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508 orders · Page 5 of 11
The Tribunal held that as the assessee is a Co-operative Bank governed by RBI guidelines, interest on NPAs cannot be recognized on accrual basis and is taxable only upon receipt. Therefore, the addition made by the AO was not justified.
The Tribunal noted that the assessee opted for the Vivad Se Vishwas Scheme, making the appeal infructuous. Both parties agreed to withdraw and dismiss the appeal.
The assessee's authorized representative informed the tribunal that the assessee wished to withdraw the appeal. Both the assessee and the revenue agreed to this course of action.
The Tribunal, at the request of the assessee's authorized representative, permitted the withdrawal of the appeals. Consequently, the appeals were dismissed as withdrawn.
The Tribunal, at the request of the assessee's authorized representative, permitted the withdrawal of the appeals. Consequently, the appeals were dismissed as withdrawn.
The Tribunal held that since the original assessment was completed before the search and no incriminating material was found to support the additional claims, the grounds raised in the appeal were not maintainable, following the Delhi High Court's decision in Kabul Chawla.
The Tribunal noted that the appeal had become infructuous due to the assessee's opting for the Vivad Se Vishwas Scheme. Both the assessee and the revenue agreed that the appeal should be treated as withdrawn.
The Tribunal held that the appeal was not maintainable due to low tax effect, as per CBDT Circular No. 17/2019. The circular directs the Revenue not to prefer appeals where the tax effect is less than Rs. 50 lakhs.
The Tribunal held that in a limited scrutiny case, the Assessing Officer is only required to enquire into the specific issue for which the case was selected. The PCIT cannot direct a review of other issues not forming the basis of limited scrutiny. Therefore, the PCIT's order was quashed.
The Tribunal held that fixtures and fittings are not capital assets and become personal assets, thus not taxable. It also noted that the investment in the new property exceeded the capital gains, even if the fixtures and fittings were excluded.
The Tribunal upheld the CIT(A)'s decision, agreeing that disallowance under Section 40A(3) is only applicable when a deduction is claimed. Since the assessee did not claim deduction for the impugned purchases and income was estimated on unrecorded transactions, the addition made by the AO was not sustainable.
The Tribunal held that the assessee was not liable to deduct tax at source on foreign commission payments made outside India for promotion of export sales outside India. The commission income was not deemed to have accrued or arisen in India.
The Tribunal noted that an identical issue concerning the assessee's brother was decided in favor of the assessee by a coordinate bench. Based on this precedent, the Tribunal allowed the assessee's appeal.
The Tribunal upheld the CIT(A)'s decision, agreeing that disallowance under Section 40A(3) is only applicable when a deduction is claimed. Since the assessee did not claim deduction for the impugned purchases and income was estimated on unrecorded transactions, the addition made by the AO was not sustainable.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee failed to discharge the onus of proving the source and nature of the cash deposits. The Tribunal also dismissed grounds related to business loss and the non-admission of additional evidence due to lack of substantiation.
The Tribunal held that the penalty notice issued by the Assessing Officer was bad in law as it did not specify under which limb of Section 271(1)(c) the proceedings were initiated. Additionally, the Tribunal noted that the Assessing Officer had previously dropped the penalty proceedings.
The Tribunal held that the issue is covered by the decisions of the Hon'ble Delhi High Court in AIMIL Ltd. and Pro Interactive Service (India) Pvt. Ltd. These judgments allow deduction if the actual payment is made before the filing of the return, even if it's after the due dates prescribed by the respective Acts.
The tribunal accepted the assessee's request for withdrawal of the appeal. The appeal was dismissed as withdrawn.
The Tribunal held that since the quantum addition on which the penalty was based was deleted, the penalty would not survive. Therefore, the Assessing Officer was directed to delete the penalty.
The Tribunal held that the Resale Price Method (RPM) is the most appropriate method for benchmarking transactions where finished goods are purchased from an associated enterprise and resold without value addition. The Tribunal followed its own previous decisions on identical facts for earlier assessment years.
The Tribunal held that the CIT(A)'s findings were well-reasoned. The services rendered by the foreign entities did not qualify as Fees for Technical Services (FTS) under the respective Double Taxation Avoidance Agreements (DTAAs) as they did not 'make available' technical expertise to the Indian entity.
The Tribunal held that the CIT(A)'s findings were well-reasoned. The services rendered by the foreign entities did not qualify as Fees for Technical Services (FTS) under the respective Double Taxation Avoidance Agreements (DTAAs) as they did not 'make available' technical expertise to the Indian entity.
