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554 orders · Page 9 of 12
The Tribunal held that the revised CBDT circular, which sets a monetary limit of ₹10 lakhs for filing appeals to the ITAT, was applicable. The appeals were therefore dismissed based on this circular.
The Tribunal dismissed the Revenue's appeal based on the CBDT Circular revising the monetary limit for appeals to Rs. 10 lac. The Tribunal clarified that this dismissal on tax effect would not create a precedent for cases with higher tax effects.
The Tribunal dismissed the appeal based on CBDT Circular No. 21/2015, which revised the monetary limit for filing departmental appeals to the ITAT at ₹10 lakhs. The dismissal was without prejudice to the Revenue's right to appeal on merits if the tax effect in subsequent years exceeds the limit.
The Tribunal dismissed the Revenue's appeal based on the CBDT Circular which mandates that appeals with a tax effect below Rs. 10 lakhs should not be filed. The dismissal is on the ground of low tax effect and not on merits.
The Tribunal dismissed the Revenue's appeals based on the CBDT Circular which mandates that appeals with a tax effect below the specified monetary limit should not be filed. The dismissal was on the grounds of low tax effect and not on merits.
The Tribunal dismissed the Revenue's appeals based on the CBDT Circular which mandates that appeals with a tax effect below the specified monetary limit should not be filed. The dismissal was on the grounds of low tax effect and not on merits.
The Tribunal held that the loan advanced to a concern in which the shareholder has a substantial interest is covered under Section 2(22)(e). While the Act doesn't provide a specific mechanism for computation, the deemed dividend can be allocated based on the shareholder's percentage of holding in the recipient concern.
The Tribunal noted that the issue regarding Section 80HHC deductions, particularly concerning DEPB claims and twin conditions, had been settled by Supreme Court judgments. These judgments were not available to the CIT(A) when the impugned orders were passed.
The Tribunal held that interest on borrowed funds used for acquiring stock-in-trade (land) in a real estate business, once the business is set up, is a revenue expenditure and should be allowed as a deduction. The proviso to Section 36(1)(iii) was not attracted as it was not an extension of business.
The Tribunal held that the loan advanced to a concern in which the shareholder has a substantial interest is covered under Section 2(22)(e). While the Act doesn't provide a specific mechanism for computation, the deemed dividend can be allocated based on the shareholder's percentage of holding in the recipient concern.
The Tribunal held that Section 2(22)(e) was not applicable because the payer company, B.L. Kashyap & Sons Ltd., was listed on the stock exchange and thus considered a public limited company where the public was substantially interested. Therefore, the conditions for deemed dividend were not met.
The Tribunal held that the CBDT circular prescribing monetary limits for appeals is binding on the revenue authorities. Since the tax effect was below the stipulated limit, the appeal should have been withdrawn or not pressed.
The Tribunal held that the Revenue ought not to have filed the appeal given the low tax effect, referencing Section 268A of the Income Tax Act and a CBDT circular. The appeal was dismissed without going into the merits of the case.
The Tribunal held that an appeal against an order passed under Section 154 rectifying an order under Section 12AA is not maintainable as per Section 253 of the Act. The assessee was advised to file an appeal before the CIT(A) with a request for condonation of delay.
The Tribunal held that the CIT(A)'s confirmation of the Rs. 1.5 crore addition was not justified, and the entire Rs. 25 crore addition should be deleted. The Tribunal also found that the assessee had discharged the onus to explain the source of the Rs. 7.5 lacs cash, and this addition was also deleted.
The Tribunal held that the CBDT circular is binding on the tax authorities and that the appeal should have been withdrawn or not pressed due to the low tax effect. The circular was also applicable retrospectively to pending appeals.
The Tribunal found that the cash flow statements and additional evidence were not properly examined by the lower authorities. Therefore, the issue requires fresh adjudication.
The Tribunal allowed the revenue to withdraw its appeal based on a CBDT circular enhancing the monetary limit for filing appeals. Consequently, the assessee's cross-objection became infructuous.
