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484 orders · Page 5 of 10
The Tribunal held that the assessment completed under section 143(3)/147 without issuing a mandatory notice under section 143(2) is void ab initio. The Tribunal emphasized that section 292B cannot cure a jurisdictional defect.
The Tribunal held that the assessment completed under section 143(3)/147 without issuing a mandatory notice under section 143(2) is liable to be quashed. The assessment order and the subsequent order of the CIT(A) were cancelled.
The Tribunal held that F&O derivative transactions carried out on a recognized stock exchange after April 1, 2006, are not to be treated as speculative. Consequently, the loss arising from such transactions should be considered a business loss and allowed to be set off against other business income.
The Tribunal directed the AO to re-determine the commission income by adopting a rate of 0.50% and to exclude intra-group transactions, following previous coordinate bench decisions. The matter was remanded back to the AO for fresh adjudication.
The Tribunal held that the assessee had discharged its onus to prove the genuineness of the transaction, the identity of the creditor, and the creditor's creditworthiness. The Tribunal noted that the lending company had taxable income and its source of funds also had significant taxable income, proving financial capability. The Tribunal deleted the addition made by the AO.
The Tribunal upheld the CIT(A)'s deletion of additions, finding that the commission payments were sufficiently substantiated, keyman insurance for partners is allowable for business protection, and tankers used for gas transportation are eligible for higher depreciation.
The Tribunal held that the addition on account of deemed dividend was deleted by a co-ordinate bench. For the remaining additions, the Tribunal found that the genuineness of expenses was not questioned, and therefore, penalty under Section 271(1)(c) was not leviable as per the Supreme Court's ruling in Reliance Petroproducts Ltd.
The Tribunal partly allowed the appeal, deleting the disallowance of interest on loans except for an amount found to be from an ingenuine source. The Tribunal also deleted the disallowance of repair and maintenance expenses, finding no legal basis for an ad-hoc disallowance.
The Tribunal held that the CBDT circular, which has statutory force, mandates that appeals with a tax effect below Rs. 20,00,000/- should not be pressed. The present appeal falls within this limit.
The Tribunal held that since the quantum addition, which formed the basis for the penalty, was deleted by a coordinate bench, the penalty cannot survive and is liable to be deleted.
The Tribunal held that substantial expansion can create a new 'initial assessment year' for claiming 100% deduction under Section 80IC. This allows for a fresh period of 100% deduction for the remaining years of the total 10-year period.
The Tribunal allowed the ground related to lease line charges, directing deletion of disallowance as it was not for use of an asset under Section 194I. The issue of notional foreign exchange loss was remanded to the Assessing Officer for verification of additional evidence.
The Tribunal held that the assessee does have a Permanent Establishment (PE) in India, upholding the lower authorities' finding. However, it reversed the profit attribution rate from 75% to 15% of revenue, aligning with previous years' decisions.
The Tribunal restored the appeals to the file of the CIT(A) to grant a final opportunity to the assessees to present their case and decide on merits, considering previous rulings.
The Tribunal dismissed the Revenue's appeal. This was based on a CBDT circular directing that appeals with a tax effect below Rs. 20 lakhs should not be filed and pending appeals should be withdrawn or not pressed.
The Tribunal upheld the CIT(A)'s deletion of disallowance under Section 14A, stating the AO failed to record satisfaction of incurring expenditure for exempt income. It also confirmed the treatment of loss on sale of securities as business loss and allowed deduction for preliminary expenses and interest expenses.
The Tribunal allowed the deduction for compensation paid to the distributor as a business expense under Section 37(1). It also allowed the full claim for advertisement expenses, relying on a previous ITAT order. The travelling expenses were partly allowed. Finally, the Tribunal reversed the disallowance of various expenses made solely due to a fall in profit ratios, stating that no specific non-business expenditure was identified.
The Tribunal restored the appeals to the file of the CIT(A) to grant a final opportunity to the assessees to present their case and decide on merits, considering previous rulings.
The Tribunal upheld the CIT(A)'s deletion of disallowance under Section 14A, stating the AO failed to record satisfaction of incurring expenditure for exempt income. It also confirmed the treatment of loss on sale of securities as business loss and allowed deduction for preliminary expenses and interest expenses.
