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527 orders · Page 4 of 11
The Tribunal dismissed the appeal based on CBDT Circular No. 21 of 2015, which revised the monetary limit for filing appeals to Rs. 10,00,000/-. The appeal was dismissed without going into the merits as the tax effect was below this limit.
The Tribunal dismissed the Revenue's appeal, noting that the tax effect was below the Rs. 10 lakh limit for filing appeals before the ITAT as per the binding CBDT Circular No. 21/2015. The circular's retrospective application was also considered.
The Tribunal dismissed the departmental appeal. The Tribunal noted that the CBDT circular revising the monetary limit for filing appeals to the ITAT was applicable retrospectively and binding on the revenue authorities.
The Tribunal dismissed the departmental appeal, noting that the CBDT's circular revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakh, and this was applicable retrospectively. Board's instructions are binding on tax authorities.
The Tribunal noted that CBDT Circular No. 21 of 2015 mandates not pressing appeals with a tax effect below Rs. 10,00,000/-. Therefore, the appeal was dismissed without considering the merits.
The Tribunal held that the assessee had disclosed all relevant information and that making an unsustainable claim does not amount to furnishing inaccurate particulars. Following the Supreme Court's decision in CIT vs. Reliance Petroproducts Pvt. Ltd., the penalty was deleted.
The Tribunal dismissed the Revenue's appeal, relying on CBDT Circular No. 21/2015 which revised the monetary limit for filing appeals to the ITAT. The circular was made applicable retrospectively.
The Tribunal dismissed the departmental appeals. It held that CBDT Circular No. 21/2015, which revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakhs, was applicable retrospectively.
The Tribunal held that the assessee had provided sufficient documentary evidence to establish the identity, source, and genuineness of the share capital investment. The credit balance was also explained by a reconciliation statement. Therefore, the additions were unwarranted.
The Tribunal held that penalty under Section 271(1)(c) cannot be invoked when additions are made on an estimated basis and on the basis of information and disclosure made by the assessee, as there is no evidence beyond doubt of concealment or furnishing inaccurate particulars.
The Tribunal held that the Revenue ought not to have filed the appeal given the low tax effect and the binding CBDT circulars. The appeal was dismissed without going into the merits of the case.
The Tribunal upheld the CIT(A)'s deletion of the addition on account of share application money, finding that the assessee had discharged its onus by providing necessary documentation. The Tribunal also dismissed the Revenue's appeals.
The Tribunal upheld the CIT(A)'s deletion of the addition on account of share application money, finding that the assessee had discharged its onus by providing necessary documentation. The Tribunal also dismissed the Revenue's appeals.
The Tribunal upheld the CIT(A)'s deletion of the addition on account of share application money, finding that the assessee had discharged its onus by providing necessary documentation. The Tribunal also dismissed the Revenue's appeals.
The Tribunal upheld the CIT(A)'s decision, finding that the AO erred in rejecting the assessee's TP study and arbitrarily applying the group's profit margin. The Tribunal noted that the assessee's functions, risks, and the nature of its distribution agreement were not comparable to the group as a whole.
The Tribunal held that the CIT(A) erred in relying on the Civil Judge's order, which did not consider the High Court's judgment and excluded the Income Tax Department. The High Court had acknowledged the existence of a separate trust created by the 1995 deed.
The Tribunal upheld the CIT(A)'s decision to delete the penalty. It found that the assessee had reasonable cause for the omission, especially as the commission was reversed and no actual loss of revenue occurred.
The Tribunal upheld the orders of the lower authorities, dismissing the assessee's grounds of appeal. The assessee did not produce adequate evidence to support the claimed expenses or contradict the findings of the AO and CIT(A).
The Tribunal held that naturopathy is a form of medical relief and not general public utility. It also found that the trust's activities were genuine and not commercial, especially considering a similar trust was granted registration.
The Tribunal dismissed the appeal filed by the Revenue because the tax effect involved was below the prescribed monetary limit of Rs. 10 lakhs. The dismissal was made without going into the merits of the case.
The Tribunal held that the assessee had discharged the onus by furnishing affidavits, confirmations, ITRs, and financial statements of creditors. The Assessing Officer failed to rebut this evidence, and disbelieving the creditors' financial statements based solely on their declared income was not justified.
The Tribunal held that transfer pricing adjustments can only be made for transactions with Associated Enterprises (AEs), not non-AEs. The matter was remitted to the AO/TPO for recalculating the adjustment considering only international transactions with AEs.