The Tribunal held that the amounts were received as loans from identified and creditworthy lenders, and were subsequently repaid. The contradictory stand was attributed to a misinterpretation of the assessee's reply.
The Tribunal upheld the CIT(A)'s order, finding that the facts presented by the assessee regarding the inadvertent omission and subsequent rectification were not effectively rebutted by the Revenue. The Tribunal agreed that the penalty was not sustainable.
The Tribunal held that penalty under Section 271E for violation of Section 269T is not justified if the assessee demonstrates a reasonable cause for non-compliance. The lower authorities failed to examine the assessee's claim of genuine difficulty.
The Tribunal held that the CIT(A)'s confirmation of the Rs. 1.5 crore addition was not justified, and the entire Rs. 25 crore addition should be deleted. The Tribunal also found that the assessee had discharged the onus to explain the source of the Rs. 7.5 lacs cash, and this addition was also deleted.
The Tribunal held that the CBDT instructions are binding and the Revenue should have withdrawn or not pressed the appeal as the tax effect was below the prescribed limit. The assessee's cross-objection was withdrawn.
The Tribunal held that the partner's remuneration disallowance was incorrect as the expense was allowable and accounted for in the partner's personal return. Similarly, the rent for the Kolkata office was allowed as it was for professional business use, and conference expenses were allowed as they were not cash payments and were adjusted against professional fees.
The Tribunal upheld the disallowances made by the lower authorities, finding them reasonable due to the assessee's failure to provide sufficient evidence to substantiate business use of expenses. The Tribunal also allowed certain documents filed by the assessee as additional evidence.
The Tribunal held that warehousing charges constitute business income, not income from house property. It also agreed to remand issues related to interest and underwriting charges to the AO for fresh adjudication, while upholding the deletion of disallowance for commission paid for arranging clients.
The Tribunal held that the learned Commissioner of Income Tax erred in refusing registration under Section 12AA. Regarding the amendment of the trust deed, the Tribunal relied on the Rajasthan High Court's decision in Laxminarain Lath Trust Vs. Commissioner of Income Tax, (1988) 170 ITR 375, to hold that a supplementary deed executed by the settler to clarify intentions was permissible and valid, even if not routed through a court, provided it was authorized and not fictitious. The Tribunal found no illegality in the amendment carried out by the assessee. Concerning the clarity of provisions, the Tribunal opined that the non-clarity of one or two words could not be a ground for refusal if other conditions were met. Regarding the control of the company, the Tribunal noted that while settlers may retain some control, the CIT had not brought on record evidence of the trust serving the company's interests or how such control rendered activities non-genuine. The Tribunal also pointed out that the CIT has the power to cancel registration later under Section 12AA(3) if misuse is found. The removal of employee welfare clauses addressed concerns about serving the settler's interest. The Tribunal found the CIT's concerns about trustees' independence to be general notions without specific findings that assistance rendered activities non-genuine. The limited scale of activities in the first year was also deemed not to negate genuineness. The Tribunal concluded that the CIT's reasons for refusal were based on possibilities of misuse and were extraneous to Section 12AA. Therefore, the CIT's order was set aside, and the CIT was directed to grant registration.
The Tribunal noted that the issue regarding Section 80HHC deductions, particularly concerning DEPB claims and twin conditions, had been settled by Supreme Court judgments. These judgments were not available to the CIT(A) when the impugned orders were passed.
The Tribunal admitted additional evidence in the form of a certificate clarifying a date inconsistency in the agreement. Considering this new evidence, the Tribunal restored the matter to the Assessing Officer for fresh adjudication.
The Tribunal, citing legal principles and precedents regarding non-prosecution, decided that the appeal should be dismissed. The law aids the vigilant, not those who sleep on their rights.
The Tribunal held that the assessee was the beneficial owner of the power distribution machinery installed at its premises and was entitled to claim depreciation. The control exercised by the Power Corporation was for limited purposes like ensuring supply and preventing theft.
