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124 orders · Page 2 of 3
The Tribunal found that the Supreme Court's judgment in Citizen Co-Operative Society Ltd. was relevant. The Supreme Court had held that if a cooperative society's activities are in violation of its governing act or cater to non-members, it may not be eligible for deduction under Section 80P.
The Tribunal found that the Supreme Court's judgment in Citizen Co-operative Society Ltd. was relevant. The judgment highlighted that if a cooperative society's activities violate its governing act or involve lending to 'nominal members' who are essentially the general public, it may not be eligible for deduction.
The Tribunal found that while the assessee did not appear on multiple dates, the CIT(A) had not decided the issue on merit and had simply confirmed the AO's order. Therefore, the Tribunal restored the matter to the CIT(A) for a fresh decision after hearing the assessee.
The Tribunal found that while the assessee did not provide sufficient evidence, the CIT(A) failed to issue a show-cause notice before enhancing the addition. Therefore, the matter was restored to the CIT(A) for a fresh decision.
The Tribunal held that since the defect was rectified by producing the notice of demand, the appeal should be treated as properly filed. The CIT(A) was directed to decide the appeal on merits after affording an opportunity of hearing.
The Tribunal accepted the assessee's prayer to remand the issue to the AO for fresh consideration. The AO is directed to examine the reconciliation of receipts between the two projects and delete the addition if it's confirmed to be a reporting error.
The Tribunal held that the assessee is not entitled to the benefit of Section 54F because the land was purchased more than one year prior to the sale of the capital asset, and did not fall under any of the other eligible categories for exemption.
The Tribunal restored the issue to the AO for fresh consideration. It noted that the Hon'ble Karnataka High Court's decision in Tumkur Merchants Souharda Credit Co-operative Society Ltd. still holds good regarding interest income from temporary parking of own surplus funds.
The Tribunal found merit in the submissions of the assessee's authorized representative. It noted that the CIT(A) had relied on the Karnataka High Court's decision in PCIT vs. Totagars Co-operative Sale Society Ltd. (supra) without a proper examination and comparison of the facts of the present case with that precedent. The Tribunal highlighted the distinction made in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (supra), where the decision favoured the assessee because the deposited funds were out of the assessee's own funds, unlike in the Totagars case where the funds were out of liability. Therefore, the Tribunal concluded that the issue should be remanded to the CIT(A) for a fresh adjudication. The CIT(A) is directed to examine and compare the facts of the present case with those in the Totagars and Tumkur Merchants cases. If the facts align with Totagars, the issue should be decided against the assessee; if they align with Tumkur Merchants, it should be decided in favour of the assessee. The CIT(A) is to provide adequate opportunity of being heard to both parties. No specific amount in dispute was recorded.
The Tribunal held that the assessee is entitled to depreciation on assets whose cost was allowed as application towards charitable purposes, following the Apex Court decision in CIT Vs. Rajasthan and Gujarati Charitable Foundation. The amendment to Section 11(6) is prospective.
The Tribunal held that the CIT(Exemptions) could not ascertain the genuineness of the trust's objects and activities due to non-service of notices, and the assessee was not afforded an opportunity to be heard. Therefore, the ex-parte order was set aside.
The Tribunal held that rejecting the 80G application for failure to provide a document that was not yet issued was unsustainable. The matter was restored to the CIT(E) for fresh consideration, taking into account the subsequent grant of 12A registration.
The Tribunal held that Section 14A applies only when there is an actual receipt of income that does not form part of the total income during the relevant previous year. Since the assessee had not earned any exempt income in the assessment year, the disallowance was not justified.
The Tribunal restored the matter to the Assessing Officer for re-examination of all aspects of the assessee's claims for deduction under Section 80P(2) of the Act. This was to ensure a reasoned adjudication in light of specific observations and directions.
The Tribunal restored the matter to the Assessing Officer for re-examination of all aspects of the assessee's claims for deduction under Section 80P(2) of the Act. This was to ensure a reasoned adjudication in light of specific observations and directions.
The Tribunal upheld the CIT(A)'s order, finding the AO's estimation of suppressed sales to be arbitrary. The Tribunal noted that even the AO accepted that not all quantities measured by the Department of Mines and Geology were saleable, and no evidence of suppression was found during a survey.
The Tribunal held that payments to the US company were not chargeable to tax in India, thus no TDS obligation arose, and deleted the disallowance under Section 40(a)(ia). Regarding set-off of losses, the Tribunal directed the AO to follow the CIT(A)'s order and the Karnataka High Court's ruling in Yokogawa India Ltd.
The Tribunal found that the CIT(A) had not adjudicated on the initial grounds of appeal raised by the assessee. Therefore, the matter was remanded back to the CIT(A) for fresh adjudication.
The Tribunal held that the assessee's eligibility for deduction under Section 80P depends on whether it is a cooperative bank and requires a license from the RBI. The matter was remanded to the AO for further verification.
The Tribunal restored the matter to the Assessing Officer for re-examination of all aspects of the assessee's claim for deduction under Section 80P(2). This was based on a coordinate bench's decision in a similar case.
The Tribunal found that the CIT(Exemptions) did not consider all the material on record, including the 12AA registration and financial statements. Citing judicial precedents, the Tribunal held that pre-schooling is part of education and that the CIT should have considered the additional conditions for 80G approval more thoroughly.
