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518 orders · Page 9 of 11
The Tribunal upheld the CIT(A)'s decision to delete the penalty. It reasoned that the issue of expense allowability was debatable, especially since the original assessment had allowed them. The revenue failed to demonstrate any inaccurate particulars furnished by the assessee.
The Tribunal noted that as per CBDT Circular No. 21/2015, appeals with a tax effect below Rs. 10 Lakhs should be withdrawn or not pressed by the Revenue. Therefore, the appeal was dismissed in limini.
The Tribunal upheld the addition of Rs. 70,00,000/- as undisclosed income. The assessee failed to provide plausible explanations and verifiable evidence for the source and genuineness of the seized cash.
The Tribunal held that the assessee had acted bona fide by relying on the law prevalent at the time of filing the return and various favorable orders. Therefore, penalty proceedings for concealment were not justified.
The tribunal allowed the revenue to withdraw the appeal based on CBDT Circular No. 21/2015, which stipulates that appeals with a tax effect below Rs. 10 lakhs should not be filed or should be withdrawn.
The Tribunal held that while the CIT(A) verified confirmations, the Assessing Officer did not conduct an enquiry into their genuineness. Therefore, the matter needs to be verified by the Assessing Officer.
The Tribunal held that the Department's appeal was not maintainable in view of CBDT Circular No. 21/2015, which stipulates that appeals with a tax effect below Rs. 10,00,000/- should not be filed or should be withdrawn.
The Tribunal held that the assessment order was a nullity as no income was computed or assessed by the AO. The CIT(A) also did not decide the matter on merits. The Tribunal found that the assessee had dispatched documents, but their non-receipt could not be ruled out.
The Tribunal held that the Department's appeal was not maintainable due to the tax effect being below the monetary limit prescribed by CBDT Circular No. 21/2015. The Tribunal stated that the Department should have withdrawn or not pressed the appeal.
The Tribunal dismissed the departmental appeal, noting that the CBDT Circular No. 21/2015 revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakh and this was applicable retrospectively. The circular's instructions are binding on the tax authorities.
The Tribunal dismissed the Revenue's appeal because the tax effect was below the monetary limit stipulated by the CBDT circular. The Tribunal clarified that this dismissal would not set a precedent for future years with a higher tax effect.
The Tribunal upheld the CIT(A)'s deletion of the addition under Section 68, finding the loans genuine as they were routed through banking channels with interest and TDS. The addition on account of interest income was also deleted as it led to double addition. The disallowance under Section 14A was deleted as there was no claim of exempt income.
The Tribunal dismissed the Revenue's appeals. It held that the appeals were filed in contravention of CBDT Circular No. 21/2015, which revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakhs, and this was applicable retrospectively.
The Tribunal found that the AO and CIT(A) did not properly appreciate the facts and consider Section 11(1) regarding corpus donations. The CIT(A)'s order was cryptic and lacked proper consideration of the assessee's submissions.
The Tribunal held that the partners, being agriculturists with sufficient land holdings and confirmed agricultural produce, had substantiated the source of the Rs. 14,00,000 capital contribution. The Tribunal reversed the CIT(A)'s decision to sustain the addition.
The Tribunal upheld the CIT(A)'s decision to delete the additions, finding no infirmity in the CIT(A)'s reasoning. The Tribunal also dismissed the revenue's ground regarding the admission of additional evidence by the CIT(A).
The Tribunal dismissed the Revenue's appeals. It held that the appeals were filed in contravention of CBDT Circular No. 21/2015, which revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakhs, and this was applicable retrospectively.
The Tribunal upheld the CIT(A)'s decision to admit additional evidence during appellate proceedings, finding that the AO had provided inadequate time for the assessee to furnish details. Consequently, the Tribunal dismissed the Revenue's appeal.
The Tribunal dismissed the Revenue's appeals. It held that the appeals were filed in contravention of CBDT Circular No. 21/2015, which revised the monetary limit for filing appeals to the ITAT to Rs. 10 lakhs, and this was applicable retrospectively.
