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335 orders · Page 2 of 7
The Tribunal held that reassessment proceedings cannot be continued on the basis of the original notice under Section 148 if the initial reason for reopening has not led to any addition. A fresh notice would be necessary for other issues. Therefore, the additions made by the AO on grounds other than the original reason for reopening were not justified.
The Tribunal held that the denial of exemption on a technicality, where the assessee had otherwise provided details of its charitable nature and registration, was not justified. The CPC should have sought clarification rather than denying the exemption outright.
The Tribunal noted that the assessee did not provide timely details, and the AO did not have sufficient opportunity to examine all facts. Following a similar decision for AY 2013-14, the Tribunal restored the case to the AO for fresh assessment, providing an opportunity to the assessee to present all relevant documents.
The Tribunal held that the assessee did not get a proper opportunity to prove the nature and source of the cash deposits before the AO. The Tribunal restored the assessment to the file of the AO for a de novo assessment, citing the Supreme Court's decision in TIN Box Co. v. CIT.
The Tribunal noted that the assessment proceedings and appellate proceedings were affected by the Covid-19 pandemic, leading to difficulties in submitting documents. The Tribunal restored the issues of commission and salary expenses to the AO for fresh verification of evidence.
The Tribunal accepted the assessee's explanation for non-response, noting that the CIT(A) had not decided the appeal on merits as per Section 250(6) of the Income Tax Act, 1961. The Tribunal set aside the CIT(A)'s order and restored the appeal for fresh disposal on merits, directing the assessee to be diligent.
The Tribunal held that accepting SBNs during the demonetization period was not prohibited and the assessee had explained the source of cash deposits. It also found that the properties were acquired in earlier years from borrowed funds and disclosed sources of income.
The Tribunal, following a similar decision in the assessee's wife's case, restored the issue back to the file of the Assessing Officer for fresh adjudication. The assessee was directed to provide all necessary details and evidence to substantiate the claim.
The Tribunal held that the initial statement of R. Sabapathy, which was later retracted, along with the pocket diary jottings, did not constitute conclusive evidence against the assessee. The jottings lacked direct reference to the assessee and were not corroborated by independent evidence.
The Tribunal held that the deduction under Section 80JJAA falls under the head 'deduction in respect of certain incomes' as per statutory provisions. The computation by CPC was in line with Section 115JC. The assessee's challenge to the vires of the statutory provisions was beyond the Tribunal's jurisdiction.
The Tribunal held that the CIT(E)'s action violated principles of natural justice by rejecting the application without affording a proper opportunity to be heard. The short notice and adverse weather conditions made it difficult for the assessee to comply.
The Tribunal held that the AO had made proper inquiries into the IBNR/IBNER provisions and that the AO's decision to allow the entire provision was in line with various High Court and Tribunal decisions. Therefore, the PCIT's action to interfere was considered bad in law.
The Tribunal condoned the delay in filing the appeal, acknowledging the assessee's circumstances. The Tribunal set aside the orders of the lower authorities and remitted the matter back to the Assessing Officer for fresh assessment, ensuring a reasonable opportunity for the assessee.
The Tribunal held that the premium on forward contracts was a cost to hedge foreign exchange risk and not a speculative transaction. It directed the AO to accept the assessee's accounting methodology and delete the addition.
The Tribunal restored the appeal to the CIT(A) for fresh adjudication, citing principles of natural justice and the assessee's claim of not receiving a hearing notice. The assessee was directed to deposit Rs. 10,000 as costs and substantiate its case with evidence.
The Tribunal, noting the assessee's non-participation despite opportunities, set aside the orders of the CIT(A) and remitted the matter back to the Assessing Officer for a de novo assessment. This was done to provide the assessee a fresh, reasonable opportunity to present its case, subject to payment of Rs. 5,000/- cost to the State Legal Aid Authority. The consequential penalty order was also set aside.
The Tribunal held that the premium on forward contracts was a cost to hedge foreign exchange risk and not a speculative transaction. It directed the AO to accept the assessee's accounting methodology and delete the addition.
The Tribunal held that the Ld.CIT(A) erred in disallowing the Section 80P deduction given that the delay in filing the return had been condoned by the CCIT. Consequently, the Tribunal set aside the order of the Ld.CIT(A) and directed the Assessing Officer to allow the deductions under Section 80P by considering the CCIT's condonation order.
The Tribunal noted that the assessee had opted for the Vivad-se-Vishwas Scheme and requested withdrawal of the appeal. The appeal was permitted to be withdrawn and was dismissed accordingly.
The Tribunal held that the forward contracts were entered into for hedging foreign exchange risk and involved actual delivery, thus not being speculative in nature. The premium paid was considered a legitimate business expense.
The Tribunal held that the cash deposits were backed by genuine business sales, duly recorded in the assessee's books of accounts and supported by evidence like sales invoices and VAT returns. The AO had not pointed out any defects in the books of accounts.
The Tribunal held that foreign exchange forward contracts are not commodities and therefore outside the scope of Section 43(5) of the Income Tax Act. The transactions were considered to be for hedging foreign exchange risk and not speculative.
The Tribunal condoned the delay in filing the appeal and, considering the principle of natural justice, set aside the impugned order. The appeal was restored to the AO for de novo assessment with a cost of Rs. 10,000/- to be deposited by the assessee.
The Tribunal, considering the assessee's opting for the Direct Tax Vivad Se Vishwas Scheme, 2024, dismissed the appeal, granting liberty to reinstate it if the scheme application is not accepted.
The Tribunal found that the lower authorities erred in separately taxing the interest income when the assessee had not earned any surplus and incurred a net loss even after considering the interest income. The Tribunal set aside the CIT(A)'s order and directed the AO to delete the additions and recompute the income as per the return filed by the assessee.
