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249 orders · Page 2 of 5
The Tribunal held that the period for utilizing the accumulated surplus, as per Section 11(3)(c), extends to the year immediately following the expiry of the 5-year accumulation period. Therefore, AY 2013-14 was not the correct year for taxing the unutilized amount.
The Tribunal held that Section 154 orders, which reduced the demand raised under Section 200A, merged with the original orders. Therefore, the CIT(A) was incorrect in dismissing the appeals without adjudicating on merits.
The Tribunal held that Section 154 orders, which reduced the demand raised under Section 200A, merged with the original orders. Therefore, the CIT(A) was incorrect in dismissing the appeals without adjudicating on merits.
The Tribunal admitted additional evidence showing the assessee obtained 'Start up' registration after the first appellate order. Since this evidence required examination by the AO, the matter was restored to the AO for fresh adjudication.
The Tribunal held that Section 154 orders, which reduced the demand raised under Section 200A, merged with the original orders. Therefore, the CIT(A) was incorrect in dismissing the appeals without adjudicating on merits.
The Tribunal noted that the assessee opted for settlement under the Vivad Se Vishwas Act and would withdraw the appeal. Therefore, keeping the appeal pending would serve no purpose. The appeal was dismissed as withdrawn.
The Tribunal agreed to dismiss the appeal as withdrawn, following the practice of the Bangalore Benches. The assessee was granted liberty to seek recall of the order if the confirmation form was not issued or for other reasons under the scheme.
The Tribunal held that the sale of 50 acres was complete in the relevant assessment year, making the capital gain taxable. However, it also deemed a portion of this land as 'bought back' by the assessee on the date of the arbitration award, with a revised acquisition cost and date for future capital gain computation.
The Tribunal dismissed the appeal as withdrawn, noting that the assessee had already initiated proceedings under the Vivad Se Vishwas Act. The assessee was granted liberty to seek recall of the order if necessary.
The Tribunal held that the AO should have examined the books of accounts to determine if the addition of Rs. 60 lakhs was warranted. The claim for set-off of brought forward losses and unabsorbed depreciation was also restored to the AO for verification.
The Tribunal upheld the exclusion of comparable companies with significantly higher turnover than the assessee, following established precedent. It also confirmed that satellite link charges should be deducted from both export turnover and total turnover for Section 10A calculations, in line with Supreme Court rulings.
The Tribunal followed its previous order in a similar case and directed the Assessing Officer (AO) to examine the facts in light of the judgments of the Hon'ble Karnataka High Court and the Hon'ble Supreme Court concerning Section 80P deduction. The AO was also instructed to provide the assessee with an adequate opportunity to be heard.
The tribunal dismissed the appeal as withdrawn. The assessee was granted liberty to file an application for recalling the order if their Vivad Se Vishwas application was not accepted.
The Tribunal condoned the delay in filing the appeal before the CIT(A), finding no gross negligence or lack of bonafides. The appeal was restored to the CIT(A) for adjudication on merits.
The Tribunal held that the assessee's explanation for the delay did not indicate gross negligence or deliberate inaction. Following a liberal approach for condoning delay to advance substantial justice, the Tribunal condoned the delay.
The Tribunal condoned the delay in filing the appeal before the CIT(A) as the assessee was bonafidely pursuing an alternative remedy. The matter was restored to the CIT(A) for a decision on merit.
The tribunal held that an appeal should be decided on merit even if the assessee does not appear. Therefore, the order of the CIT(A) was set aside and the matter was remanded for a decision on merit after providing an adequate opportunity of being heard to both sides.
The Tribunal held that the assessee's explanation for the delay did not indicate gross negligence or deliberate inaction. Following a liberal approach to condone delay for substantial justice, the Tribunal condoned the delay in filing the appeal before the CIT(A).
The Tribunal restored the case to the file of the Assessing Officer, providing the assessee with another opportunity to explain its case regarding the TDS credit. This was done in the interest of justice and equity, considering the assessee's claim of not receiving a hearing notice from the CIT(A).
The Tribunal upheld the exclusion of comparable companies with significantly higher turnover than the assessee, following established precedent. It also confirmed that satellite link charges should be deducted from both export turnover and total turnover for Section 10A calculations, in line with Supreme Court rulings.