The Tribunal dismissed the Revenue's appeal and the assessee's cross-objections. This was based on the CBDT Circular No. 21/2015, which revised the monetary limit for filing appeals to Rs. 10 lakhs, and was made applicable retrospectively.
The Tribunal held that the transactions between the assessee and the company constituted a mutual current account and not a loan. Therefore, Section 2(22)(e) was not applicable.
The Tribunal held that the disallowance under Section 14A cannot exceed the amount of exempt income. Therefore, the disallowance was restricted to the actual exempt dividend income earned by the assessee.
The Tribunal held that the CIT(A)'s order was violative of the statutory mandate under Section 250(6) of the Income Tax Act, 1961, as it did not provide a speaking order and failed to adhere to the principles of natural justice. The appeal was set aside.
The Tribunal found that the assessee was not granted a proper opportunity to present its case, especially considering the significant increase in estimated profit compared to the previous year. The estimation of profit and verification of major expenses like labour charges were not adequately done.
The Tribunal held that the CIT(A)'s order dismissing the appeal without providing an opportunity of being heard and without stating the points for determination, decision, and reasons, violated statutory requirements. The order was set aside.
The Tribunal dismissed the Revenue's appeal. This was based on a CBDT circular revising the monetary limit for filing appeals to the ITAT to Rs. 10 lakh, which was made applicable retrospectively.
The Tribunal held that since the quantum addition, which was the basis for the penalty, was set aside and restored to the AO, the penalty order could not survive. The occasion to levy or uphold the penalty did not arise.
The Tribunal held that in terms of CBDT Circular No. 21/2015 and Section 268A of the Income Tax Act, the appeals filed by the Revenue should have been withdrawn or not pressed. Consequently, the appeals were dismissed in limine.
The Tribunal held that the CBDT's circular is binding on the Department. Since the tax effect was below the prescribed monetary limit, the appeal was not maintainable.
The Tribunal found that the assessee's explanation regarding the source of funds and the purchase price was not adequately examined. The AO's reliance on the assessee's initial surrender, based on a misunderstanding of Section 269SS, was questioned.
The Tribunal held that interest on foreign currency loans should be calculated based on the interest rates of the respective foreign currencies (e.g., LIBOR) and not the Indian Prime Lending Rate. It also ruled that no interest could be charged on amounts converted from loans to share application money.
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 CUP method is the most appropriate method for benchmarking the international transactions. The TPO is directed to first benchmark using CUP, and if that's not possible, then other methods, including the sixth method, can be used after giving the assessee an opportunity to be heard.
The Tribunal held that the CUP method is the most appropriate method for benchmarking the international transactions. The TPO is directed to first benchmark using CUP, and if that's not possible, then other methods, including the sixth method, can be used after giving the assessee an opportunity to be heard.
The Tribunal found that the CIT(A) had indeed sent notices to an incorrect address, leading to the assessee's non-appearance. Therefore, to ensure justice, the appeals were set aside.
The Tribunal found that the CIT(A) had indeed sent notices to an incorrect address, leading to the assessee's non-appearance. Therefore, to ensure justice, the appeals were set aside.
The Tribunal held that the CIT(A) erred in not admitting the amended grounds of appeal and additional evidence. The matter was restored to the Assessing Officer (AO) for a fresh decision.
The Tribunal noted that the Assessing Officer observed a difference in signatures of the lender's authorized signatory and that the reply from the lender was not confronted to the assessee. Therefore, the issue was set aside to the Assessing Officer for de novo verification.
The Tribunal held that the appeal was not being prosecuted by the assessee. Relying on judicial precedents, the Tribunal decided to dismiss the appeal for non-prosecution.
The Tribunal held that the CBDT circular is binding on the tax authorities. Since the tax effect in the present appeal was less than Rs. 10 lakhs, the appeal was not maintainable.