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142 orders · Page 3 of 3
The Tribunal held that the assessee had already declared short-term capital gains on the sale of VMS Industries shares, and the addition made by the AO and sustained by the CIT(A) amounted to double taxation. Therefore, the addition was rejected.
The Tribunal dismissed the Department's appeals, finding no justification for the additions related to under-invoicing. The Tribunal also deleted the addition made for excess stock, considering it negligible.
The Tribunal held that reopening of assessment solely based on a Valuation Officer's report, without independent application of mind by the Assessing Officer and without any corroborative evidence, is not warranted. The Valuation Officer's report itself does not constitute information for reopening.
The Tribunal held that reopening of assessment solely based on a Valuation Officer's report, without independent application of mind by the Assessing Officer and without any corroborative evidence, is not warranted. The Valuation Officer's report itself does not constitute information for reopening.
The Tribunal dismissed the Department's appeals, finding no justification for the additions related to under-invoicing. The Tribunal also deleted the addition made for excess stock, considering it negligible.
The Tribunal dismissed the Department's appeals, finding no justification for the additions related to under-invoicing. The Tribunal also deleted the addition made for excess stock, considering it negligible.
The Tribunal held that the addition made by the AO, based on valuation reports used for raising loans, was not sustainable. It noted that a similar addition in the case of Homelife Buildcon Pvt. Ltd. was deleted by the CIT(A) and confirmed by the ITAT. Regarding the Cross Objection, the Tribunal found that the loose slip on which the addition of Rs. 4,18,267 was based lacked specific connection to the assessee and was not corroborated by any evidence.
The Tribunal noted that the grounds of appeal were identical to those in a previous appeal for Assessment Year 2021-22, which was dismissed. Following its earlier order and finding all issues to be identical, the Tribunal dismissed the present appeal.
The Tribunal held that the additions were based on an investigation report and a third-party statement without independent verification. The assessee provided verifiable accounts, bank statements, and VAT returns demonstrating genuine transactions. The Tribunal noted that the alleged purchases exceeded the total purchases of the assessee for the year, rendering the addition untenable.
The Tribunal found that the CIT(A) had passed an ex-parte order without going into the merits. Therefore, in the interest of natural justice, the matter was remanded back to the CIT(A) for fresh adjudication on merit.
The Tribunal found that natural justice requires the correct income to be assessed in the hands of the rightful assessee. The Tribunal noted that the CPC processed the return based on figures reported by the assessee, but the issue of wrong income assessment persisted.
The Tribunal held that reopening of assessment solely based on a Valuation Officer's report, without independent application of mind by the Assessing Officer and without any corroborative evidence, is not warranted. The Valuation Officer's report itself does not constitute information for reopening.
The Tribunal held that a simple oversight in filing Form 10-IC should not deny the assessee their rightful claim. Natural justice dictates that the matter should be remanded back to the CIT(A) for adjudication on merits after considering the belatedly filed form.
The Tribunal noted that the Pr. CIT's order under section 263 had already been quashed by a previous order of the Tribunal. Therefore, the assessment order and consequently the Revenue's appeal became infructuous.
The Tribunal held that the explanation for the cash deposits from the sale of agricultural land was sufficiently explained and that the addition of Rs.26.50 Lacs was not sustainable. The revisionary proceedings under section 263 were rendered infructuous.
The Tribunal held that the Rs. 12 Lacs addition was not sustainable as the transfer of funds was through banking channels and represented loans/transport charges, not undisclosed income. Similarly, the car perquisite was not sustainable as it was used for official purposes and no employer-employee relationship or personal benefit was established.
The Tribunal held that the Rs. 12 Lacs addition was not sustainable as the transfer of funds was through banking channels and represented loans/transport charges, not undisclosed income. Similarly, the car perquisite was not sustainable as it was used for official purposes and no employer-employee relationship or personal benefit was established.
The Tribunal condoned the delay, acknowledging that the assessee was prevented by a reasonable cause. They observed a discrepancy in the initial deposit allegations versus verified amounts, questioning the Assessing Officer's application of mind.
The Tribunal set aside the impugned order and restored the application to the file of the CIT(E) for de novo adjudication, allowing the assessee to present its case. The appeal was allowed for statistical purposes.
The Tribunal held that the CIT(A) validly exercised its power of remand. While the CIT(A) did not adjudicate the legal grounds raised by the assessee, the assessee was granted liberty to plead them before the AO.
The Tribunal found merit in the assessee's contention that they were not the owner of the property. Consequently, the impugned order was set aside, and the matter was restored to the Assessing Officer for a de novo assessment, allowing the assessee to present and prove their case.
