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162 orders · Page 2 of 4
For AY 2010-11, the Tribunal upheld the deletion of disallowance under Section 40(a)(i) based on a prior order. For AY 2013-14 and 2014-15, the disallowance under Section 40(a)(i) was restored to the AO for fresh consideration, and the issue of forex losses was also restored to the AO for substantiation.
The Tribunal found the assessee's contention regarding the availability of interest-free funds more than the investments to be reasonable. It also agreed that administrative expenses should only be calculated on investments yielding exempt income.
The Tribunal found that the lower authorities had not properly examined the Cost Sharing Agreement, the nature of services, and other relevant documents. Therefore, the matter was restored to the Assessing Officer for de novo adjudication.
The Tribunal found that the lower authorities had not properly examined the Cost Sharing Agreement, the nature of services, and other relevant documents. Therefore, the matter was restored to the Assessing Officer for de novo adjudication.
The Tribunal condoned the delay in filing the appeals, citing the assessee's medical condition and the pandemic. The ex-parte order of the CIT(A) was set aside, and the matter was remitted back for fresh adjudication.
The Tribunal found the assessee's contention regarding the availability of interest-free funds more than the investments to be reasonable. It also agreed that administrative expenses should only be calculated on investments yielding exempt income.
The Tribunal held that the Assessing Officer (AO) should have provided the assessee with an opportunity to submit physical copies of invoices and other evidence for both the disallowed expenses and the cash deposits. The AO made ad-hoc disallowances and additions without granting sufficient opportunity.
The Tribunal found that the departmental authorities had not properly examined the cost sharing agreement, the nature of services, and relevant DTAA provisions. Crucial documentary evidence was not adequately considered.
The Tribunal held that in view of CBDT Circular No. 17/2019, appeals with a tax effect of Rs. 50 lakhs or less should not be filed by the Revenue. This circular is applicable retrospectively to pending appeals.
The Tribunal condoned the delay in filing the appeal. However, it was held that the appeal was not maintainable as the tax effect was below the CBDT's prescribed monetary limit for appeals.
The Tribunal held that if the conditions of Section 47(xiii) are fulfilled, the unabsorbed depreciation of the predecessor firm is deemed to be the depreciation of the successor company. Therefore, the full claim is admissible.
The Tribunal held that the AO failed to record satisfaction regarding the assessee's claim of no expenditure related to exempt income. Following its own previous decision on identical facts, the Tribunal reversed the lower authorities' orders.
The Tribunal upheld the CIT(A)'s decision to delete the addition for chit loss by following the jurisdictional High Court's ruling. The Tribunal also upheld the deletion of addition for unexplained credit as the assessee provided confirmation letters before the CIT(A) and the AO did not comment on them.
The Tribunal held that merely making a claim that is not accepted does not automatically attract penalty, especially when the assessee furnished full particulars and the issue involved interpretation of provisions. The penalty was deleted as it was not a fit case for imposition.
The Tribunal noted that the legal grounds challenging the reassessment proceedings were not being urged. The assessee argued that higher depreciation was charged based on management evaluation and TNERC tariff orders, and financial statements were prepared as per the Companies Act and duly audited.
The Tribunal held that the assessee cannot be fastened with the liability of TDS on the basis of a retrospective amendment to law, as it was impossible for the assessee to foresee and comply with it at the time of payment. Therefore, the disallowance under Section 40(a)(i) was not justified.
The Tribunal held that the assessee cannot be fastened with the liability of TDS on the basis of a retrospective amendment to law, as it was impossible for the assessee to foresee and comply with it at the time of payment. Therefore, the disallowance under Section 40(a)(i) was not justified.
The Tribunal held that the assessee cannot be fastened with the liability of TDS on the basis of a retrospective amendment to law, as it was impossible for the assessee to foresee and comply with it at the time of payment. Therefore, the disallowance under Section 40(a)(i) was not justified.
The Tribunal held that the disallowance under Explanation to Section 37(1) had attained finality and could not be invoked again. Since the trade discount was clearly shown in the sales invoices, the provisions of Section 40A(2) were not applicable. Therefore, the disallowance made by the AO was incorrect.
The Tribunal held that credit for TDS should be allowed when the income related to the TDS is offered to tax, as per Sections 199 & 200 of the Act. Since the assessee claimed to have offered income on a mercantile basis, the TDS credit should be allowed if the income was indeed offered in the impugned assessment years.
The Tribunal noted that the legal grounds assailing the validity of reassessment proceedings were not being urged. The assessee argued that higher depreciation was permissible based on management evaluation and a TNERC order, and that financial statements were prepared as per the Companies Act and duly audited.
The Tribunal noted that the legal grounds assailing the validity of reassessment proceedings were not being urged. The assessee argued that higher depreciation was permissible based on management evaluation and a TNERC order, and that financial statements were prepared as per the Companies Act and duly audited.
The Tribunal held that the reasons provided by the assessee were not sufficient to condone the significant delay in filing the appeal. The assessee was not serious about pursuing the appeal.
The Tribunal rejected the assessee's condonation petitions, finding the reasons provided for the inordinate delay to be neither reasonable nor bonafide. The Tribunal noted the lack of supporting documentation for the alleged police case.
