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226 orders · Page 1 of 5
The Tribunal held that the deduction under Section 10AA cannot be denied solely on the ground of late filing of the return, as there is no such condition prescribed in the section. For the Section 35(1)(i) claim, the Tribunal found that the AO disallowed it due to lack of details and remanded the matter for fresh examination.
The Tribunal remanded the issue of inventory write-off for AY 2003-04 back to the AO for verification and consideration in accordance with law. For AY 2005-06, the issue of disallowance of administrative fees was also remanded to the AO for fresh decision.
The Tribunal held that foreign exchange losses arising from abnormal fluctuations or abnormal movements in forward exchange contracts should be treated as non-operating. It also directed that transfer pricing adjustments should be restricted to international transactions with associated enterprises.
The Tribunal found that the CIT(A) had incorrectly assumed the appeal was settled under the VsV scheme. Therefore, the appeal was remanded back to the CIT(A) for adjudication on merits.
The Tribunal directed the exclusion of certain comparable companies from both the Software Development (SWD) and IT-enabled Services (ITeS) segments based on turnover and functional dissimilarity. It also remanded the case for reconsideration of companies sought for inclusion by the assessee.
The Tribunal held that the AO had not applied his mind to the extraordinary item of interest expenditure and had not conducted proper inquiry. Therefore, the revision proceedings initiated by the PCIT were valid. However, the AO was directed to consider the issue afresh after granting the assessee an opportunity to present evidence.
The Tribunal held that adjustments under Section 143(1) are limited to arithmetical errors or incorrect claims apparent from the return. Since the disallowance of the assessee's claim was debatable and required further inquiry, it could not be made unilaterally in a Section 143(1) intimation without granting an opportunity of being heard. The matter was remanded to the AO.
The Tribunal remanded the issue of inventory write-off for AY 2003-04 back to the AO for verification and consideration in accordance with law. For AY 2005-06, the issue of disallowance of administrative fees was also remanded to the AO for fresh decision.
The Tribunal held that foreign exchange losses arising from abnormal fluctuations or abnormal movements in forward exchange contracts should be treated as non-operating. It also directed that transfer pricing adjustments should be restricted to international transactions with associated enterprises.
The Tribunal held that adjustments under Section 143(1) are limited to arithmetical errors or incorrect claims apparent from the return. Since the disallowance of the assessee's claim was debatable and required further inquiry, it could not be made unilaterally in a Section 143(1) intimation without granting an opportunity of being heard. The matter was remanded to the AO.
The Tribunal held that filing Form 67 is a procedural requirement and not mandatory. The provisions of the Double Taxation Avoidance Agreement (DTAA) override the Act and Rules, and therefore, the assessee is entitled to FTC despite the delay.
The Tribunal found that the assessee was not granted sufficient opportunity and that verification was lacking. Therefore, the issue was remanded to the AO for de novo consideration with proper opportunity to the assessee.
The Tribunal held that the issue regarding working capital adjustment needs to be re-examined by the TPO/AO. The TPO is directed to compute the ALP after considering this aspect and providing the assessee an opportunity to be heard.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the AO to consider the issue of whether lease rent received was equivalent to security deposit.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the AO to consider the issue of whether lease rent received was equivalent to security deposit.
The Tribunal held that the disallowance under Section 36(1)(va) is not sustainable, considering that the legislative amendments by the Finance Act, 2021, and the CBDT's Memorandum of Explanation apply prospectively from 01.04.2021. The amendment clarified the distinction between employer's and employee's contributions.
The Tribunal held that the PCIT failed to satisfy the twin conditions of an order being erroneous and prejudicial to the revenue. The AO had conducted inquiries and applied their mind, and the PCIT's view was merely a difference of opinion, not sufficient grounds for revision under Section 263.
The Tribunal held that the amendments to Section 36(1)(va) and Section 43B of the IT Act by the Finance Act, 2021, are prospective and not applicable to the assessment year in question. Payments made before the due date of filing the return of income are eligible for deduction.
The Tribunal found that the DRP had not adjudicated the objections on merits. Therefore, in the interest of justice, the matter was restored to the DRP for a proper hearing and decision.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the AO to consider the issue of whether lease rent received was equivalent to security deposit.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the Assessing Officer to consider the issue of lease rent being equivalent to security deposit and granted TDS credit for a specific assessment year.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the AO to consider the issue of whether lease rent received was equivalent to security deposit.
