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141 orders · Page 2 of 3
The Tribunal held that while Section 54F is clear about exemption for residential property, both the AO and CIT(A) failed to properly compute the vacant land appurtenant to the residential house. Therefore, the AO was directed to recompute the exemption under Section 54F and the capital gains.
The Tribunal held that Section 14A cannot be invoked in the absence of any exempt income earned by the assessee. Therefore, the disallowance made by the Assessing Officer and confirmed by the CIT(A) was deleted.
The Tribunal directed the exclusion of certain comparable companies, including Universal Print Systems Ltd., BNR Udyog Ltd., Excel Infoways Ltd., and Infosys BPO Ltd., due to functional dissimilarity or failure to meet filters. The Tribunal also remanded the issue of considering provisions for bad and doubtful debts as operating expenses to the AO/TPO for computation pertaining to the year under consideration.
The Tribunal held that the holding period for capital gains should be reckoned from the date of completion of construction of the building. It also stated that the gain attributable to the undivided share in land should be treated as long-term capital gain, while the gain from the building should be assessed based on the completion date.
The ITAT, in the interest of natural justice, decided to provide the assessee with another opportunity to present their case before the CIT(A). A cost of Rs. 1000 was imposed on the assessee for not appearing before the lower authority.
The Tribunal held that since the quantum appeal for the same assessment year was set aside to the Assessing Officer, the penalty order based on that assessment could not be sustained. The penalty was directed to be deleted.
The Tribunal admitted the additional evidence filed by the assessee and directed the CIT(A) to consider it and decide the matter on merits. The Tribunal found a reasonable basis for filing additional evidence when an assessment is completed under section 144.
The Tribunal directed the exclusion of five companies from the TPO's list based on the turnover filter. It also restored three companies rejected by the TPO and three companies sought by the assessee back to the AO/TPO for fresh examination.
The Tribunal found that the issue of whether chit fund losses are allowable business expenditure depends on the utilization of funds. Since the lower authorities did not examine this aspect and the assessee provided additional evidence, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that the treatment of receipts in the assessee's books is not decisive for taxability, and if a receipt is a capital receipt, it cannot be taxed merely because it was offered as revenue. The issue regarding MAT credit was rejected as the assessee sought an advance decision.
The Tribunal held that the treatment of a receipt in the assessee's books is not decisive for its taxability. Following the Karnataka High Court's decision in Manipal Finance Corporation Ltd., the Tribunal ruled in favor of the assessee regarding the taxability of forfeited deposits.
The Tribunal held that the taxability of a receipt is not determined by the assessee's own treatment in its books if a higher court has ruled on its nature. Regarding MAT credit, the Tribunal rejected the ground as it was raised as a precautionary measure and an advance decision was sought.
The Tribunal held that the treatment of a receipt in the assessee's books is not decisive for its taxability. If a receipt is legally a capital receipt, it cannot be taxed merely because the assessee offered it as revenue. The Tribunal also rejected a ground related to MAT credit as it was seeking an advance decision.
The Tribunal held that the penalty order under Section 271D was barred by limitation. Following the judgment of the Rajasthan High Court in CIT vs. Hissaria Bros., the Tribunal determined that the time limitation for such penalties should be examined under Section 275(1)(c) of the Income Tax Act.
The Tribunal held that the treatment of a receipt in the assessee's books is not decisive for its taxability, and if a receipt is capital in nature, it cannot be taxed merely because it was offered as revenue. The issue of MAT credit was rejected as the assessee sought an advance decision.
The Tribunal held that opening balances cannot be added under Section 68 and that the CIT(Appeals) should have admitted additional evidence to verify the assessee's claims regarding opening balances and discrepancies. The Tribunal also clarified that Section 115BBE(2) is not applicable to the assessment year in question.
The Tribunal held that for a newly established trust, denial of 80G registration solely on the ground of unverified activities is premature. The CIT(E) should have considered the objects of the trust, which were already verified for 12AA registration.
The Tribunal condoned the delay, finding that non-receipt of the demand notice provided a reasonable basis for seeking condonation. The matter was remanded to the CIT(A) for a decision on merits.
The Tribunal noted that the tax effect in the Revenue's appeal was Rs. 29,98,431. As per CBDT notifications, this amount was considered a low tax effect, rendering the appeal not maintainable.
The Tribunal set aside the issue back to the CIT(A) for a fresh decision on merits, subject to the assessee paying a cost of Rs. 5000/-. This was due to the assessee's failure to appear before the CIT(A) and the principle of natural justice.
The Tribunal held that the CIT(A)'s reliance on the Supreme Court judgment in The Citizen Co-operative Society Ltd. was premature without examining the applicability of the Karnataka Co-operative Societies Act. The Tribunal also directed the AO to examine the source of funds for bank deposits in light of Karnataka High Court judgments.
The Tribunal held that the mining lease and license, being a commercial right acquired for business purposes, qualifies as an intangible asset eligible for depreciation under Section 32(1)(ii) of the Income Tax Act.
The ITAT found that the assessee should be given another opportunity to present their case. Therefore, the matter was restored to the CIT(Appeals) for a fresh adjudication.
