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429 orders · Page 6 of 9
The Tribunal held that the cash deposits were duly explained as refunds of business advances from purchase agents. The explanation was supported by documentary evidence and not rebutted by the Revenue. The addition was made on suspicion and surmises, which is not legal proof.
The Tribunal upheld the deletion of the addition, finding that the source of funds in the lender's hands had been subjected to tax and attained finality under the Vivad Se Vishwas Scheme. The assessee had discharged its onus regarding identity, genuineness, and creditworthiness.
The Tribunal held that the addition for the difference between stamp duty value and purchase consideration was not sustainable as the guideline value does not always represent the fair market value and no independent material was brought on record. The Tribunal also held that the addition for cash deposits could not be sustained as the CIT(A) rejected the additional evidence on technical grounds without examining its evidentiary value.
The Tribunal found that the CIT(A) failed to consider the jurisdictional High Court's decisions regarding Section 151A and the validity of reassessment. The Tribunal restored the matter to the CIT(A) for de novo adjudication, directing consideration of all legal and factual contentions.
The Tribunal held that the assessee had satisfactorily explained the source of cash deposits with bank statements and a cash-flow statement. The Revenue failed to provide evidence that the withdrawn cash was utilized elsewhere, making the addition unsustainable.
The Tribunal held that the Commissioner of Income Tax (Appeals) [CIT(A)] erred in not condoning the 59-day delay in filing the appeal. The Tribunal decided to condone the delay and restore the matter to the AO for fresh assessment.
The Tribunal found the assessee's explanation for the delay to be a fit case for remand. The CIT(A) was directed to consider the delay condonation petition and adjudicate the issue on merits, allowing the assessee to file supporting evidence.
The Tribunal set aside the order of the CIT(A) and remanded the matter for fresh consideration. The assessee was granted liberty to file evidence in support of their claim.
The tribunal is hearing an appeal against the order of the CIT(A) concerning the assessment year 2019-20. The assessee is an individual who did not file their return of income.
The AO denied the deduction under Section 80P because the assessee did not file its return of income within the prescribed due date under Section 139(1). The assessee contended that it is controlled by government-appointed authorities.
The Tribunal condoned the substantial delay in filing the appeal before the CIT(A) by adopting a liberal and justice-oriented approach. The Tribunal set aside the CIT(A)'s order and restored the entire matter to the AO for fresh assessment.
The Tribunal condoned the delay in filing the appeal, finding the assessee's explanation for non-representation to be bonafide. The case was remitted back to the CIT(E) to provide the assessee with an opportunity to present their case with necessary details.
The Tribunal held that the assessee had a reasonable cause for not responding to the notices due to the Covid-19 pandemic and the Supreme Court's extensions of limitation periods. Therefore, the penalty was not warranted.
The Tribunal held that while the source of some receipts from the employer could not be treated as unexplained investment, the addition should be considered as salary income. For other business receipts, the addition was restricted to an estimated profit margin due to lack of proper books of account.
The Tribunal found that the assessee failed to respond to the AO's notice but made detailed submissions before the CIT(A). The CIT(A) dismissed the claims for lack of documentary evidence. The Tribunal restored the matter to the AO for a de novo assessment to provide the assessee an opportunity to be heard.
The Tribunal noted that the revenue's appeals were not maintainable due to low tax effect, as per a CBDT circular setting a monetary limit of Rs. 60 lakhs for filing appeals. The tax effect in this case was below the stipulated limit for all assessment years.
The Tribunal noted that the revenue's appeals were not maintainable due to low tax effect, as per a CBDT circular setting a monetary limit of Rs. 60 lakhs for filing appeals. The tax effect in this case was below the stipulated limit for all assessment years.
The Tribunal noted that the revenue's appeals were not maintainable due to low tax effect, as per a CBDT circular setting a monetary limit of Rs. 60 lakhs for filing appeals. The tax effect in this case was below the stipulated limit for all assessment years.
The Tribunal noted that the revenue's appeals were not maintainable due to low tax effect, as per a CBDT circular setting a monetary limit of Rs. 60 lakhs for filing appeals. The tax effect in this case was below the stipulated limit for all assessment years.
The Tribunal noted that the Revenue's appeals were not maintainable due to low tax effect. The CBDT Circular No.09/2024 sets a monetary limit of Rs.60 lakhs for filing appeals. The tax effect in these cases was below this limit.
The Tribunal found that the assessee was not given a proper opportunity to present their case before the CIT(A). Therefore, the appeal was remitted back to the CIT(A) for a fresh decision after providing the necessary details.
The Tribunal allowed the appeal, remitting the matter back to the CIT(E) to provide the assessee with another opportunity to submit the necessary documents and present their case properly.
The Tribunal condoned the delay in filing the appeal before the CIT(A) due to the assessee not being aware of the assessment proceedings. The appeal was remitted back to the CIT(A) for a fresh decision on merits.
The Tribunal found that the Assessing Officer did not conduct a thorough inquiry into the assessee's money lending business and the nature of transactions. The CIT(A) dismissed the appeal ex parte without proper adjudication.
The Tribunal held that once the source of deposits is accepted as business receipts, it cannot be treated as unexplained money under Section 69A. The AO was directed to treat the sustained additions as business income.
The Tribunal held that the rejection of books of accounts solely on the ground of delayed submission of quantitative details, without any specific defects found, was not in accordance with law. It further held that estimating income based on an average GP ratio without considering business exigencies and market conditions was arbitrary.
The Tribunal found the AO's estimation of income at 4% based on website information to be unsubstantiated and lacking in consideration of indirect expenses. It directed the AO to estimate income at 1% of the turnover, allowing credit only for the declared income from the mobile recharge business.