The Tribunal upheld the CIT(A)'s order, allowing the expenditure to the extent it was deposited before the due date for filing the return of income. The Tribunal followed the jurisdictional High Court's judgment, which is binding.
The Tribunal held that only investments yielding exempt income should be considered for computing the average value of investments for disallowance under Section 14A read with Rule 8D(2)(iii). The issue was restored to the AO for recomputation.
The Tribunal restored the matter to the Assessing Officer for re-examination of all aspects of the assessee's claim for deduction under Section 80P(2). This was to ensure a reasoned adjudication in light of relevant observations and directions.
The Tribunal held that the DRP's order was cryptic and lacked proper reasoning regarding the inclusion/exclusion of comparables and the employee cost filter. The matter was remanded back to the DRP for a reasoned order.
The Tribunal held that the issue of whether the assessee is a co-operative bank and the nature of its income requires fresh examination. The assessee needs to provide a certificate from the RBI stating it does not have a banking license and that its business is not akin to a co-operative bank.
The Tribunal upheld the CIT's view that the AO's assessment order was erroneous and prejudicial to the revenue due to lack of proper inquiry. For the assessment year 2012-13, the assessee's appeal was partly allowed for statistical purposes, remanding the issue to the AO. For the assessment year 2014-15, the revenue's appeal was allowed for statistical purposes, also remanding the issue to the AO for fresh examination.
The Tribunal held that the penalty order was invalid because the notice issued by the AO under Section 274 r.w.s 271(1)(c) was not specific. Following the binding judgment of the Hon'ble Karnataka High Court, the Tribunal cancelled the penalty imposed.
The Tribunal held that the CIT(A)'s decision to disallow interest income was without basis and that the matter should be restored for fresh adjudication. It suggested that interest income directly linked to business needs (like LC for raw materials) could be considered business income.
The Tribunal set aside the issue to the AO for fresh consideration. The AO is directed to examine if the assessee possesses an RBI license for banking, if its business is akin to a co-operative bank, and to verify the nature of income and mutuality principles by scrutinizing the society's documents and membership rules.
The Tribunal held that the appeal filed by the Revenue was not maintainable due to low tax effect. Therefore, the appeal was dismissed on this preliminary ground.
The assessee requested to withdraw the appeal as it had become infructuous due to the dismissal of the revenue's appeal. The Tribunal allowed the withdrawal.
The Tribunal set aside the CIT(A)'s order and restored the matter for fresh decision. The assessee is required to obtain a certificate from the RBI regarding its business nature to determine if it qualifies as a co-operative bank.
The Tribunal found that the CIT (Exemptions) order did not address the documents submitted by the assessee. Therefore, the matter was remanded back to the CIT (Exemptions) for fresh consideration after providing an opportunity of hearing to the assessee.
The Tribunal held that the assessee's claim for rectification under Section 154 was not for an apparent mistake. The error in calculating the long-term capital loss was not evident from the assessment record and could not be rectified under Section 154.
The Tribunal held that the CIT(Exemption) did not consider the assessee's reply to the show-cause notice, violating principles of natural justice. Therefore, the order was set aside for fresh consideration.
The Tribunal held that since the assessee already had 12A registration, its objects were considered charitable and activities genuine. The CIT(Exemption) failed to consider the assessee's reply and violated principles of natural justice.
The Tribunal held that the AO should have obtained a valuation report from the District Valuation Officer (DVO) as per Section 50C(2) when the assessee raised the issue of defective title. The matter was restored to the AO for fresh adjudication after obtaining the DVO's report.
The Tribunal held that the AO should have obtained a valuation report from the District Valuation Officer (DVO) as per Section 50C(2) when the assessee raised the issue of defective title. The matter was restored to the AO for fresh adjudication after obtaining the DVO's report.
The Tribunal found that the CIT(A)'s observation that no expenditure was claimed was incorrect, as expenditure details were provided. However, the significant increase in sales in the current year compared to previous years warranted further examination.
The Tribunal condoned the delay in filing the appeal, admitting additional evidence related to the genuineness of unsecured loans. The matter was set aside to the AO for fresh adjudication after examining the additional evidence.
The Tribunal condoned the delay in filing the appeal. On merits, it held that cash deposits in the bank account cannot automatically be construed as income from undisclosed sources or unexplained investments under Section 69A, especially when they are less than cash withdrawals.
The Tribunal restored the issue back to the Assessing Officer for a fresh decision. This was to examine the facts in light of Supreme Court and Karnataka High Court judgments regarding the eligibility of such interest income for deduction under Section 80P.
The Tribunal held that the deduction under Section 80P(2)(d) for interest income from co-operative banks is not allowable, following the Karnataka High Court's decision in PCIT Vs. Totgars Co-operative Sale Society Ltd. However, the issue of deduction under Section 80P(2)(a)(i) for interest on other deposits was restored to the AO for fresh examination.
The Tribunal held that the assessee failed to meet the conditions for a lower penalty rate under Section 271AAB(1)(a) or (b) due to late filing of return and delayed tax payment. Consequently, the penalty under Section 271AAB(1)(c) was upheld.
The Tribunal set aside the issue of deduction under Section 80P(2)(a)(i) to the AO for fresh consideration. The assessee is required to provide evidence, including an RBI certificate, to demonstrate its eligibility and the nature of its business and membership.
The Tribunal upheld the addition of Rs.19,95,000/- as unexplained expenditure. The assessee's grounds of appeal were dismissed as they could not controvert the findings of the lower authorities.