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81 orders · Page 2 of 2
The Tribunal held that foreign exchange loss on revenue liabilities due to fluctuation, as per AS-11, is an allowable expenditure under Section 37(1) even if not actually paid. The CIT(A)'s order allowing the deduction was upheld.
The Tribunal held that the adjustment under Section 143(1)(a)(vi) was not permissible as the income was already declared in the return. The issue of whether the income should be taxed under Section 44AD or 44ADA was not decided.
The Tribunal set aside the CIT(Appeals) order and restored the issue to the AO for fresh consideration. The Tribunal also directed that the issue regarding Section 80P(2)(d) deduction be decided based on distinguishing facts from the Citizen Co-operative Society Ltd. case.
The Tribunal held that the assessee's appeal should be allowed for statistical purposes. The matter was remanded to the AO for fresh consideration, with directions to provide the assessee with all relied-upon documents and allow cross-examination of persons whose statements were used.
The Tribunal held that foreign exchange loss on revenue liabilities due to fluctuation, as per AS-11, is an allowable expenditure under Section 37(1) even if not actually paid. The CIT(A)'s order allowing the deduction was upheld.
The Tribunal held that while additions made by the AO were justified due to discrepancies, the quantum was excessive. The GP rate for the liquor segment was reduced to 12.5% and for the food segment to 20%. The Tribunal also directed the AO to give telescoping effect for an unexplained cash credit.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal held that the reassessment proceedings were invalid because the basis for reopening, which was information from a search in another group's case, was found to be non-existent for the assessee. Therefore, adequate reasons for reopening were not provided.
The Tribunal found that the CIT(A) dismissed the appeal without deciding on merits. Considering the assessee is a senior citizen and the counsel's non-appearance, the order was set aside.
The Tribunal held that the capital gains should be computed based on the guidance value of the land transferred as on the date of the Joint Development Agreement (JDA). The matter was set aside to the AO for fresh computation.
The tribunal directed the exclusion of certain comparable companies in the transfer pricing adjustment and allowed the deduction for employee's ESI contribution. It also held that telecommunication charges should be excluded from both export and total turnover for Section 10AA deduction and directed the AO to grant credit for TDS.
The Tribunal found that the assessee's claim of continued agricultural operations on the converted non-agricultural land was not adequately examined. The matter was restored to the CIT(A) for a fresh decision after verifying this factual aspect.
The Tribunal held that the CIT(A) exceeded their powers by directing the AO to make an addition in a different assessment year. The Tribunal also deleted the addition for the diminished bank balance, finding it to be a typographical error and not an unexplained investment.
The Tribunal held that the reopening under Section 147 was not justified when the assessment was based on material found during a search of a third party. Proceedings should have been initiated under Section 153C, making the reassessment illegal.
The Tribunal held that even in the absence of the assessee, the appeal should be decided on merits rather than dismissed in limine. The matter was restored back to the CIT(A) for a fresh decision after providing adequate opportunity.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal held that Avani Cimcon Technologies Ltd. is not comparable due to high margins and revenue from software product sales without segmental information. Flextronics Software Solutions Ltd. was also excluded due to lack of segmental information and unreliable data used by the TPO.
The Tribunal dismissed the Revenue's appeals as they no longer survived because the CIT(A)'s original order was rectified and the relief withdrawn. The Tribunal found no remaining grievance for the Revenue and denied the Revenue's request for liberty to revive the appeals.
The Tribunal noted that the CIT's order under section 263 had been cancelled by a previous tribunal order. Consequently, the assessment order passed under section 143(3) read with section 263 was also set aside.
The Tribunal held that the grounds challenging the validity of the search under Section 132 were dismissed due to the retrospective introduction of Explanation to Section 132(1). However, the issue of computing peak credit was set aside to the AO for re-computation.
The ITAT held that the appeal filed by the Revenue was not maintainable due to low tax effect. This was based on a CBDT notification that mandates no appeal to be filed if the tax effect is below Rs. 50.00 Lakhs, which was applicable to pending appeals.
The Tribunal directed the AO to exclude the two comparable companies, Infosys BPO Ltd and E-Clerx Services Ltd, from the transfer pricing analysis due to significant differences in turnover. The margin calculation was to be re-worked accordingly.
The Tribunal held that the assessee failed to prove the construction of a new residential house, citing lack of evidence like bills, vouchers, and plan approvals. The nature of the constructed structures was also deemed non-residential.
The Tribunal condoned the delay in filing the appeal, finding reasonable cause due to audit work. It held that the bank was not liable to deduct TDS on NFS charges, deleting the demand on this account. However, the demand related to ATM charges was confirmed.
The Tribunal held that the development expenses were deductible as they were related to the assessee's real estate activity as a broker, and the issue was debatable, making rectification inappropriate. Regarding the deemed dividend, the Tribunal found the transactions constituted a current account with mutual benefit, thus not falling under Section 2(22)(e).
The Tribunal held that claiming repayment of loans as application of income, after already claiming the asset's cost as application of income, amounts to double exemption and is not permissible. However, it upheld the CIT(A)'s direction to assess capital gains on sale of assets as per Sections 45 to 55A.
The Tribunal held that the penalty notices issued under Section 271(1)(c) and Section 271AAB were invalid because they did not clearly specify the limb of the section under which penalty proceedings were initiated, thus violating principles of natural justice.