The Tribunal held that while the lower authorities had dealt with comparability analysis and granted partial relief, there was no comprehensive examination of the documentary evidence produced by the assessee to establish the actual mark-up earned by the AE. The orders did not disclose reasoned findings accepting or rejecting the evidentiary value of these documents. The Tribunal noted that in transfer pricing proceedings, where an assessee relies on contemporaneous documents filed before foreign tax authorities, the authorities have a statutory obligation to examine them objectively and record clear findings, which was absent. The Tribunal also found that the issues of comparables, PLI, foreign exchange fluctuation, loan/capex impact, managerial remuneration, and the evidentiary value of foreign documents were interlinked and required integrated appreciation. However, the Revenue authorities had not had the benefit of examining these documents as presented before the Tribunal. Therefore, to serve the interests of justice, the Tribunal restored the entire transfer pricing issue to the file of the TPO/AO for de novo adjudication. The TPO was directed to examine all documentary evidence, including AE's filings before foreign tax authorities, and determine the Arm's Length Price strictly in accordance with law, after granting an adequate opportunity of hearing. The TPO was also directed to independently examine objections regarding comparables, PLI, foreign exchange, loans, capex, managerial remuneration, and other relevant issues, passing a speaking order. The assessee was directed to cooperate fully. All grounds relating to transfer pricing adjustment were allowed for statistical purposes.
The Tribunal upheld the Commissioner (Appeals)'s decision to delete the addition. It found that the assessee acted as an intermediary, with commission income duly reflected and taxed, and that Section 69A is not applicable to cash withdrawals from one's own account.
The Tribunal held that the addition made solely based on the insight portal information, without corroborative material and disregarding the assessee's documentary evidence, could not be sustained. The AO and CIT(A) failed to provide evidence to support the larger profit claim.
The Tribunal held that the rejection of books of accounts solely on the ground of delayed submission of quantitative details, without any specific defects found, was not in accordance with law. It further held that estimating income based on an average GP ratio without considering business exigencies and market conditions was arbitrary.
The Tribunal, considering the bonafide reasons for non-appearance due to the director's medical condition and business issues, decided to grant one more opportunity to the assessee in the interest of natural justice. The appeal was remitted back to the AO for fresh assessment.
The Tribunal found that the assessee did not get a proper opportunity before the Assessing Officer. Relying on a Supreme Court decision, the Tribunal set aside the CIT(A)'s order and restored the assessment to the AO for a fresh assessment.
The Tribunal held that the notice issued under Section 148 for AY 2015-16 on April 7, 2022, was barred by limitation as six years had elapsed from the end of the relevant assessment year. Consequently, the assessment based on this notice was quashed.
The Tribunal condoned the delay in filing the appeal after the assessee paid a cost of Rs. 10,000/-. The appeal was then decided on merits.
The Tribunal held that while the assessee fulfilled the substantive conditions for immunity from penalty under Section 270AA, it failed to file the prescribed Form 68. However, considering the substantive fulfillment and the principle of substantial justice, the non-filing of the form was treated as a technical breach.
The Tribunal held that the CIT(A) erred by not providing the assessee with an opportunity to further substantiate the delay, thus violating principles of natural justice. The matter was therefore set aside and restored to the CIT(A) for fresh consideration.
The Tribunal noted that the assessee claimed the notices went to their spam folder due to system glitches, and thus did not receive a proper opportunity. Therefore, the Tribunal set aside the CIT(E)'s order and restored the applications for fresh consideration.
The Tribunal found a violation of natural justice by the CIT(A) and set aside the impugned order. The assessment was restored to the AO for de novo assessment after hearing the assessee.
The Tribunal held that for an unabated assessment year, the AO can only make additions based on incriminating material found during a search. Since the interest payable was disclosed in the assessee's balance sheet and not found as incriminating material from the third-party search, the AO's action of not making an addition could not be faulted.
The Tribunal held that the cash deposits represented business receipts and directed the AO to restrict the addition to the peak credit in the bank account, rather than the entire deposit amount.
The Tribunal held that a procedural lapse in not filing Form 10-IC electronically within the prescribed time should not deprive the assessee of the substantive benefit under Section 115BAA, especially when the option was exercised in the return and the form was later filed.
The Tribunal, while deprecating the assessee's non-compliance, granted a final opportunity for substantial justice. The matter was restored to the Assessing Officer for fresh adjudication with supporting evidence.
The Tribunal upheld the FAA's deletion of the addition, finding that the deposits were genuine business receipts and the AO misunderstood demonetization rules. The Tribunal noted that the assessee could deposit demonetized currency by satisfactorily explaining the source.
The Tribunal held that the assessee's failure to respond to the earlier notices was not intentional or deliberate, as the notices were received via email without real-time alerts. Considering the prompt responses to subsequent notices, the penalty was deemed unwarranted.
The Tribunal condoned the delay, finding sufficient cause. It held that the assessee is entitled to the enhanced exemption limit of Rs. 25,00,000 for leave encashment, as per recent CBDT notifications and judicial precedents.
The Tribunal held that a belated filing of the return in an earlier year does not preclude the assessee from opting for the new tax regime in subsequent years, provided the option is not withdrawn. The CPC and CIT(A) erred in denying this benefit.
The Tribunal held that the penalty proceedings were bad in law because the show cause notice for penalty did not clearly specify which limb of Section 270A was attracted and how the ingredients of sub-section (9) were satisfied. The Tribunal relied on the Delhi High Court's decision in Prem Brothers Infrastructure LLP.
The Tribunal set aside the impugned order of the CIT(A) and restored the assessment to the file of the AO. The AO is directed to verify the corrected TDS details submitted by the assessee and pass a fresh assessment after hearing the assessee.
The Tribunal held that the tax effect was below the prescribed threshold limit. Therefore, the Revenue's appeal was not maintainable and was dismissed.