The Tribunal found that neither the AO nor the CIT(A) had properly analyzed the nature of services rendered by the US subsidiary in the context of the Income Tax Act and the India-USA DTAA. The CIT(A)'s findings were based on assumptions without sufficient supporting material or analysis.
The Tribunal admitted the additional evidence, finding it crucial to the factual dispute. The order of the CIT(A) was set aside, and the matter was restored for a fresh decision after examining the evidence.
The Tribunal held that transactions between close relatives might not attract penalties under Sections 271D and 271E. For transactions with a business associate, the matter was restored to the AO to examine if they were genuine business transactions rather than loans.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal held that the incorrect computation of book profit was due to a bona fide and inadvertent error in filling the return of income. Relying on a Supreme Court judgment, the Tribunal found the penalty unjustified.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal found that neither the AO nor the CIT(A) had properly analyzed the nature of services rendered by the US subsidiary in the context of the Income Tax Act and the India-USA DTAA. The CIT(A)'s findings were based on assumptions without sufficient supporting material or analysis.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal found that neither the AO nor the CIT(A) had properly analyzed the nature of services rendered by the US subsidiary in the context of the Income Tax Act and the India-USA DTAA. The CIT(A)'s findings were based on assumptions without sufficient supporting material or analysis.
The ITAT set aside the CIT(A)'s order and restored the issues to the CIT(A)'s file for fresh adjudication. This was done to provide the assessee with an opportunity to be heard, in the interest of natural justice.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal dismissed the appeal as withdrawn based on the assessee's submission regarding the Vivad Se Vishwas application. Liberty was granted to the assessee to seek recall of the order if necessary.
The Tribunal upheld the exclusion of seven companies from the TPO's list of comparables, while allowing the revenue's ground for inclusion of three companies that the assessee now accepted. The Tribunal also confirmed the DRP's decision on foreign exchange gains/losses and the exclusion of foreign currency expenses from turnover.
The Tribunal held that transactions with close relatives do not attract penalties under Sections 271D and 271E. For transactions with business associates, the matter was restored to the AO to verify if they were genuine business transactions rather than loans.
The Tribunal noted that the AO did not provide specific details or bifurcations of the alleged unaccounted cash sales. The Tribunal decided to remand the issue back to the AO for a detailed verification and proper adjudication.
The Tribunal dismissed the appeal as withdrawn, granting the assessee liberty to seek recall of the order if they opt out of the Vivad Se Viswas scheme or encounter issues with it.
The Tribunal upheld the exclusion of seven companies from the TPO's list of comparables, while allowing the revenue's ground for inclusion of three companies that the assessee now accepted. The Tribunal also confirmed the DRP's decision on foreign exchange gains/losses and the exclusion of foreign currency expenses from turnover.
The Tribunal held that transactions with close relatives might not attract penalties under Sections 271D and 271E. For transactions with a business associate, the matter was restored to the AO to examine if they were genuine business transactions rather than loans.
The Tribunal found that the assessee was not provided with adequate opportunity for hearing by the CIT(E) in both proceedings. Therefore, the matters were set aside and remanded back to the CIT(E) for fresh decisions.
The Tribunal dismissed the appeals as withdrawn, granting the assessees liberty to approach the Tribunal for recall of the order if they opt out of the Vivad Se Viswas scheme or face issues with it.
The Tribunal dismissed the appeal as withdrawn, noting that the assessee had already initiated the settlement process under the Vivad Se Vishwas Act. Liberty was granted to the assessee to seek recall of the order if necessary.
The Tribunal dismissed the appeals as withdrawn, granting the assessees liberty to seek recall of the order if they opt out of the Vivad Se Viswas scheme or face issues with it.
The Tribunal held that an appeal against an order passed under section 143(3) r.w.s. 263 of the Income-tax Act does not lie directly before the Tribunal. Therefore, the appeal filed by the assessee is not maintainable.
The Tribunal held that the Assessing Officer failed to apply his mind to the issue of huge cash expenditure and the applicability of Section 40A(3), making the assessment order erroneous and prejudicial to the revenue. Therefore, the revision order under Section 263 was upheld.
The Tribunal held that the disallowance under Section 14A cannot exceed the amount of exempt income earned by the assessee. Therefore, the disallowance was restricted to the actual exempt income for the respective assessment years.
The Tribunal held that the assessee substantially fulfilled the conditions for exemption under Section 54F, as the investment was made within the stipulated period. The delay in construction by the builder did not disentitle the assessee from the exemption.