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219 orders · Page 3 of 5
The Tribunal held that the 'refund money' received from employees and spent for the trust's objects was not taxable. It found no merit in the Assessing Officer's addition under Section 69C and disagreed with the CIT(A)'s invocation of Section 13(1)(c).
The Tribunal held that the 'refund money' received from employees and spent for the trust's objects was not taxable. It found no merit in the Assessing Officer's addition under Section 69C and disagreed with the CIT(A)'s invocation of Section 13(1)(c).
The Tribunal held that the 'refund money' received from employees and spent for the trust's objects was not taxable. It found no merit in the Assessing Officer's addition under Section 69C and disagreed with the CIT(A)'s invocation of Section 13(1)(c).
The Tribunal issued a corrigendum to its earlier order dated July 7, 2023. The corrigendum corrected the name of the Appellant's Representative in the cause title.
The Tribunal issued a corrigendum to its earlier order dated July 7, 2023. The corrigendum corrected the name of the Appellant's Representative in the cause title.
The Tribunal upheld the CIT(A)'s order regarding the working capital adjustment, dismissing the Revenue's appeal on this issue. The Tribunal noted that the TPO had allowed a similar adjustment for AY 2013-14. While the Revenue argued for restricting the adjustment to the difference in agreed credit periods, the assessee contended this was impractical and cited OECD guidelines supporting the use of availed credit periods. The Tribunal found the CIT(A)'s decision to be correct. Regarding the assessee's appeal, the Tribunal remitted the issue of non-cenvatable custom duty adjustment back to the AO/TPO for detailed verification, stating that the assessee is principally entitled to such an adjustment. The Tribunal also set aside the issues of foreign exchange fluctuation loss, power-related adjustment, risk adjustment, and abnormal freight charges, remitting them to the AO/TPO for re-computation and detailed examination. The Tribunal relied on a co-ordinate bench decision in the case of Infac India Pvt. Ltd. for excluding foreign exchange fluctuation loss from operating income. The cross objection filed by the assessee was dismissed as academic, as the issues raised were identical to those in the assessee's appeal.
The Tribunal held that for completed/unabated assessments, additions under Section 153A are not permissible without incriminating material found during the search. For abated assessments, the assessee provided sufficient evidence of prior cash withdrawals to explain the deposits.
The Principal Commissioner of Income Tax correctly invoked Section 263, finding the assessment order erroneous and prejudicial to the revenue. The Assessing Officer failed to conduct proper inquiries into the reasons for scrutiny, particularly regarding cash deposits.
The Tribunal held that the addition of Rs. 200 Lacs as unexplained investment was not sustainable and restricted it to Rs. 5 Lacs, as only this amount was admitted as paid. The addition of agricultural income was deleted as no incriminating material was found during the search for the unabated assessment year.
The Tribunal held that the Commissioner of Income Tax (Appeals) erred in not admitting additional evidence. The Tribunal restored the matter to the AO for fresh assessment, keeping all issues open.
The Tribunal found that the assessee had accumulated income for purposes aligned with its trust objects and that the Assessing Officer had not disputed this. However, the Tribunal noted a lack of clarity regarding the utilization of accumulated income from earlier years.
The Tribunal upheld the CIT(A)'s decision to allow working capital adjustment, dismissing the Revenue's appeal. For the assessee's appeal, issues related to non-cenvatable customs duty, foreign exchange fluctuation loss, power, risk, and freight adjustments were remitted back to the AO/TPO for fresh adjudication.
The Tribunal noted that the assessee withdrew the ground related to the reopening of the assessment. Regarding Section 50C, the Tribunal did not provide a final decision in the provided text, but the grounds of appeal suggest a dispute over the applicability of the section.
The Tribunal found that the CIT(A) had dismissed the appeal without adjudicating on the merits. To ensure natural justice, the matter was set aside and remitted back to the CIT(A) for a decision on merits.
The Tribunal held that the CIT(A) ought to have decided the legal ground of reopening first before proceeding to the merits of the quantum addition. The order of the CIT(A) was set aside.
The Tribunal held that the assessee's business model involving intermediaries procuring land for corporate clients falls under Rule 6DD(k) and potentially Rule 6DD(g). The additions for inflated and unaccounted purchases were deemed based on insufficient evidence and lack of cross-examination opportunity.
The Tribunal held that the recording of a satisfaction note by the AO of the searched person is a mandatory prerequisite for initiating proceedings under Section 153C. Since this was not done, the jurisdiction acquired for AYs 2010-11 to 2012-13 was vitiated.
The Tribunal held that the assessee had disclosed the bank accounts and the transaction, even though it was routed through intermediary banks. Therefore, the addition made by the AO was not justified.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal held that the AO erred in making additions for seized cash while giving effect to the ITAT's order, as the ITAT had already observed that the seized cash tallied with the assessee's books. This was considered a mistake apparent on record, rectifiable under Section 154.
The Tribunal condoned the delay in filing the appeal, acknowledging the company's insolvency proceedings which disrupted its functioning. The appeal was restored to the CIT(A) for fresh adjudication on merits.
The Tribunal held that while the assessee claimed sales proceeds as the source, the explanation was not sufficiently evidenced in light of the demonetization notification. However, the Assessing Officer also did not conclusively prove the deposits were unexplained.
The Tribunal held that the assessee had discharged its onus by proving the identity, genuineness, and creditworthiness of the foreign investor. The subsequent application of funds by the assessee did not discredit the source, and the AO failed to connect the investor's alleged issues to the assessee's transaction.
The tribunal has corrected a typographical error in the cause title of its previous order. The name of the Appellant's Representative has been amended.
The Tribunal held that the assessee had provided sufficient evidence of share trading and that CBDT Circular No. 6/2016 supports treating such income as business income if the assessee opts to do so. Therefore, the AO and CIT(A) erred in classifying it as capital gains.
The Tribunal held that the AO and CIT(A) erred in treating share trading profits/losses as capital gains. Based on the assessee's consistent claim and CBDT Circular No. 6/2016, such income should be assessed under 'business income'.
The Tribunal held that the 'refund money' received from employees and spent for the trust's objects was not taxable. It found no merit in the Assessing Officer's addition under Section 69C and disagreed with the CIT(A)'s invocation of Section 13(1)(c).
The Tribunal held that neither the AO nor the CIT(A) had decided the issue on merits. Therefore, the matter was set aside and remitted back to the AO for a decision on the Section 10AA deduction claim on merits.
The Tribunal found that neither the Assessing Officer nor the CIT(A) had decided the issue on merits. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the Assessing Officer for a decision on merits.
The Tribunal found that the AO's rejection of the assessee's explanation based solely on increased sales was incorrect. However, it also noted that the assessee's explanation for the source of cash deposits was not fully substantiated. Therefore, the Tribunal directed the AO to consider Rs. 25,00,000 as explained cash balance and tax the remaining Rs. 13,40,000 as income from business at normal rates.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The Tribunal decided to correct the name of the Appellant's representative in the cause title. The name is to be read as Mr. R. Gopala Kannan, Advocate.
The tribunal decided to correct the name of the Appellant's Representative in the cause title. The name 'Mr. R. Gopalakrishnan, Advocate' was to be read as 'Mr. R. Gopala Kannan, Advocate'.
The tribunal decided to correct the name of the Appellant's Representative in the cause title. The name 'Mr. R. Gopalakrishnan, Advocate' was to be read as 'Mr. R. Gopala Kannan, Advocate'.
The tribunal decided to correct the name of the Appellant's Representative in the cause title. The name 'Mr. R. Gopalakrishnan, Advocate' was to be read as 'Mr. R. Gopala Kannan, Advocate'.