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243 orders · Page 2 of 5
The Tribunal held that the AO's order was erroneous and prejudicial to the revenue interest due to the failure to make proper enquiries regarding the applicability of Section 80AC to the Section 80IA deduction claim. The Pr.CIT rightly invoked jurisdiction under Section 263.
The Tribunal directed the inclusion of 'Evoke Technologies Pvt. Ltd.' as a comparable company and the exclusion of 'Larsen & Toubro Infotech Ltd.', 'Persistent Systems Ltd.', and 'Sasken Communication Technologies Ltd.' based on turnover criteria.
The Tribunal held that the revenue authorities erred in denying the deduction for bad debts. It was clarified that there is no requirement for the bad debt to have suffered tax, only that it was included in income in an earlier year. The Tribunal also noted that proving the debt had become bad was no longer necessary after the Supreme Court's decision in TRF Ltd.
The Tribunal held that the Assessing Officer needs to verify details of deposit holders, especially those who are agriculturists and do not have taxable income, before raising a TDS demand. The appeals were allowed for statistical purposes.
The Tribunal held that the reasons cited by the CIT(E) for rejection were not mandated by the Act and that the CIT(E) had not examined the application in terms of Section 80G(5). Therefore, the issue was remanded for fresh consideration.
The Tribunal set aside the CIT(A)'s order and restored the matter for fresh adjudication. The CIT(A) was directed to examine the facts of the present case in light of specific High Court judgments concerning the source of funds deposited in banks.
The Tribunal held that the reopening of assessment under Section 147 was bad in law because the trust had obtained registration under Section 12AA, and the second proviso to Section 12A(2) prohibits action under Section 147 for non-registration in preceding years. Consequently, the additions made by the Assessing Officer were not sustainable.
The Tribunal held that the reopening of assessment under Section 147 was bad in law because the trust had obtained registration under Section 12AA, and the second proviso to Section 12A(2) prohibits action under Section 147 for non-registration in preceding years. Consequently, the additions made by the Assessing Officer were not sustainable.
The Tribunal set aside the CIT(A)'s order and restored the matter to the CIT(A) for fresh adjudication. This was due to the lack of clear factual findings regarding the source of the funds deposited in the bank.
The Tribunal held that the addition on account of jewellery was not justified as it belonged to the entire family and the assessee had declared a portion of it. The Tribunal also found that the initiation of proceedings under Section 153C was not valid as there was no incriminating material belonging to the assessee found in the search of a third party.
The Tribunal held that the Assessing Officer's failure to issue a notice under Section 143(2) after the assessee filed a revised return renders the assessment order bad in law. Consequently, the assessment order is quashed.
The Tribunal admitted the additional evidence filed by the assessee. The Tribunal set aside the appeal and remitted the case back to the CIT(A) with a direction to receive and examine the additional evidence, conduct a thorough inquiry, and then decide the matter afresh after providing a fair opportunity of hearing to the assessee.
The Tribunal held that disallowance under Section 14A cannot exceed the exempt income, and since there was no exempt income, no disallowance was permissible. Regarding the negative opening stock, the Tribunal found no justification for the addition in the current assessment year.
The Tribunal held that the Assessing Officer needs to verify details of deposit holders, especially those who are agriculturists and do not have taxable income, before raising a TDS demand. The appeals were allowed for statistical purposes.
The Tribunal found that neither the AO nor the CIT(A) had examined the actual activities of the assessee. Therefore, the matter was remitted back to the Assessing Officer to verify if the trust's activities were solely for education.
The Tribunal found that bank deposits may include various sources like sales, loans, and previous collections, not just current turnover. Therefore, a direct tally is not always expected.
The Tribunal held that the Revenue's appeal was not maintainable due to the tax effect being below the monetary limit. Consequently, the assessee's cross-objection was rendered infructuous.
The Tribunal held that for a newly established trust, it is not always possible to demonstrate actual activities at the time of applying for 80G registration. Denial of registration solely on this ground is not appropriate.
The Tribunal admitted the additional evidence, finding it appropriate in the interest of justice given the circumstances. The matter was restored to the CIT(A) for a fresh decision after considering this evidence.
The Tribunal condoned the delay, following a similar precedent. The matter was restored to the AO for a fresh decision on the disallowance under Section 40(a)(ia), considering the retrospective nature of the amendment to the second proviso.
The Tribunal upheld the CIT(Appeals)'s decision to delete the disallowance, finding that the revenue's reliance solely on filing an SLP before the Supreme Court was insufficient to controvert the CIT(Appeals)'s observations.
The Tribunal admitted the additional evidence, finding it appropriate in the interest of justice given the circumstances. The matter was restored to the CIT(A) for a fresh decision after considering this evidence.
The Tribunal held that the appeal filed by the Revenue was not maintainable due to the low tax effect. The CBDT circular regarding monetary limits applies retrospectively to pending appeals.
The Tribunal held that the assessment order was passed without conducting necessary inquiries, making it erroneous and prejudicial to the revenue. Therefore, the Pr.CIT's order directing a fresh examination was upheld.
The Tribunal admitted the additional evidence, finding it appropriate in the interest of justice given the circumstances. The matter was restored to the CIT(A) for a fresh decision after considering this evidence.