The Tribunal upheld the deletion of penalty. The penalty related to the stock valuation addition was deleted as the quantum addition itself was deleted by a coordinate bench. The penalty related to the Section 14A disallowance was also deleted, considering it a debatable issue where a bona fide belief existed.
The Tribunal held that the CIT(A) had not discussed the merits of the assessee's grounds of appeal and had dismissed the appeals with a cryptic order. Therefore, the matter needed to be remanded back to the CIT(A) for a fresh decision on merits.
The Tribunal held that the CIT(A) had not discussed the merits of the assessee's grounds of appeal and had dismissed the appeals with a cryptic order. Therefore, the matter needed to be remanded back to the CIT(A) for a fresh decision on merits.
The Tribunal held that the CIT(A) had not discussed the merits of the assessee's grounds of appeal and had dismissed the appeals with a cryptic order. Therefore, the matter needed to be remanded back to the CIT(A) for a fresh decision on merits.
The Tribunal held that the CIT(A) had not discussed the merits of the assessee's grounds of appeal and had dismissed the appeals with a cryptic order. Therefore, the matter needed to be remanded back to the CIT(A) for a fresh decision on merits.
The Tribunal directed the TPO to reconsider certain comparable companies for transfer pricing adjustments and allowed the deduction under Section 10A. It also directed rectification of an error in calculating margins and verification of TDS credit.
The Tribunal held that no disallowance under Section 14A was warranted as there was no evidence of expenses incurred to earn the dividend income. However, the disallowance under Section 40(a)(ia) was upheld as the assessee failed to deduct TDS on payments to a non-resident, relying on an overruled precedent.
The Tribunal held that the CIT(A) had not discussed the merits of the assessee's grounds of appeal and had dismissed the appeals with a cryptic order. Therefore, the matter needed to be remanded back to the CIT(A) for a fresh decision on merits.
The Tribunal held that the free replacement of cylinder heads was an obligation of the manufacturer and not income to the assessee. It also held that liquidated damages received for delayed bus delivery were to compensate for loss of profits, not to reduce the cost of buses for depreciation purposes.
The Tribunal restored the matter to the CIT(A) to grant one final opportunity to the assessee to present its case. The assessee was directed to pay a cost of Rs. 10,000 for its previous non-appearances.
The Tribunal restored the issue to the file of the CIT(A) to grant one final opportunity to the assessee to present their case. The CIT(A) was directed to decide the issue based on facts and law after the assessee's appearance.
The Tribunal upheld the CIT(A)'s decision, agreeing with the AO that the assessee's valuation was incorrect as it did not use the balance sheet figures prior to the share allotment. The Tribunal found that the AO correctly determined the fair market value according to the rules.
The Tribunal held that a claim for depreciation, even if disallowed, is not a 'false claim' or 'inaccurate particulars' if all details were furnished. Therefore, penalty under Section 271(1)(c) is not sustainable in such debatable issues.
The ITAT found that the CIT(A) had sent notices to a wrong address and failed to provide reasons for the decision, violating principles of natural justice and Section 250(6). The order was set aside.
The Tribunal upheld the deletion of additions, finding that the sale of land rights resulted in capital gains and the loan was properly explained. Crucially, no incriminating material was found during the search to justify additions under section 153A for a completed assessment year.
The Tribunal held that even if the assessee was at fault for non-appearance, the CIT(A) should have decided the appeal on merits. To avoid multiplicity of litigation, the case was remanded back to the CIT(A) for a fresh decision on merits.
The ITAT set aside the CIT(A)'s order, finding that dismissing the appeal on technical grounds without proper service of notice was not permissible. The matter was restored to the CIT(A) for a fresh hearing.
The Tribunal held that the CIT(A)'s order was passed in violation of Section 250(6) by not providing reasons for the decision, even in the absence of the assessee. The order of the CIT(A) was therefore set aside.
The Tribunal restored the issue to the file of the CIT(A) to grant one final opportunity to the assessee to present her case. The assessee was directed to appear without fail.
The CIT(A) deleted the disallowance under Section 40(a)(ia) and 40(a)(i) by following previous ITAT decisions on identical facts. The Tribunal upheld the CIT(A)'s decision, noting a consistent view on the issue and no change in circumstances.
The Tribunal held that the CIT(A) violated Section 250(6) of the Act by not providing reasons for the decision in the appellate order, even in the absence of the assessee. Therefore, the order of the CIT(A) was not sustainable.