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169 orders · Page 4 of 4
The Tribunal upheld the CIT(A)'s decision, following a coordinate bench's ruling in the assessee's own case for a prior assessment year. The Tribunal found no infirmity in allowing the deduction.
The CIT(A) partially allowed the assessee's appeal, restricting the addition to 8% of the total credits in the bank account, considering the possibility of the assessee acting as a commission agent. The Tribunal upheld the CIT(A)'s order, finding no infirmity in restricting the addition to 8% of the total credited amount.
The Tribunal held that the addition made by the Assessing Officer under Section 68 was unsustainable. The assessee had discharged its primary onus by producing books of account and customer details, and the revenue failed to provide contrary evidence.
The Tribunal held that when cash is withdrawn from a disclosed bank account and subsequently redeposited, the source is prima facie explained, unless there's material to show the cash was utilized elsewhere. The assessee's explanation that deposits were from earlier withdrawals was considered plausible and supported by documentary evidence.
The Tribunal noted that the CIT(A) had not adjudicated the additional ground raised by the assessee concerning the treatment of receipts from MLFS scrips. Therefore, the Tribunal decided to remit the appeal back to the CIT(A) for the limited purpose of considering this additional claim.
The Tribunal held that the delay in filing the appeal was not wanton or willful, but due to the assessee pursuing an alternative remedy through a rectification petition. The Tribunal decided to condone the delay of 1036 days.
The Tribunal upheld the CIT(A)'s decision, following a coordinate bench's ruling in the assessee's own case for a prior assessment year. The Tribunal found no infirmity in allowing the deduction.
The Tribunal held that the assessee had discharged his initial burden by explaining the nature and source of the cash deposits with supporting confirmations and bank statements. The Revenue failed to disprove the documentary evidence or conduct a meaningful inquiry.
The Tribunal observed that the assessee's petition under section 154 was filed to request the issue of an intimation under section 143(1), which is outside the scope of section 154. Furthermore, the assessee acknowledged receipt of the intimation in 2017 but filed the appeal before the FAA in 2025, failing to provide a sufficient cause for the considerable delay.
The Tribunal noted that both the AO and FAA proceedings were ex-parte. While the assessee's explanation of an accident lacked documentary proof, the Tribunal, in the interest of justice, decided to grant one last opportunity for the assessee to present her case.
The Tribunal noted that the assessee could not produce complete details before the AO and prayed for one more opportunity. Considering the interest of justice and fair play, the Tribunal granted one final opportunity to the assessee to furnish necessary details.
The assessee's counsel sought to withdraw the appeal as it had become infructuous due to the allowance of the quantum assessment appeal and dropping of penalty proceedings. A letter seeking withdrawal was also filed.
The Tribunal noted that the assessee provided details for loans and advances, including identity, genuineness, and creditworthiness of creditors, which are conditions for not making additions under Section 68/69. The Tribunal also observed that these were running accounts with repayments made in subsequent years.
The Tribunal held that the Revenue failed to provide cogent material to controvert the CIT(A)'s findings regarding the deletion of additions related to cash deposits and loans/advances. The Tribunal found that the AO had misappreciated facts regarding investments and loans carried forward from earlier years.
The Tribunal held that the additions made by the lower authorities were incorrect. It found that the assessee had provided sufficient evidence regarding the identity, genuineness, and creditworthiness of the creditors for loans and advances, and that the transactions were carried out through banking channels.
The Tribunal noted that it was an admitted fact that the quantum assessment had been set aside by the Tribunal in a prior appeal. Consequently, the penalty order, which arose from this quantum assessment, lacked a foundational basis. Therefore, the penalty order was set aside.
The Tribunal held that the Revenue failed to provide cogent material to controvert the CIT(A)'s findings regarding the deletion of additions related to cash deposits and loans/advances. The Tribunal found that the AO had misappreciated facts regarding investments and loans carried forward from earlier years.
The Tribunal held that the additions made by the lower authorities regarding unsecured loans and other credits were incorrect as the assessee had provided sufficient evidence of identity, genuineness, and creditworthiness of the creditors, and the transactions were routed through banking channels.
The Tribunal held that filing Form 67 within the prescribed time is directory, not mandatory. Various judicial pronouncements support this view, and the DTAA overrides the Act and Rules. Therefore, the FAA was not justified in dismissing the claim without examination.