The Tribunal held that the AO's assessment order was passed without conducting necessary inquiries or verifications, making it erroneous and prejudicial to the revenue. Therefore, the Pr.CIT's order to set aside the assessment and direct a fresh examination was upheld.
The Tribunal admitted the additional evidence, finding it appropriate in the interest of justice given the circumstances. The matter was restored to the CIT(A) for a fresh decision after considering this evidence.
The Tribunal held that no disallowance under Section 14A can be made if no exempt income is earned. It also confirmed the CIT(A)'s decision to allow foreign exchange loss as revenue expenditure, citing Supreme Court judgments.
The Tribunal held that reimbursement of actual expenses incurred by cab owners for petrol and diesel, where bills were raised separately, was not covered by Section 194C, and thus no TDS was required. However, the disallowance for vehicle hire charges was confirmed.
The Tribunal held that no disallowance under Section 14A can be made if no exempt income is earned. It also confirmed the CIT(A)'s decision to allow foreign exchange loss as revenue expenditure, citing Supreme Court judgments.
The Tribunal deleted the disallowance of interest expenditure under Rule 8D(2)(ii) based on the Karnataka High Court's judgment in CIT vs. Microlabs Ltd. However, it declined to interfere with the disallowance made under Rule 8D(2)(iii).
The Tribunal found that the notice issued under Section 143(2) was indeed time-barred, as it was issued beyond the prescribed six-month period from the end of the financial year in which the return was furnished. Consequently, the assessment order based on this notice was quashed.
The Tribunal admitted the additional evidence, finding it appropriate in the interest of justice given the circumstances. The matter was restored to the CIT(A) for a fresh decision after considering this evidence.
The Tribunal held that the appeals filed by the Revenue were not maintainable due to the CBDT circulars prescribing monetary limits for appeals. The circulars were applicable retrospectively to pending appeals.
The Tribunal held that the appeals filed by the Revenue were not maintainable due to the CBDT circulars prescribing monetary limits for appeals. The circulars were applicable retrospectively to pending appeals.
The Tribunal held that the expression 'a residential house' in Section 54F, prior to the 2014 amendment, included multiple flats or residential units. Therefore, the assessee was entitled to the exemption for acquiring more than one flat.
The Tribunal dismissed the Revenue's appeal based on CBDT circulars regarding monetary limits for appeals. For the Assessee's appeal, the Tribunal allowed the exclusion of four comparables (two from each segment) as argued by the Assessee, following previous Tribunal orders.
The Tribunal found the CIT(A)'s orders to be cryptic and lacking proper reasoning. Consequently, the Tribunal set aside the CIT(A)'s orders and restored the matters back to the CIT(A) for fresh, speaking, and reasoned decisions after providing adequate opportunities to both parties.
The Tribunal condoned the delay in filing the appeals before the CIT(A) and restored the matters to the file of the CIT(A) for a decision on merit.
The Tribunal condoned the delay in filing the appeals before the CIT(A) and restored the matters to the file of the CIT(A) for a decision on merit.
The Tribunal held that the expression 'a residential house' in Section 54F, prior to the 2014 amendment, included multiple flats or residential units. Therefore, the assessee was entitled to the exemption for acquiring more than one flat.
The Tribunal admitted the additional evidence and remanded the matter back to the CIT(A). The CIT(A) is directed to reconsider the issue after admitting the additional evidence and providing a reasonable opportunity of being heard to both parties.
The Tribunal held that the assessee had a genuine belief that Section 44AB was not applicable due to its registration under Section 12A and potential exemption under Section 11. Therefore, the penalty imposed under Section 271B was deleted.
The Tribunal restored the issue of Section 40(a)(ia) disallowance to the CIT(A) for fresh decision, considering the retrospective applicability of the second proviso. The other grounds regarding ad-hoc disallowance and interest under Section 244A were rejected.
The Tribunal upheld the CIT(A)'s order, noting that the assessee's books were not rejected and the assessment was not made under Section 144. The AO had simply applied the GP and NP rates from the preceding year.
The Tribunal upheld the decision of the CIT(A) to delete the additions. The Tribunal noted that the issue was covered by its earlier orders in the assessee's own case for previous assessment years, and the Revenue could not point out any distinguishing facts.
The Tribunal found that the CIT(A) had not decided the crucial issue of whether the business was 'set up', which is a prerequisite for computing business income. Therefore, the matter was restored to the CIT(A) for a fresh decision.
The Tribunal held that the AO's computation of capital gains was not in accordance with Section 48 of the Income Tax Act. The future income projections were not a valid basis for determining the full value of consideration for the transfer of shares, especially as Section 50C, which allows for stamp duty valuation, applies only to land or buildings.
The Tribunal dismissed the Revenue's appeal based on CBDT circulars regarding monetary limits for appeals. For the Assessee's appeal, the Tribunal allowed the exclusion of four comparables (two from each segment) as argued by the Assessee, following previous Tribunal orders.
The Tribunal found that the Dispute Resolution Panel (DRP) applied a foreign exchange income filter to exclude one comparable but not others. Additionally, there was no decision from the DRP on one of the comparables. Therefore, the matter was restored to the AO/TPO for a fresh decision.