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544 orders · Page 2 of 11
The Tribunal accepted the assessee's request for withdrawal of the appeal. The appeal was accordingly dismissed as withdrawn by the Tribunal.
The Tribunal restored the appeals to the Assessing Officer for de novo adjudication. This was based on a previous ITAT order in the assessee's own case for AY 2007-08, which had also restored the matter to the AO.
The Tribunal restored the appeals to the Assessing Officer for de novo adjudication. This was based on a previous ITAT order in the assessee's own case for AY 2007-08, which had also restored the matter to the AO.
The Tribunal held that the lower authorities rejected the loan restructuring agreement on mere suspicion without proper examination or evidence. The issue of notional interest income was restored to the Assessing Officer for fresh adjudication.
The Tribunal inferred that the assessee was not interested in prosecuting the appeal. Consequently, the Tribunal dismissed the appeal in limine.
The ITAT held that penalty under Section 271(1)(c) cannot be imposed on income determined on an estimate basis, thus setting aside the penalty for AY 2006-07. For AY 2009-10, the tribunal directed the AO to apply a 6% net profit rate, modifying the lower authorities' orders.
The Tribunal held that the business was 'set up' when the assessee entered into a development agreement, even before actual commencement of construction. Expenses incurred after the business is set up but before its commencement are allowable as revenue expenditure.
The ITAT held that the appeal of the Revenue deserved to be dismissed based on the low tax effect as per CBDT Circular No. 3/2018. The appeal did not fall under any of the exceptions listed in the subsequent amendment to the circular.
The ITAT held that the CIT(A) should have disposed of the appeal on merits even if the assessee did not appear. Therefore, the matter was remanded back to the CIT(A) for a fresh adjudication.
The ITAT held that penalty under Section 271(1)(c) cannot be imposed on income determined on an estimate basis, thus setting aside the penalty for AY 2006-07. For AY 2009-10, the tribunal directed the AO to apply a 6% net profit rate, modifying the lower authorities' orders.
The Tribunal restored the appeals to the Assessing Officer for de novo adjudication. This was based on a previous ITAT order in the assessee's own case for AY 2007-08, which had also restored the matter to the AO.
The Tribunal inferred that the assessee was not serious in pursuing the appeal due to non-representation. Consequently, the appeal was dismissed in limine.
The Tribunal agreed with both parties to set aside the issue to the AO for fresh adjudication. The AO was directed to decide the issue of granting TDS benefit and re-compute interest under sections 234A and 234B within three months.
The Tribunal found that the CIT(A) failed to consider Section 23(1)(c) of the Income Tax Act, which deals with vacant properties. The issue was restored to the CIT(A) for a fresh speaking order.
The Tribunal held that reassessment proceedings under Section 153A are for the benefit of the revenue, and an assessee cannot claim relief for items not claimed in the original assessment unless related to escaped income. Therefore, the claim made in the Section 153A return was denied.
The Tribunal held that the CIT(A) erred in enhancing the assessment by directing the AO to use the Stamp Valuation Authority's value. The value determined by the DVO and adopted by the AO was upheld as correct.
The Tribunal directed the inclusion of 'Petron Engineering Construction Ltd.' as a comparable company, following a previous order for the same assessee. The penalty proceedings ground was dismissed as not appealable, and the additional ground regarding Section 10A(1A) deduction was restored to the AO for verification.
The Tribunal held that the reassessment proceedings were void ab initio because the notice was issued beyond four years and did not allege any failure by the assessee to disclose material facts. Reopening based solely on an audit objection was also deemed invalid.
The Tribunal held that interest on income tax refund is taxable at 15% as per Article 12(2) of the India-UK DTAA, not as business income connected to the PE. It also ruled that interest earned outside India and foreign exchange gains on foreign bank balances are not taxable in India, following previous decisions.
The Tribunal held that since the order under Section 263, which formed the basis for the addition, had been quashed by a coordinate bench and the revenue's appeal against that order was dismissed by the High Court, the addition could not survive.
The Tribunal held that since similar depreciation claims were allowed in earlier years and the issue was debatable, there was no concealment of income or inaccurate particulars furnished. Therefore, the penalty under Section 271(1)(c) was not attracted.
The Tribunal noted that the CIT(A) had relied on a previous year's order without discussing factual aspects or grounds raised by the assessee. Therefore, the case was remanded back to the CIT(A) for fresh adjudication.
The Tribunal held that the items purchased were independent machineries with distinct functions and could not be treated as current repairs. Therefore, they were capital in nature.
The Tribunal found that the CIT(A) dismissed the appeal without proper adjudication as the assessee failed to provide details. The Tribunal restored the issue to the CIT(A) to grant one final opportunity to the assessee to substantiate his case.