The Tribunal held that Concentrix Daksh Services India Private Ltd. was rightly included as a comparable company, as the assessee failed to demonstrate functional dissimilarity or financial impact of its alleged unique activities. However, Tricom India Ltd. was excluded due to its unique software development and specialized services, making it not comparable to a normal back-office service provider.
The Tribunal restored the issue of depreciation on leased assets to the Assessing Officer for fresh verification of lease agreements in light of Supreme Court decisions. The Tribunal also directed the AO to consider the issue of whether lease rent received was equivalent to security deposit.
The Tribunal upheld the Pr.CIT's order, finding that the AO had failed to conduct a proper inquiry into the cash deposits. The assessment order was set aside and the AO was directed to conduct a fresh assessment.
The Tribunal upheld the Pr.CIT's order, finding that the AO had failed to conduct a proper inquiry into significant aspects of the assessee's case, including demonetization deposits and other financial transactions. Consequently, the assessment order was deemed erroneous and prejudicial to the revenue's interest.
The Tribunal allowed the corporate tax grounds related to ESOP expenses, remitting the issue to the AO for verification of TDS compliance. The Tribunal also remitted the issue of leave encashment deduction to the AO for verification and allowance as per law.
The Tribunal held that the provision for liquidated damages was an ascertained liability as it was made based on agreed terms with customers and related to the period under consideration. Therefore, the disallowance was deleted.
The Tribunal found a violation of natural justice due to insufficient time granted to the assessee. However, it remanded the matter to the Assessing Officer for fresh assessment to verify cash deposits and the deduction claim, emphasizing the need for proper inquiry and opportunity to the assessee.
The Tribunal held that the provisions of Section 151 are mandatory and compliance must be established. Since the revenue could not establish that the required approval under Section 151 was obtained, the reassessment proceedings were quashed.
The Tribunal held that invoking Section 69A and consequently Section 115BBE was not an accidental omission but a conscious decision, as evidenced by the penalty proceedings initiated under Section 270A. The issue of whether the addition fell under Section 69A was debatable, and therefore, could not be rectified under Section 154.
The Tribunal held that Metro Shoes Ltd. and Sreeleathers Ltd. should be excluded as comparables because they failed the trade filter and operated in different market segments (wholesale vs. retail). The Tribunal also remanded the issue of margin computation for VF Brands India Pvt. Ltd. and Tommy Hilfiger Arvind Fashion Pvt. Ltd. back to the TPO for fresh determination.
The Tribunal noted that the CIT(A) had decided the matter ex-parte. Agreeing with the assessee's counsel, the Tribunal restored the matter to the CIT(A)'s file for deciding the grounds of appeal on merits after affording a reasonable opportunity of being heard.
The Tribunal held that the issue regarding the grant of working capital adjustment should be examined afresh by the TPO/AO. The TPO/AO was directed to recompute the ALP after providing the assessee an opportunity to be heard.
The Tribunal held that while Section 44ADA was not applicable due to gross receipts exceeding Rs. 50 lakh, the allowance of 25% expenditure by the AO was too low. It allowed 40% of the gross receipts as expenditure in the interest of justice.
The tribunal consolidated the appeals due to common issues. The judgment details the factual background of the assessee's business and its international transactions with associated enterprises.
The Tribunal held that the transfer pricing adjustment for IS Charges should be set aside for fresh consideration, noting it was covered by a previous order. The disallowance of depreciation on goodwill was also set aside and remanded for de novo consideration based on the outcome of a prior year's appeal.
The Tribunal consolidated the appeals due to common issues. The core of the dispute revolves around the determination of arm's length price for international transactions involving services provided to associated enterprises.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal, in compliance with the High Court's order, restored the appeals to the Assessing Officer for a fresh decision. The appeals were allowed for statistical purposes.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal, in compliance with the High Court's order, restored the appeals to the Assessing Officer for fresh adjudication. The appeals were allowed for statistical purposes.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that for completed assessments, additions under Section 153A can only be made if there is incriminating material found during the search related to that specific assessment year. Assessments for years where no such material was found were not sustainable.
The Tribunal held that reopening the assessment based on a mere change of opinion, without new tangible material, is invalid. Consequently, the entire reassessment order was quashed.
The Tribunal held that the PCIT was not justified in exercising revisionary powers under Section 263. The DVO's report was received after the prescribed time limit, making it invalid, and thus the AO's original order was neither erroneous nor prejudicial to the revenue.