The Tribunal held that the CIT(Exemptions) erred in rejecting the application. Following various judicial precedents, the Tribunal considered that the activities of the trust, which involve imparting education in traditional dance forms and allied arts, fall under the definition of charitable activities as per Section 2(15) of the Act. The matter was remitted back to the CIT(Exemptions) for fresh consideration.
The Tribunal held that payments for services related to prospecting, extraction, or production of mineral oil are covered under Section 44BB of the Income Tax Act, 1961, and not under Section 115A or Section 44DA. Specific provisions like Section 44BB override general provisions.
The Tribunal, while acknowledging the assessee's failure to appear before the lower authorities, restored the appeal to the AO for a de novo assessment, adhering to the principles of natural justice.
The Tribunal, noting the assessee's non-participation despite opportunities, set aside the orders of the CIT(A) and remitted the matter back to the Assessing Officer for a de novo assessment. This was done to provide the assessee a fresh, reasonable opportunity to present its case, subject to payment of Rs. 5,000/- cost to the State Legal Aid Authority. The consequential penalty order was also set aside.
The Tribunal held that foreign exchange forward contracts are not commodities and are outside the scope of Section 43(5) of the Income-tax Act. The transactions were considered bona fide hedging to mitigate foreign exchange risk.
The Tribunal noted that both lower authorities passed orders without the assessee's participation. To meet the ends of justice, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the Assessing Officer for a denovo assessment.
The Tribunal held that the CIT(A) passed the order without the participation of the assessee and without providing a proper opportunity of being heard. The High Court had also directed early disposal. Therefore, the order of CIT(A) was set aside.
The Tribunal condoned the delay in filing the appeal after finding reasonable cause. While acknowledging the assessee's failure to participate, the Tribunal set aside the CIT(A)'s order and remitted the matter back to the AO for fresh adjudication.
The Tribunal held that the assessment is not bad in law for non-issuance of notice under Section 143(2) as no return was filed. The contention regarding additions under Section 69A was rejected due to lack of supporting evidence provided by the assessee.
The Tribunal condoned the delay in filing the appeal, noting the assessee's lack of technological familiarity and unintentional oversight in responding to electronic notices. The CIT(A)'s ex-parte order was set aside, and the matter was remanded.
The Tribunal held that while concurring with the DR's submission, in the interest of natural justice, an opportunity should be granted. The impugned order was set aside and restored to the CIT(A) for denovo adjudication.
The Tribunal held that the assessee failed to provide any bonafide effort to comply with the notices or communicate difficulties, and ignorance or unavailability of personnel is not a valid excuse. The penalty under Section 272A(1)(d) was confirmed.
The Tribunal condoned the delay and admitted the appeal. The impugned order of CIT(A) was set aside and the appeal was restored to the file of CIT(A) for fresh adjudication.
The Tribunal found that the CIT(A) did not consider the details provided by the assessee in their paper book. Therefore, the matter was remanded to the CIT(A) for fresh consideration, with the direction for the assessee to represent the case properly.
The Tribunal found that in the interest of justice, the assessee should be granted another opportunity to prosecute the appeal. The impugned order was set aside and the appeal was restored to the file of the CIT(A).
The Tribunal remanded the case to the Assessing Officer for fresh consideration, granting the assessee a new opportunity to furnish evidence for the opening cash balance, subject to the condition of paying ₹.20,000/- to the State Legal Aid Authority.
The Tribunal held that the CIT(A) passed an ex-parte order without providing sufficient opportunities to the assessee. Therefore, the Tribunal condoned the delay in filing the appeal and set aside the order of the CIT(A), remitting the matter back for fresh adjudication.
The Tribunal upheld the CIT(A)'s deletion of additions related to royalty payments and preliminary expenses. However, it reversed the CIT(A)'s order regarding unexplained share application money, sustaining the AO's addition.
The Tribunal condoned the delay in filing the appeal. It set aside the order of the CIT(A) and remitted the matter back to the Assessing Officer to frame a fresh order after providing a reasonable opportunity to the assessee, relying on the Supreme Court's decision in Tin Box Company vs CIT.
The Income Tax Appellate Tribunal (ITAT) found sufficient grounds to condone the delay, acknowledging the assessee's reasons and the impact of the Covid-19 pandemic. The ITAT set aside the Ld. CIT(A)'s order and directed the Ld. CIT(A) to readjudicate the matter, first considering the condonation of delay, and then deciding the appeal on merits after providing due opportunity of hearing to the assessee.
The tribunal dismissed the assessee's grounds regarding violation of natural justice, finding the argument flawed as the assessee provided the email address. Regarding the foreign exchange gains, the tribunal noted the assessee recognized it as revenue in its P&L account and the contract did not involve the subsidiary as claimed.
The Income Tax Appellate Tribunal (ITAT) found sufficient grounds to condone the delay, acknowledging the assessee's reasons and the impact of the Covid-19 pandemic. The ITAT set aside the Ld. CIT(A)'s order and directed the Ld. CIT(A) to readjudicate the matter, first considering the condonation of delay, and then deciding the appeal on merits after providing due opportunity of hearing to the assessee.
The Tribunal held that the assessee correctly followed ICDS III for revenue recognition using the POCM. The Tribunal also found that the method of paying GST on invoice value, as opposed to POCM, had no implication on the computation of total income.
The Tribunal held that the assessee's argument regarding the capital nature of the forex gain was flawed, particularly as incidental charges were treated as revenue. The Tribunal found no merit in the assessee's claim of violation of natural justice.
The Tribunal set aside the order of the CIT(A) and remitted the matter back to the Assessing Officer for de novo assessment. The assessee was given a reasonable opportunity to present their case and submit documents.