The Tribunal held that interest on income tax refund is taxable at 15% as per Article 12(2) of the India-UK DTAA, not as business income connected to the PE. It also ruled that interest earned outside India and foreign exchange gains on foreign bank balances are not taxable in India, following previous decisions.
The Tribunal held that the AMP expenses incurred by the assessee were revenue in nature and consistently accepted in preceding years, thus deleting the addition. For seminar and conference expenses, the issue was remanded back to the AO for fresh examination, similar to an earlier assessment year. The Revenue's appeal regarding recruitment and training expenditure was dismissed as it was consistently allowed in favour of the assessee in prior years.
The Tribunal held that the disallowance was incorrect as the interest paid to partners was otherwise allowable under the Act. It was considered a bona fide mistake in disclosing the interest in a different item of the return.
The Tribunal held that since the additions made under Section 68, which formed the basis for the penalty, were deleted by a coordinate bench of the Tribunal, the penalty was not sustainable. Consequently, the penalties were ordered to be deleted.
The Tribunal held that the department failed to provide the seized material to the assessee and denied an opportunity for cross-examination. Therefore, the matter was restored to the Assessing Officer for fresh adjudication.
The Tribunal, following the High Court's directions and previous ITAT orders, restored the issue of the assessee's status as an Indian or foreign company to the file of the CIT(A). The CIT(A) was directed to pass a speaking order after providing a reasonable opportunity to both parties.
The Tribunal held that a statement recorded under Section 132(4) cannot be the sole basis for an assessment, especially when it is retracted with supporting evidence. The Tribunal also noted CBDT instructions advising against relying solely on confessions during search operations.
The Tribunal held that since the additions made under Section 68, which formed the basis for the penalty, were deleted by a coordinate bench of the Tribunal, the penalty was not sustainable. Consequently, the penalty was ordered to be deleted.
The Tribunal, following the High Court's directions and previous ITAT orders, restored the issue of the assessee's status as an Indian or foreign company to the file of the CIT(A). The CIT(A) was directed to pass a speaking order after providing a reasonable opportunity to both parties.
The Tribunal, following the High Court's directions and previous ITAT orders, restored the issue of the assessee's status as an Indian or foreign company to the file of the CIT(A). The CIT(A) was directed to pass a speaking order after providing a reasonable opportunity to both parties.
The Tribunal upheld the addition of Rs. 7,29,289/- related to the liquor business, finding that the assessee was the actual operator and not merely an agent. The addition of Rs. 12,00,000/- for contract business was also upheld due to lack of substantiation.
The Tribunal presumed the assessee was not serious in pursuing the appeals due to repeated non-appearances. Consequently, the appeals were dismissed.
The CIT(A) deleted the penalty, holding that the assessee's belief about the taxability was a mistake due to reasonable cause, especially since the issue was debatable. The Tribunal upheld this decision, citing the Apex Court ruling in Reliance Petroproducts Pvt. Ltd.
The Tribunal held that the assessee had adequate interest-free funds for investments in mutual funds and that borrowed funds were used for business purposes. Due to contractual restrictions and potential penalties for prepayment, it was not prudent to divert borrowed funds or prepay loans.
The Tribunal held that the distinction between purchase and construction in Section 54F is not as rigid as interpreted by the lower authorities, and the assessee's transaction involved elements of both. The Tribunal allowed the deduction for the entire amount claimed by the assessee.
The Tribunal found that the CIT(A) had sufficient grounds to reject the books of account but failed to provide a speaking order explaining the adoption of the 8% net profit rate. Therefore, the matter was restored for a fresh denovo order.
The Tribunal held that the additions made by the Assessing Officer were not based on any incriminating material found during the search. Therefore, the CIT(A) was justified in deleting the additions, and the appeals filed by the Revenue were dismissed.
The Tribunal held that, as per CBDT Circular No. 1916, a certain quantity of jewellery per family member is presumed to be explained. The addition was confirmed only for the remaining jewellery after accounting for the presumed explained portion.
The Tribunal held that the additions made by the Assessing Officer were not based on any incriminating material found during the search. Therefore, the CIT(A) was justified in deleting the additions, and the appeals filed by the Revenue were dismissed.
The Tribunal found that the CIT(A) had not properly verified the sale deeds for agricultural land or the loss on investment. Therefore, these issues were set aside for fresh adjudication.
The Tribunal held that payment by cheque or online transfer should relate back to the date of presentation or initiation of payment, provided sufficient funds were available and the payment was subsequently realized. Therefore, no interest was leviable for the short delay in clearance.