The Tribunal held that the assessee failed to substantiate its claim for bad debts. However, to ensure natural justice, the assessee was granted an opportunity to present further documentary evidence before the CIT(A).
The Tribunal held that expenditure incurred to make leasehold premises functional, such as partitions and interior decorations, should be allowed as revenue expenditure. The Assessing Officer erred in treating the furniture maintenance expenditure as capital in nature.
The Tribunal held that only investments yielding exempt income should be considered for the numerator in Section 14A disallowance, and total investment for the denominator. The matter was remitted to the Assessing Officer for fresh computation.
The Tribunal held that the approval under Section 80G(5) should be granted from the beginning of the assessment year for which the institution was provisionally approved, not from the mid-year. Therefore, the approval should be effective from April 1, 2021.
The Tribunal condoned the delay in filing the appeal, finding sufficient cause. The matter was remitted back to the Assessing Officer to verify past exemptions and grant relief if applicable.
The Tribunal found that neither the Assessing Officer nor the CIT(A) disputed the previous year's agricultural income. Since the assessee explained the source of the deposit from this agricultural income, the addition was unsustainable.
The Tribunal restored the issue of export commission disallowance to the AO for fresh adjudication, directing the assessee to provide satisfactory documentary evidence. Similarly, the disallowance of foreign exchange losses was also restored to the AO for fresh adjudication based on accounting practices.
The Tribunal held that while the expenses were incurred for business purposes and paid through banking channels with TDS deducted, the lack of bills and vouchers warranted disallowance. It directed to allow 80% of the expenses claimed.
The Tribunal directed the Assessing Officer to verify if the compensation received for the loss of stock was offered to tax in the subsequent year. If confirmed, the addition made in the current year would be deleted.
The Tribunal noted that the legal grounds assailing the validity of reassessment proceedings were not being urged. The assessee argued that higher depreciation was permissible based on management evaluation and a TNERC order, and that financial statements were prepared as per the Companies Act and duly audited.
The Tribunal held that the AO erred in quantifying the stock difference based on a two-year-old closing stock figure. However, the assessee's reconciliation claims were also unsubstantiated with post-survey evidence.
The Tribunal held that the reopening of assessment was valid as there was tangible material and a belief of income escapement based on subsequent assessment proceedings. The CIT(A)'s decision annulling the reassessment was reversed.
The Tribunal held that the assessee failed to provide evidence that the cash payments fell under any exceptions provided in Rule 6DD of the Income Tax Rules. Genuineness of payment is not a criterion to exclude it from Section 40A(3) if it's made in cash above the prescribed limit.
The Tribunal found that while the shares were traded on the stock exchange, the investigation reports suggested they were used for accommodation entries. However, the AO did not conclusively link the assessee to the alleged scam. Therefore, the case was remanded to the AO for further investigation and to provide the assessee with an opportunity to cross-examine witnesses.
The Tribunal held that since the payments were established as being for construction contracts and the Assessing Officer had invoked Section 40A(3) for disallowance, a penalty under Section 271D for violation of Section 269SS was not sustainable.
The Tribunal held that the assessee failed to provide evidence that the cash deposits in the Kotak Mahindra Bank account pertained to business transactions. Therefore, the CIT(A)'s order confirming the addition to the extent of Rs. 3,22,763/- was upheld.
The Tribunal held that the assessee had provided complete consolidation of the head office and branch profit and loss accounts, showing a loss in the Mumbai branch. The consolidated net profit matched the declared income, and therefore, the addition made by the AO was unjustified.
The Tribunal held that the assessee failed to discharge the onus of justifying the share valuation with an acceptable report supported by empirical data. The projections in the valuation report were found to be inconsistent with actual financial results.
The Tribunal rejected the assessee's condonation petitions, finding the reasons provided for the inordinate delay to be neither reasonable nor bonafide. The Tribunal noted the lack of supporting documentation for the alleged police case.
The Tribunal held that the assessee cannot be fastened with the liability of TDS on the basis of a retrospective amendment to law, as it was impossible for the assessee to foresee and comply with it at the time of payment. Therefore, the disallowance under Section 40(a)(i) was not justified.
The Tribunal held that the assessee's claim of receiving a gift from her husband was an afterthought, as she had not claimed it during the search or post-search proceedings. The Tribunal found insufficient evidence to support the cash and bank transfer claims for the alleged gift.
The Tribunal rejected the condonation petitions, finding that the reasons provided did not constitute 'reasonable cause' or 'bonafide reason' for the inordinate delay. The Tribunal noted the lack of supporting documentation for the police case.
The Tribunal rejected the assessee's petitions for condonation of delay, finding the reasons provided to be insufficient for the inordinate delay. The Tribunal held that the reasons did not constitute 'reasonable cause' or 'bonafide reason'.
The Tribunal held that the gift, though routed through the uncle's son and daughter-in-law, was a constructive gift from the uncle, who is a relative. Therefore, it should not be treated as taxable income in the hands of the assessee.
The Tribunal held that the Assessing Officer erred in changing the valuation method from DCF to NAV without valid grounds. It also found that the difference between projected and actual financials was minor and did not warrant rejection of the DCF method.
The tribunal confirmed the disallowance under Section 40A(3). For R&D expenditure, the plea for deduction under Section 37(1) was remitted to the AO for examination. The depreciation issue was also remitted to the AO for re-adjudication.