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290 orders · Page 4 of 6
The Tribunal noted that despite sufficient opportunities, the assessee did not appear or cure the defects, indicating a lack of seriousness in pursuing the appeal. Therefore, the appeal was dismissed in limine.
The Tribunal held that the insurance claim was against revenue expenditure and not the cost of the asset, thus allowing depreciation. For bad debts, the Tribunal found an inconsistency between the annual report and ledger accounts, remitting the issue to the Assessing Officer for fresh verification.
The Tribunal held that the CBDT circular prescribing monetary limits for filing appeals is binding on income tax authorities. Since the tax effect was below the prescribed limit, the department should not have filed the appeal.
The Tribunal restored the issue of disallowance under Section 40A(3) to the Assessing Officer for further examination of the circumstances and Rule 6DD(k). Regarding provisions for leave encashment and gratuity, the matter was remanded to the Assessing Officer to verify if these were ascertained liabilities based on actuarial valuations, referencing the Supreme Court's decision in Bharat Earth Movers.
The Tribunal held that surcharge and education cess are not leviable on the 20% rate prescribed under Section 206AA(1)(iii) as the section does not explicitly provide for them. The CIT(A) was not justified in upholding the levy of surcharge and education cess.
The tribunal held that the assessee cannot be refunded tax voluntarily deducted and paid on behalf of its principal. It also held that surcharge and education cess cannot be levied on the 20% rate prescribed in Section 206AA(1)(iii).
The Tribunal presumed that the assessee was not serious in pursuing the appeal due to continuous non-representation. Therefore, the appeal was dismissed in limine.
The Tribunal dismissed the assessee's appeals in limine due to non-representation. It was presumed the assessee was not serious in pursuing the appeals. The assessee was granted liberty to seek recall if a reasonable cause for non-representation could be shown.
The Tribunal held that the appeal was filed in violation of the CBDT circular and was therefore not maintainable. The circular's instructions are binding on tax authorities.
The Tribunal, referring to its own previous order in a similar case, directed the Assessing Officer to attribute 75% of the income to new exchanges eligible for deduction under Section 80IA, and the remaining 25% to old exchanges.
The Tribunal noted the assessee's lack of representation and the unserved notices, presuming the assessee was not serious about pursuing the appeal. Consequently, the appeal was dismissed.
The Tribunal, referring to its own previous order in a similar case, directed the Assessing Officer to attribute 75% of the income to new exchanges eligible for deduction under Section 80IA, and the remaining 25% to old exchanges.
The Tribunal upheld the CIT(A)'s decision to allow the business expenditure. It was held that disallowance of expenditure cannot be arbitrary and must be based on genuineness, exclusivity for business, and supporting documentation, not just the magnitude of receipts.
The tribunal observed that the assessee was not serious in pursuing the appeal due to non-representation. Therefore, the appeal was dismissed in limine.
The Tribunal held that since the assessment was not previously made under Section 143(3) or 147, Section 151(2) was applicable. The AO was therefore obligated to obtain sanction from the JCIT, not the CIT, for issuing the notice under Section 148 after the expiry of four years. The lack of proper jurisdiction could not be cured by Section 292B.
The Tribunal found contradictions in the assessee's submissions and the Assessing Officer's observations. It noted that the assessee claimed illiteracy while signing documents in English and provided conflicting explanations for the cash deposits.
The Tribunal presumed the assessee was not serious in pursuing the appeal due to non-appearance. The appeal was dismissed in limine.
The Tribunal upheld the addition, finding that the assessee failed to rebut the presumption under Section 292C of the Act and could not justify the vast difference in share valuation between their declared transactions and the seized receipts.
The Tribunal held that the appeal was filed in violation of CBDT Circular No. 21/2015, which prescribes a pecuniary limit for filing appeals. Therefore, the appeal was not maintainable.
The Tribunal presumed the assessee was not serious in pursuing the appeal due to repeated non-appearances and delay. Therefore, the appeal was dismissed without going into the merits of the case.
The Tribunal held that the assessee was an employee holding a civil post under the State, thus attracting Section 10(10)(i) for gratuity exemption. Following the same logic, exemption under Section 10(10AA) was also granted for leave encashment.
The Tribunal held that the CIT(A) erred in dismissing the appeal ex-parte and that the AO also failed to provide a reasonable opportunity of being heard. Upholding the principles of natural justice, the Tribunal decided to remand the issue back to the AO for fresh adjudication.
The Tribunal found that the CIT(A)'s order lacked proper justification for estimating the construction cost. It noted that the assessee had provided evidence and requested an opportunity to cross-examine parties who denied issuing bills, which was not granted.
The Tribunal upheld the CIT(A)'s decision to reduce the GP rate to 20.78% based on the preceding year's rate, finding no material change in business. Regarding Section 41(1), the Tribunal held that since the liabilities appeared as opening balances in the assessee's books and were not shown as remitted or ceased in the current year, the addition was not sustainable.
The Tribunal noted that the assessee's case up to the search date was pending before the Settlement Commission, and its decision would impact the current assessment. Therefore, the case was remitted back to the AO to decide afresh after considering the Settlement Commission's order.
The Tribunal held that the issue of PE in India was covered by its previous decisions, which were supported by the Delhi High Court. Following these precedents, the Tribunal decided the PE issue in favor of the assessee. Consequently, the grounds related to PE and attribution of profits were allowed.
The Tribunal held that interest under section 234A is not chargeable on self-assessment tax paid before the due date of filing the return, following the jurisdictional High Court's decision and CBDT circular. For section 234B, the Tribunal found the CIT(A)'s direction to recalculate as per law sufficient.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee had provided sufficient evidence, including confirmations and details of land sale proceeds and rental income, to establish the creditworthiness of the director and the genuineness of the transaction.
The Tribunal found that the Assessing Officer was justified in issuing the notice at the last known address. However, it deemed it expedient to restore the matter to the Assessing Officer for de novo assessment to verify the sale of shares against their purchase.
The tribunal held that the CIT(Appeals) does not have the power to dismiss an appeal in limine and must decide on merits even in the assessee's absence. The impugned order was set aside.
The Tribunal held that depreciation is an allowance and not an expenditure incurred in relation to earning exempt income. Therefore, it cannot be disallowed under Section 14A.
The Tribunal directed the AO to revalue the relief on jewellery at Rs. 501/- per gram, adjusting the relief amount. The addition on account of bogus gifts was upheld as the assessee had surrendered the amount and failed to produce donors.
The Tribunal held that since the expenditure was not claimed as a deduction by the assessee, there was no occasion for the Assessing Officer to make a disallowance. Following a coordinate bench decision, the issue was decided in favour of the assessee.
The Tribunal held that the Revenue should not have filed the appeal given the low tax effect and the binding CBDT circular. Therefore, the appeal was dismissed without going into the merits of the case.
The Tribunal held that the appeal was not maintainable as the tax effect was below the revised monetary limit prescribed by the CBDT circular, which was applicable retrospectively to pending appeals.