fluctuation loss from both export and total turnover.
The Tribunal held that the reimbursements for expatriate staff salaries were taxable as Fees for Technical Services (FTS) in India, following previous decisions. It also ruled that the Dispute Resolution Panel (DRP) had the jurisdiction to enhance the total income even if the Assessing Officer had not proposed the entire amount as FTS.
The Tribunal found that the AO's order dismissing the rectification application lacked reasoning. Therefore, the matter was restored to the AO to pass a reasoned and speaking order.
The Tribunal condoned the delay in filing the appeals. It directed the AO to apply State PWD rates for estimating the cost of house construction and allowed a 10% rebate for self-supervision. For the jewellery, the Tribunal held that the rates prevailing at the time of marriage and births should be applied, not the rates at the time of search.
The Tribunal condoned the delay in filing the appeals. It directed the AO to apply State PWD rates for estimating the cost of house construction and allowed a 10% rebate for self-supervision. For the jewellery, the Tribunal held that the rates prevailing at the time of marriage and births should be applied, not the rates at the time of search.
The Tribunal condoned the delay in filing the appeals. It directed the AO to apply State PWD rates for estimating the cost of house construction and allowed a 10% rebate for self-supervision. For the jewellery, the Tribunal held that the rates prevailing at the time of marriage and births should be applied, not the rates at the time of search.
The Tribunal held that the internal uncontrolled comparable price from domestic sales is more reliable than external comparables. It also directed the TPO to verify foreign exchange gain/loss to determine if it's operating in nature for recomputing profits.
The Tribunal found that there was no evidence of the hearing notices being served on the assessee. Therefore, the matter was restored to the CIT(A) for reconsideration after providing a reasonable opportunity of hearing.
The Tribunal upheld the CIT(A)'s decision, finding no interference required. Both the disallowance of interest on borrowed funds and the disallowance of van hire charges were deleted.
The Tribunal dismissed the revenue's appeal, finding no justification for the AO's additions. For the cross-objections, it dismissed the salary apportionment issue, allowed the ALP adjustment on receivables, and deemed the TDS credit issue not maintainable as it was not adjudicated by the CIT(A).
The Tribunal held that the assessee is engaged in the business of purchase and sale of deeds, not civil contracts or construction. Therefore, the profit should be computed based on the actual sale consideration minus the cost of acquisition and incidental expenses.
The Tribunal inferred that the assessee was not interested in pursuing the appeal. Consequently, the appeal was dismissed in limine for want of prosecution.
The Tribunal held that expenditure incurred on travel in foreign currency abroad should be reduced from both export turnover and total turnover for computing deduction under Section 10A. It also held that depreciation is a statutory deduction and not an expenditure attracting Section 40(a)(i) disallowance for non-deduction of TDS.
The Tribunal held that the notice under Section 143(2) was valid as it considered the revised return. It further held, following its own precedent in the assessee's own case for earlier years, that depreciation on intangible assets acquired through conversion of a partnership firm into a company cannot be claimed on the revalued amount.
The Tribunal held that the expenditure incurred by the assessee to repossess the club was capital in nature. The assessee's ownership of the club assets meant that the payment was a cost of acquiring those assets, not a revenue expenditure.
The Tribunal restored the issue of Section 10A deduction to the AO for re-adjudication in light of a High Court judgment. Regarding transfer pricing, the Tribunal confirmed the exclusion of some comparables and directed recomputation of ALP for software development services.
The ITAT held that the appellate proceedings before the CIT(A) conducted after the assessee's death, without impleading the legal heirs, were non-est in the eyes of law. Therefore, the CIT(A)'s order was set aside.
The Tribunal held that the CIT(Appeals) rightly adjudicated the issue by following the jurisdictional High Court's judgment and other Tribunal orders. The Tribunal found no infirmity in the CIT(Appeals)'s decision, stating that the filing of an SLP does not stay the operation of the High Court's order.
The Tribunal found factual errors in the CIT(A)'s order and the AO's additions. It set aside the CIT(A)'s order and remitted the issues back for fresh adjudication.
The Tribunal held that the disallowance of salary under Section 40A(2)(a) was not properly examined as the comparison was made with partner salaries instead of non-related employees. The disallowance under Section 40A(3) was deleted as the amount was not claimed as expenditure.
The Tribunal directed the exclusion of certain comparables and the inclusion of others based on functional differences and related party transaction filters. It also allowed working capital adjustment.
The Tribunal held that the deduction under Section 10B cannot be denied solely because the processing plant was located outside the bonded area, as long as the raw material was excavated from the EOU's approved area and the finished product belonged to the assessee. The Tribunal relied on High Court decisions stating that customs bonding is not a prerequisite for Section 10B exemption.
The tribunal dismissed the revenue's ground regarding depreciation on server/networking equipment, following High Court precedents. The issue of depreciation on goodwill was also decided in favor of the assessee. The assessee's appeal was dismissed as academic.
The Tribunal held that the land ceased to be agricultural land upon conversion for non-agricultural purposes, even if agricultural operations continued. It also held that the CIT(A) erred in allowing a new claim under Section 54F for the first time on appeal without proper verification or opportunity for the AO.
The Tribunal held that the land ceased to be agricultural land upon conversion for non-agricultural purposes, even if agricultural operations continued. It also held that the CIT(A) erred in allowing a new claim under Section 54F for the first time on appeal without proper verification or opportunity for the AO.