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143 orders · Page 1 of 3
The Tribunal agreed with both parties to set aside the issue to the Assessing Officer (AO) for re-examination. This decision was based on the Revenue's grievance regarding the violation of natural justice due to the admission of additional evidence by the CIT(A) without confronting the AO.
The CIT(A) held that the land earmarked for common amenities, like roads, cannot be taxed as capital gains or business income. This is because it's not an exclusive right of the assessee and is for public benefit, akin to a transfer under an irrevocable trust, and the stamp duty value for such transfers is nominal.
The Tribunal held that sale proceeds from agricultural lands were not taxable as capital gains, allowing the assessee's appeal on this issue. For the other issues regarding unexplained cash credits, one appeal was allowed and another was partly allowed.
The Tribunal held that advisory and escrow fees incurred for business purposes are allowable. It also found that the adjustment made for OFCD interest was not justified and directed the AO to recompute the disallowance under Section 14A, considering only investments yielding exempt income and if own funds exceed investments.
The Tribunal noted that similar issues for earlier assessment years were remitted back to the Assessing Officer for fresh examination. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the CIT(A) for fresh adjudication on facts and law.
The Tribunal held that the reassessment proceedings were vitiated due to the notice under Section 148 being issued to a non-existent company. Consequently, the additions made under Section 69 were deleted.
The Tribunal held that the Principal CIT's assumption of jurisdiction under Section 263 was bad in law. The Tribunal found that the assessee was engaged in manufacturing personal care products, not cosmetics, as per the DSIR approval. Furthermore, the decision of the prescribed authority (DSIR) regarding the nature of the activity is final and cannot be questioned by the Assessing Officer or the Principal CIT.
The Tribunal deleted the transfer pricing adjustment on OFCD, holding it was not a loan. For corporate guarantees, it directed the AO to adopt a benchmarking rate of 0.50%. Regarding Section 14A, it directed the AO to re-compute the disallowance based on exempt income yielding investments and the availability of own funds.
The Tribunal confirmed the CIT(A)'s order, upholding the disallowance of exemption under Section 11 because the trust lacked the mandatory registration under Section 12AA.
The Tribunal noted that similar issues for earlier assessment years were remitted back to the Assessing Officer for fresh examination. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the CIT(A) for fresh adjudication on facts and law.
The Tribunal held that advisory and escrow fees incurred for business purposes are allowable. It also found that the adjustment made for OFCD interest was not justified and directed the AO to recompute the disallowance under Section 14A, considering only investments yielding exempt income and if own funds exceed investments.
The Tribunal held that since the quantum disallowances on which the penalty was retained by the CIT(A) were deleted by the Tribunal in the assessee's appeal, the consequential penalty would not survive.
The Tribunal held that sale proceeds from agricultural lands were not taxable as capital gains, allowing the assessee's appeal on this issue. For the other issues regarding unexplained cash credits, one appeal was allowed and another was partly allowed.
The Tribunal held that the reassessment proceedings were vitiated due to the notice under Section 148 being issued to a non-existent company. Consequently, the additions made under Section 69 were deleted.
The Tribunal noted that similar issues for earlier assessment years were remitted back to the Assessing Officer for fresh examination. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the CIT(A) for fresh adjudication on facts and law.
The Tribunal held that sale proceeds from agricultural lands were not taxable as capital gains, allowing the assessee's appeal on this issue. For the other issues regarding unexplained cash credits, one appeal was allowed and another was partly allowed.
The Tribunal held that the AO had conducted limited scrutiny and examined the details of the money lending business and bad debts, including summoning debtors. Therefore, the PCIT's revision order, which sought to re-examine the same issue, was bad in law.
The Tribunal held that the reassessment proceedings were vitiated due to the notice under Section 148 being issued to a non-existent company. Consequently, the additions made under Section 69 were deleted.