The Tribunal noted that the tax effect was below the prescribed monetary limit for appeals. Following the CBDT circular, the Tribunal allowed the Revenue's request to withdraw the appeal.
The Tribunal held that the non-declaration of interest income was an inadvertent mistake and a bonafide explanation from the assessee. Relying on Supreme Court judgments, the Tribunal decided to delete the penalty.
The Tribunal held that if there is no exempt income, no disallowance under Section 14A can be made. Following the jurisdictional High Court's decisions, the disallowance made under Section 14A was deleted.
The Tribunal upheld the deletion of the trading addition by the CIT(A), finding that the AO failed to properly verify the assessee's records despite them being in the department's possession. For the disputed purchases, the Tribunal directed that only the gross profit on these purchases be brought to tax, following a precedent from a subsequent assessment year.
The Tribunal upheld the deletion of the trading addition by the CIT(A), finding that the AO failed to properly verify the assessee's records despite them being in the department's possession. For the disputed purchases, the Tribunal directed that only the gross profit on these purchases be brought to tax, following a precedent from a subsequent assessment year.
The tribunal held that the law aids the vigilant and not those who sleep on their rights. Following established legal principles and precedents, the appeal was dismissed for non-prosecution.
The Tribunal held that the assessee's explanation for claiming loss on sale of asset as business loss and inadvertently deducting bonus paid after the return filing date was a bonafide mistake. Therefore, the penalty was deleted.
The Tribunal upheld the order of the CIT(A) and dismissed the Revenue's appeals. The Tribunal found that the penalty was levied on disallowance of expenditure, which was based on estimation, and there was no clear finding of concealment of income or furnishing inaccurate particulars.
The Tribunal held that the grant for working capital was a capital receipt and not revenue. It also ruled that Section 40(a)(ia) is not applicable when there is a short deduction of tax, not a complete non-deduction. The matter of set-off of losses was remanded to the Assessing Officer.
The Tribunal held that the AO erred in issuing the notice under Section 148 without recording the reasons as required by Section 148(2). Consequently, the assessment order was quashed.
The Tribunal held that the AO erred in issuing the notice under Section 148 without recording the reasons as required by Section 148(2). Consequently, the assessment order was quashed.
The Tribunal partially allowed the appeal, deleting disallowances for driver's salary and interest on car loan as they were not covered under Section 38(2). It upheld the disallowance of car insurance and depreciation based on personal use and offered disallowance respectively. The claim for unrealized fees was allowed based on the real income theory and write-off in books, and credit for TDS was granted.
The Tribunal held that the expenses incurred on the partner's studies and foreign travel were for the purpose of business upgradation and selecting garment designs, thus allowing the claims.
The Tribunal held that the surrendered amount of Rs. 81,00,000/- was intended to cover all discrepancies, including the nature of the interest paid on the loan for machinery. Therefore, the addition made by the AO was deleted.
The Tribunal upheld the order of the CIT(A) and dismissed the Revenue's appeals. The Tribunal found that the penalty was levied on disallowance of expenditure, which was based on estimation, and there was no clear finding of concealment of income or furnishing inaccurate particulars.
The Tribunal held that since the approval for reopening the assessment was obtained from the Commissioner instead of the Joint Commissioner as required by Section 151(2) for reassessments beyond four years, the reopening was invalid. Consequently, the reassessment proceedings were quashed.
The Tribunal held that the Assessing Officer failed to establish that the share application money was bogus or that Victory Software Pvt. Ltd. was part of the S.K. Jain group. The assessee had discharged its onus under Section 68 by providing sufficient details.
The Tribunal held that since the additions on which the penalty was imposed were subsequently deleted by the ITAT in the quantum appeal, the penalty was no longer sustainable. The basis for the penalty had collapsed.
The Tribunal held that the requirement of an NOC from the Pollution Control Board for 'eco-tourism' status was not explicitly stipulated in Section 80IC. Following previous decisions, the Tribunal found that hotels in Uttarakhand meeting other criteria were eligible for the deduction.