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71 orders · Page 2 of 2
The Tribunal noted that both parties were not interested in prosecuting the appeals. Therefore, the appeals filed by both the assessee and the Revenue were dismissed for non-prosecution.
The Tribunal noted that both parties were not interested in prosecuting the appeals. Therefore, the appeals filed by both the assessee and the Revenue were dismissed for non-prosecution.
The Tribunal noted that both parties were not interested in prosecuting the appeals. Therefore, the appeals filed by both the assessee and the Revenue were dismissed.
The Tribunal noted that both parties were not interested in prosecuting the appeals. Therefore, the appeals filed by both the assessee and the Revenue were dismissed for non-prosecution.
The Tribunal held that the Assessing Officer's remand reports were largely in favor of the assessees, accepting their explanations after verification. The CIT(A) had deleted additions based on these positive remand reports, and the Tribunal found no reason to interfere with the CIT(A)'s orders.
The Tribunal held that while the addition was sustainable, the levy of penalty was not appropriate. The explanation that the assessee accepted the addition to maintain business relationships was considered reasonable, and there was no clear finding of malpractice by the assessee.
The Tribunal found that the issues required proper verification of facts and circumstances. Therefore, the matter was remitted back to the AO for a fresh examination.
The Tribunal noted that a previous decision in the assessee's own case for AY 2010-11 had allowed the Revenue's appeal. However, considering a subsequent Supreme Court judgment on lending to associate members, the Tribunal felt the issue required fresh consideration.
The Tribunal found merit in the Revenue's argument that the assessee should have provided more documentary evidence for such a large claim. Relying solely on VAO certificates for huge agricultural income was deemed insufficient.
The Tribunal held that the assessee had furnished all requisite particulars of the trade creditors. Since the Revenue authorities did not verify these details or summon the creditors, their conclusion was based on surmises and conjectures. Therefore, the addition made under Section 68 was deleted.
The ITAT found that the CIT(A) allowed the appeal without independent findings. Therefore, the ITAT remitted the issue back to the Assessing Officer for fresh examination, including the existence of a Permanent Establishment in India.
The Tribunal held that the penalty notices were invalid because they used the word 'or' instead of 'and' between the two possible defaults, thus not clearly informing the assessee of the specific charge. Consequently, the penalty orders were set aside.
The Tribunal held that Section 54F does not bar deduction based on the subsequent use of the property, as long as it is a residential house. The eligibility hinges on constructing/purchasing a residential house within the stipulated time.
The Tribunal upheld the CIT(A)'s order, following its own previous decisions in the assessee's case for earlier assessment years. The Tribunal found no change in facts or law.
The Tribunal held that the AO's addition was not permissible as the assessee's books of accounts were not rejected and the entire addition was made for the relevant assessment year despite the construction spanning multiple years. The Tribunal also found the CIT(A)'s modification of the DVO's report erroneous.
The Tribunal held that the taxability of long-term and short-term capital gains arises in the financial year 2006-07, relevant to AY 2007-08, aligning with a previous similar ruling. The AO was directed to tax gains from the transfer of constructed area only in the relevant assessment year based on actual transfer.
The Tribunal held that the taxability of long-term and short-term capital gains arises in the financial year 2006-07, relevant to AY 2007-08, aligning with a previous similar ruling. It also directed the AO to tax gains from the transfer of constructed area only upon actual transfer.
The Tribunal held that if the land sold was previously gifted by the assessee's husband and declared as urban land in wealth tax returns, it cannot be treated as stock-in-trade. If not declared as urban land, the AO can assess it accordingly.
The Tribunal restored the issue of the alternate claim under Section 35(1)(iv) r.w.s. 35(2) to the file of the AO. The AO is to adjudicate the claim after providing the assessee an opportunity to substantiate it.
The Tribunal held that the penalty notices issued were invalid because they did not clearly specify whether the penalty was for concealment of income or furnishing inaccurate particulars of income, violating the principles of natural justice. Consequently, the penalty orders were set aside.
The Tribunal held that the penalty notices issued were invalid because they did not clearly specify whether the penalty was for concealment of income or furnishing inaccurate particulars of income, violating the principles of natural justice. Consequently, the penalty orders were set aside.