The tribunal condoned the delay in filing the appeal. Regarding contract receipts, the revision order was confirmed. However, concerning quality claims, the tribunal held that the Assessing Officer had applied his mind during the original assessment, and the issue was also covered by a previous tribunal decision, thus allowing the assessee's claim.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that expenditure on off-the-shelf software is not royalty, following Supreme Court and Tribunal precedents. It also held that ESOP expenditure is an allowable business expense, following High Court and Tribunal decisions.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal held that the revisional authority failed to fulfill the twin conditions of the assessment order being erroneous and prejudicial to the interest of the revenue. Since additions were already made protectively and were under challenge before the first appellate authority, no prejudice was caused to the revenue.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The tribunal restored the issue of prior-period expenses to the CIT(A) for adjudication. The disallowance of electricity tax was confirmed, but the AO was directed to examine its deductibility in the relevant year. Extraordinary debits were dismissed as infructuous, and deferred revenue expenditure was restored to the CIT(A) for denovo adjudication.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal, in light of the High Court's direction and the assessee's subsequent admission that the transferor bank ceased to exist post-amalgamation, reversed the CIT(A)'s order. It restored the AO's decision to allow depreciation on the written down value of assets as per Explanation-7 to Section 43(1).
The Tribunal found that the AO did not rely on appropriate evidence to ascertain the distance of the land from the municipal limits. Therefore, the matter was set aside to the AO for re-consideration with proper evidence and an opportunity for the assessee to be heard.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal held that the disallowance of deduction under Section 80IA was incorrect as Form 10CCB was filed before the assessment order was finalized. The assessee is entitled to the deduction.
The Tribunal held that the reassessment proceedings were valid as the information received was sufficient to form a belief of escapement of income. However, on merits, the additions were unsustainable as the Assessing Officer relied on mere suspicion and assumptions without independent investigation, failing to discharge the onus of proving under-invoicing.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal held that the reassessment proceedings were valid as the information received was sufficient to form a belief of escapement of income. However, on merits, the additions were unsustainable as the Assessing Officer relied on mere suspicion and assumptions without independent investigation, failing to discharge the onus of proving under-invoicing.
The Tribunal held that the amalgamated bank ceased to exist, making Explanation-7 to Section 43(1) applicable. Therefore, depreciation should be allowed on the written down value of the assets taken over.
The Tribunal allowed the appeal regarding Section 14A disallowance, following the jurisdictional High Court's decision that no disallowance is warranted if no exempt income is earned. The interest disallowance under Section 37(1) was remanded to the Assessing Officer for fresh examination. The disallowance under Section 40(a)(ia) was partly allowed, with a direction to the assessee to produce certificates from NBFCs.
The tribunal restored the issue of prior-period expenses to the CIT(A) for adjudication. The disallowance of electricity tax was confirmed, but the AO was directed to examine its deductibility in the relevant year. Extraordinary debits were dismissed as infructuous, and deferred revenue expenditure was restored to the CIT(A) for denovo adjudication.
The Tribunal held that the AO had already examined the labour expenses during the original assessment. Since the PCIT could not establish how the assessment order was erroneous or prejudicial to the revenue, particularly regarding the applicability of TDS provisions, the revision order was quashed.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal held that the compensation received was indeed a loan facility and thus interest income. However, it directed that this interest income should be treated as 'Business Income' rather than 'Income from other sources'. The Tribunal also allowed factoring charges as a deductible business expense.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal held that the compensation received was indeed a loan facility and thus interest income. However, it directed that this interest income should be treated as 'Business Income' rather than 'Income from other sources'. The Tribunal also allowed factoring charges as a deductible business expense.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal, in light of the High Court's direction and the assessee's concession that the transferor bank ceased to exist post-amalgamation, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed on the written down value of the assets.
The Tribunal, following its earlier order and considering the assessee's concession that the amalgamated bank ceased to exist, held that Explanation-7 to Section 43(1) applies. Therefore, depreciation should be allowed only on the written down value of the assets.
The Tribunal allowed the claim, respectfully following the Karnataka High Court's decision in Texas Instruments India (P.) Ltd., which interpreted an amendment to Section 80JJAA as retrospective. The AO is directed to verify the eligibility of the claim based on this interpretation.