The Tribunal held that the demand under Section 234E was not arising out of the rectification proceedings initiated by the assessee's correction statement. Therefore, the Tribunal did not delve into the merits of the Section 234E levy.
The Tribunal restored the matter to the CIT(A) for fresh adjudication. The assessee needs to provide evidence to establish that the difference in receipts was due to accounting in the preceding year or will be reflected in the next year, and not taxed twice.
The Tribunal held that the assessee had a reasonable cause for not getting the accounts audited as the turnover was below the limit at the time of filing the return. For the penalty under Section 271(1)(c), the Tribunal found non-application of mind by the AO due to an invalid notice.
The Tribunal held that the mining lease and license, being a commercial right acquired for business purposes, qualifies as an intangible asset eligible for depreciation under Section 32(1)(ii) of the Income Tax Act.
The Tribunal held that the show cause notice issued under Section 274 of the Act was defective as it did not specify whether the penalty was for concealment of particulars of income or furnishing inaccurate particulars of income. Following the Karnataka High Court's decision, the Tribunal found the penalty imposition unsustainable.
The Tribunal held that the Pr.CIT's direction to mandatorily apply Section 115BBE(2) without proper inquiry into the source of funds was not proper. It also held that there was no justification for rejecting the books of account.
The Tribunal allowed the assessee to withdraw its appeals. The appeals were dismissed as withdrawn based on the MAP resolution and the assessee's acceptance of the outcome.
The revenue withdrew its appeal due to the low tax effect, and consequently, the assessee also chose not to press its appeal. Both appeals were dismissed as withdrawn.
The Tribunal held that procedural rules are subservient to substantial justice and that dismissing an appeal solely on technical grounds like manual filing instead of electronic filing, when the appeal was filed within time, would lead to miscarriage of justice. The delay in electronic filing was condoned.
The Tribunal dismissed all the appeals filed by the Revenue in limine, as the tax effect was below the threshold stipulated by CBDT circulars. Liberty was granted to the Revenue to apply for recall if the tax effect was higher or if exceptions applied.
The Tribunal held that expenses incurred for implementing a construction project are pre-construction expenses and must be capitalized. The issue of whether 'other income' should be reduced from these expenses was remanded for fresh examination by the AO.
The Tribunal, noting the assessee's non-appearance before both the AO and CIT(A), decided to restore the issue to the CIT(A) for fresh adjudication in the interest of natural justice. This restoration is conditional upon the assessee paying a cost of Rs. 5000.
The Tribunal dismissed both appeals filed by the Revenue in limine. This was based on the CBDT Circular No. 17/2019 regarding the monetary limit for filing appeals.
The Tribunal held that the CBDT Circular dated 8th August 2019, which enhanced monetary limits for filing appeals, is applicable to pending appeals. Therefore, all appeals with a tax effect below the specified limit are to be dismissed.
The Tribunal found that the CIT(Appeals) had passed non-speaking orders, failing to provide adequate reasoning for upholding the AO's additions. Consequently, the Tribunal set aside the CIT(Appeals)'s orders.
The Tribunal restored the matter to the file of the CIT(A) for a fresh decision on merits. The assessee was directed to either satisfy the CIT(A) about the electronic filing requirements or submit the demand notice.
The Tribunal held that Section 35DDA is applicable to any expenditure in connection with VRS payments, including interest on delayed payments. Therefore, the disallowance in the current year is confirmed, but the AO is directed to allow the remaining amount in the succeeding four years.
The Tribunal held that the appeal was defective due to non-rectification of the defect memo and non-appearance of the assessee. Therefore, no adjudication on merits was required.
The Tribunal found that the CIT(Appeals) had passed non-speaking orders, failing to provide adequate reasoning for upholding the AO's additions. Consequently, the Tribunal set aside the CIT(Appeals)'s orders.
The Tribunal found that the notices from the CIT(A) were not served on the assessee. In the interest of justice, the CIT(A)'s order was set aside and the matter was restored for a fresh decision after providing a reasonable opportunity of hearing.
The Tribunal noted that the tax effect was below the revised monetary limit of Rs.50 lakhs for filing appeals by the Department. Therefore, the appeal was not maintainable.
The Tribunal held that the revenue's appeal was not maintainable due to low tax effect, as per CBDT instructions. The appeal was dismissed on this technical ground.
The Tribunal upheld the CIT(Appeals)'s decision to limit the taxation to the cost of construction for the relevant financial year as per the DVO's report. For the assessee's appeal, the Tribunal remanded the matter to the AO to consider State PWD rates instead of CPWD rates for valuation.
The Tribunal held that Section 14A disallowance can only be made if there is actual receipt of exempt income during the relevant previous year. Since the assessee earned no exempt income, the disallowance was deleted.
The Tribunal set aside the CIT(A)'s order and restored the matter to the AO for fresh adjudication. The AO was directed to examine the nature of the difference between the sale deed value and the amount certified by the housing society.
The Tribunal condoned the delay in filing the appeal in the interest of justice. The Tribunal restored the matter back to the file of the CIT(A) for a fresh decision, directing the CIT(A) to consider the paper book and provide an adequate opportunity of hearing to both parties.