The Tribunal held that the explanation for the cash deposits from the sale of agricultural land was sufficiently explained and that the addition of Rs.26.50 Lacs was not sustainable. The revisionary proceedings under section 263 were rendered infructuous.
The Tribunal condoned the 50-day delay in filing the appeal, set aside the CIT(A)'s order, and restored the matter to the Assessing Officer. The AO is directed to give the assessee a final opportunity to furnish evidence for the source of cash deposits and pass a fresh order after affording due opportunity of hearing.
The Tribunal noted the amendment by the Finance Act, 2024, which empowers the PCIT/CIT to condone delays in filing such applications if there is a reasonable cause. The Tribunal accepted the assessee's prayer to explain the delay.
The Tribunal held that the assessee had duly declared the purchase and sale of shares in its books and financial statements, with transactions conducted through banking channels and reported to ROC. The sale consideration was also received through banking channels.
The Tribunal held that the expression "sufficient cause" for condoning delay should be interpreted liberally. Given the checkered history of litigation and the settlement under the Vivad Se Vishwas Scheme, the penalty imposed was deleted.
The Tribunal held that the CIT(A) should have afforded an opportunity of hearing to the assessee regarding the delay in service of the assessment order. The Tribunal directed the CIT(A) to admit the appeal and decide it on merits.
The Tribunal noted that the penalty was for five identical and recurring defaults. It held that the AO could have completed the best judgment assessment after the initial non-compliance. Consequently, the Tribunal restricted the penalty to Rs.10,000/-, applicable only for the first default.
The Tribunal condoned the delay in filing the Cross Objections, citing the Supreme Court's liberal interpretation of 'sufficient cause' to advance substantial justice. The Tribunal noted that refusing to condone delay could lead to meritorious matters being thrown out on technicalities. The assessee's explanation for the delay, while not free from some lapse, did not smack of mala fides or a dilatory strategy. The Tribunal then addressed the substantive issues raised by the Revenue. The Revenue's appeals challenged additions made by the AO, primarily concerning alleged excess cash receipts. The Tribunal found that the CIT(A) had analytically examined the issue of excess cash receipts, particularly in relation to project CP-67. The CIT(A) concluded that the document relied upon by the AO was not reliable as it did not capture complete data and the ratio of excess cash to total advance received was inconsistent. Consequently, the addition of Rs. 5,86,03,526/- was deleted by the CIT(A). The Tribunal agreed with the CIT(A)'s detailed factual analysis and found no reason to interfere. The Tribunal also noted that the assessment orders were not sustainable for want of following mandatory procedure under Section 153C. The statements of Shri Monu and Shri Sanjiv Garg were perused, and the Tribunal found that Shri Monu did not specifically allege any role of the assessee, and the data pertained to flats, not commercial space. The Tribunal concluded that the AO had unduly applied the modus operandi of M/s Homeland Buildwell to the assessee's project. The Tribunal upheld the CIT(A)'s decision to delete the additions, finding the grounds raised by the Revenue to be rejected.
The Tribunal decided to condone the delay in filing the Cross Objections, citing the liberal interpretation of 'sufficient cause' as laid down by the Supreme Court in cases like Collector Land Acquisition Vs. Mst. Katiji & Others and N. Balakrishnan Vs. M. Krishnamurthy. The Tribunal found that the assessee's explanation for the delay did not indicate mala fides or a dilatory strategy, and condoning the delay would advance substantial justice. Regarding the substantive issues, the Tribunal noted that the CIT(A) had deleted additions based on factual analysis. The Tribunal re-examined the material and found that the statement of Shri Monu, relied upon by the Assessing Officer (AO), did not specifically implicate the assessee. The questions posed to Shri Monu were general and related to properties of M/s Homeland Buildwell, with the assessee's project being mentioned incidentally. The Tribunal observed that the details tabulated pertained to flats and not commercial space, and the AO had unduly applied the modus-operandi of M/s Homeland Buildwell to the assessee's project. The Tribunal agreed with the CIT(A)'s analytical examination of the issue, particularly concerning the alleged excess cash receipts, and found no specific material to support the AO's conclusion that the assessee had sold commercial space by accepting cash over and above the stated amount. The Tribunal upheld the CIT(A)'s deletion of the addition. Consequently, the Revenue's appeals were dismissed, and the assessee's Cross Objections for AY 2016-17, 2017-18, and 2019-20 were allowed, while the CO for AY 2020-21 was partly allowed.