The Tribunal held that after the amendment of Section 36(1)(vii) w.e.f. 1.4.1989, it is sufficient if bad debts are written off as irrecoverable in the assessee's accounts. The AO failed to discharge the onus of proving otherwise.
The Tribunal allowed the addition for cash shortage, stating it could be a temporary withdrawal. However, it upheld the addition for cash payments exceeding Rs. 20,000 and stock shortage. The addition for alleged profit in sugar trading was deleted as the books of account were not rejected.
The Tribunal held that the CIT erred in rejecting the application based on irrelevant criteria. The Tribunal found that the trust was established for charitable purposes, its activities were genuine and aligned with its objects, and its income was used for educational activities, thus entitling it to registration.
The Tribunal found that both the AO and CIT(A) passed ex parte orders without giving the assessee a proper opportunity to be heard. Therefore, in the interest of justice, the appeals were restored to the file of the AO for fresh adjudication.
The Tribunal confirmed the CIT(A)'s decision to delete the additions made under Section 68 and for suppression of sale consideration. It also upheld the CIT(A)'s finding that the reopening of assessment under Section 147 was invalid due to contradictions in the reasons recorded.
The Tribunal found that both the AO and CIT(A) passed ex parte orders without giving the assessee a proper opportunity to be heard. Therefore, in the interest of justice, the appeals were restored to the file of the AO for fresh adjudication.
The Tribunal found that the CIT(A) passed a cryptic order in haste without properly considering the assessee's submissions and facts. Therefore, the issues were restored to the CIT(A) for fresh adjudication.
The Tribunal held that the assessee failed to establish a reasonable cause for accepting most of the cash loans, as previous transactions with the same lenders were through banking channels. However, a loan from the assessee's wife was considered a reasonable cause, and the penalty related to it was deleted.
The Tribunal dismissed the Revenue's appeal as the tax effect was below the revised monetary limit of Rs. 10 lakhs. The dismissal was based on the CBDT circular and Section 268A of the Income-tax Act, without going into the merits of the case.
The Tribunal held that the CIT(A) erred in relying on the Civil Judge's order, which did not consider the High Court's judgment and excluded the Income Tax Department. The High Court had acknowledged the existence of a separate trust created by the 1995 deed.
The Tribunal held that the assessee became the deemed owner of the property on 22.11.1995, making the gain long-term capital gain. Consequently, the assessee was eligible for deduction under Section 54EC.
The Tribunal upheld the CIT(A)'s decision regarding the bad debt claim, finding it allowable as per Section 36(1)(vii) of the Income Tax Act. The Tribunal found no reason to interfere with the CIT(A)'s conclusion on this issue.
The Tribunal dismissed the appeal filed by the Revenue as the tax effect was below the revised monetary limit of Rs. 10 lakhs. The dismissal was based on the CBDT circular and Section 268A of the Income-tax Act.
The Tribunal held that penalty cannot be levied solely on presumption of mala fide intention without substantiation by the revenue. The inability to produce old documents, especially beyond the statutory record retention period, does not automatically imply concealment or inaccurate particulars.
The Tribunal noted that as per CBDT Circular No. 21/2015, appeals with a tax effect below Rs. 10 lakhs should be withdrawn or not pressed. Therefore, the appeal was dismissed.
The Tribunal held that the reopening of assessment was bad in law as there was no fresh material before the AO. The issue had already been subject to appeal before the CIT(A) and the ITAT.
The Tribunal held that the assessee had discharged its onus under Section 68 by providing details of the transactions, and the AO failed to conduct proper verification. Following a coordinate bench's decision on identical facts, the Tribunal upheld the deletion of the addition.
The Tribunal found that the assessee had not been granted adequate opportunity to present its case before the AO. Therefore, the matter was set aside to the AO for re-appreciation of arguments and verification of facts.
The Tribunal upheld the decision of the CIT(A) and dismissed the appeal of the Revenue. The Tribunal noted that the CIT(A) had dealt with the issue at length, following his own order for AY 2007-08. The CIT(A) found that the reduction in the royalty rate from 5% to 2.5% indicated the genuineness of the commercial arrangement and that it was not an attempt to pass profits to M/s Minda Industries Ltd. The CIT(A) also agreed with the assessee that the AO's reasoning for invoking Section 40A(2)(b) lacked legal backing, as both entities were taxable in the same tax bracket. The Tribunal observed that the Department had not presented any fresh material to controvert the CIT(A)'s findings and there was no change in the factual matrix compared to AY 2007-08. Therefore, the Tribunal found no reason to interfere with the CIT(A)'s findings and directed the deletion of the disallowance.