The Tribunal first addressed the condonation of delay for the cross-objections. Citing Supreme Court judgments in Collector Land Acquisition Vs. Mst. Katiji & Others and N. Balakrishnan Vs. M. Krishnamurthy, the Tribunal held that the expression 'sufficient cause' should be interpreted liberally to advance substantial justice. The assessee's explanation for the delay, that their initial consultant believed no further litigation was needed after relief from the CIT(A), was accepted. Therefore, the delay in filing the cross-objections was condoned. Regarding the substantive issues, the Tribunal noted that the Revenue's appeals were against the CIT(A)'s deletion of additions. The Tribunal examined the additions made by the Assessing Officer (AO) concerning alleged excess cash receipts. The CIT(A) had deleted an addition of Rs. 5,86,03,526/- for AY 2020-21, finding the document used by the AO unreliable and the ratio of excess cash to advance received inconsistent. The Tribunal agreed with the CIT(A)'s analytical examination of the facts, including the base price, percentage of consideration received, and the fact that sales had not materialized and only advance bookings were received. The Tribunal found no specific material to support the AO's allegations of cash over and above stated amounts. Consequently, the Tribunal rejected the five grounds raised by the Revenue concerning this issue. The Tribunal also noted that the assessment orders were not sustainable for want of following mandatory procedure under Section 153C, as the statements relied upon did not specifically allege the assessee's role and were general in nature. The Tribunal held that the AO unduly applied the modus-operandi of M/s Homeland Buildwell to the assessee's project. The appeals of the Revenue were dismissed.
The Tribunal found that the CIT(A)'s decision was vague and lacked coherence with the facts. The Tribunal held that the disallowance by CPC and confirmation by CIT(A) were unnecessary.
The Tribunal considered the assessee's claim of illiteracy and inability to comprehend notices, and held that levying penalty for all four defaults was excessive. The penalty was sustained to the extent of ₹20,000/- (for two instances) and the balance was directed to be deleted.
The Tribunal held that since the quantum additions, which formed the very basis of the penalty, had already been deleted by the Tribunal in a prior appeal, the penalty had no sustainable foundation and therefore directed its deletion.
The Tribunal noted that crucial documents and explanations regarding loans from father and cash withdrawals from wife were not presented before the AO. Therefore, the Tribunal set aside the impugned orders and restored the issues to the AO for fresh adjudication after allowing the assessee to submit the evidence and providing a proper hearing.
The Tribunal held that the bank statements, though initially claimed as unreadable by the revenue, were indeed understandable and explained the source of deposits. The assessee had provided sufficient evidence regarding the withdrawals and redeposits.
The Tribunal held that the notice issued under Section 148 by the jurisdictional AO was bad in law as it was issued without jurisdiction, following various High Court judgments. Consequently, the reassessment order was quashed.
The Tribunal upheld the CIT(A)'s deletion of both additions, finding the CIT(A)'s reasoning logical and the Revenue's arguments unconvincing. For the Section 37 addition, the Tribunal noted the AO had not proposed the addition in show cause notice. For the Section 68 addition, the Tribunal highlighted that the AO did not reject the books of accounts and failed to establish that cash sales were unexplained simply due to being deposited during demonetization.
The Income Tax Appellate Tribunal (ITAT) dismissed all grounds of the assessee's appeal. The Tribunal affirmed the addition under section 68, noting the assessee's inability to produce creditors and past voluntary surrender. It also upheld the disallowance of interest under section 36(1)(iii) and other expenses, concurring with the lower authorities that the proprietary concern lacked established business operations and the assessee failed to rebut factual findings.
The Tribunal condoned the delay in filing the cross-objections, citing Supreme Court judgments in Collector Land Acquisition Vs. Mst. Katiji & Others and N. Balakrishnan Vs. M. Krishnamurthy, emphasizing a liberal interpretation of 'sufficient cause' to advance substantial justice. Regarding the substantive issues, the Tribunal noted that the assessment orders were not sustainable for want of following mandatory procedure under Section 153C. The Tribunal analyzed the statements of Shri Monu and Shri Sanjiv Garg, finding them to be general and not corroborated by documentary evidence or discovery of unaccounted assets/cash. The Tribunal agreed with the CIT(A)'s finding that the addition of Rs. 5,86,03,526/- on account of excess cash received was not sustainable. The Tribunal found that the CIT(A) had analytically examined the issue of shops booked, base price, and consideration received, and no interference was called for. Consequently, the five grounds raised by the Revenue, involving a single issue, were rejected. The appeals of the Revenue were dismissed, and the cross-objections for AYs 2016-17, 2017-18, and 2019-20 were allowed, while the cross-objection for AY 2020-21 was partly allowed.