The Tribunal partly allowed the Revenue's appeal, restoring the addition for unexplained cash credits as the assessee failed to prove genuineness and creditworthiness. However, it upheld the CIT(A)'s deletion of other additions and the penalty, finding the CIT(A)'s reasoning sound on those points.
The Tribunal held that since the assessee had provided an agreement and invoices, and the Assessing Officer himself allowed 3/4th of the expenditure, the disallowance was only partial. Therefore, the information furnished could not be considered inaccurate particulars, and penalty was not warranted.
The Tribunal acknowledged the assessee's settlement under the Vivad Se Vishwas Scheme and the issuance of Form No.3. Consequently, the appeal was allowed to be withdrawn.
The Tribunal noted that the opening balance for one of the credits was not considered by the CIT(A). It also directed verification of a specific deposit. Therefore, the matter was sent back to the Assessing Officer for further examination.
The Tribunal upheld the CIT(A)'s decision regarding the valuation of assets and depreciation claims. The Tribunal also upheld the CIT(A)'s decision to allow deduction for provision of expenses and interest on levy of sugar price.
The Tribunal noted that the assessee had opted for the Vivad se Vishwas Scheme. Consequently, the appeal was dismissed as infructuous, with liberty to approach the Tribunal if Form 3 was not issued.
The Tribunal held that since the assessee had sufficient interest-free funds exceeding the advance given, it could be presumed that the advance was made from these funds. Therefore, the disallowance of interest expenditure was not justified.
The Tribunal allowed the assessee to withdraw the appeal as the dispute was settled under the Vivad Se Vishwas Scheme. The designated authority had issued Form No.5 acknowledging full and final settlement.
The Tribunal upheld the CIT(A)'s decision regarding the valuation of assets and depreciation claims. The Tribunal also upheld the CIT(A)'s decision to allow deduction for provision of expenses and interest on levy of sugar price.
The Tribunal held that the rejection of books of accounts was not proper as the decrease in profit was due to a foreign exchange loss, which is an allowable business loss. The Tribunal also noted that the assessee had produced a complete set of books and other relevant details, and no glaring defects were found.
The Tribunal held that since the purchases were capitalized and not claimed as revenue expenditure, and the assessee provided purchase bills with supplier registrations, the addition was unjustified. The AO failed to prove that the capital purchases were not genuine.
The Tribunal held that the appeal filed by the Revenue was not maintainable due to the low tax effect. The appeal did not fall under any exceptions mentioned in the CBDT circular.
The Tribunal held that diagnostic centers and collection centers are integral parts of the diagnostic business and are eligible for additional depreciation. The Tribunal also directed the AO to allow deduction for education cess and TDS credit of merged entities.
The Tribunal held that the expression 'a residential house' in Section 54 can include plural, allowing deduction for two properties. It also found the disallowance of interior decoration expenses to be unjustified due to the lack of specific defects pointed out in the bills.
The Tribunal restored the matter to the Assessing Officer for verification of the assessee's claim that its objects and activities remained the same for AY 2010-11 and 2015-16 as they were for AY 2016-17, when registration was granted. This was to examine the eligibility under the first proviso to section 12A(2).
The Tribunal held that the assessment order passed under Section 153C was invalid because the satisfaction note was not properly recorded and the date of receipt of seized documents by the AO, not the date of search, should be the reference point for determining the assessment period. The rectification to Section 143(3) was also deemed improper.
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A to the extent of dividend income. It also confirmed the deletion of disallowances related to interest on delayed TDS payment and repair and maintenance charges.
The Tribunal held that the issue of interest on outstanding receivables is covered by previous decisions of the Tribunal and the Delhi High Court. It directed the AO/TPO to delete the addition if working capital adjustment was already allowed for the main transactions.
The Tribunal upheld the reopening proceedings, finding sufficient material and proper sanction. However, it directed the deletion of the addition of Rs. 33,00,000/- as the assessee had explained the cash deposit as a gift from his father.
The Tribunal held that the penalty order was barred by limitation. Following the Delhi High Court's decision, the limitation for initiating penalty proceedings starts from the date of the Assessing Officer's letter recommending initiation. Since the notice for penalty was issued beyond this period, the penalty was deemed invalid.
The Tribunal held that the assessee had adequately explained the source of the cash with company's cash book and bank withdrawal details. The lower authorities' confirmation of the addition was not agreed with.
The Tribunal restored the matter to the Assessing Officer for verification of the assessee's claim that its objects and activities remained the same for AY 2010-11 and 2015-16 as they were for AY 2016-17, when registration was granted. This was to examine the eligibility under the first proviso to section 12A(2).
The Tribunal accepted the assessee's request for withdrawal of the appeal. The appeal was dismissed as withdrawn.
The Tribunal held that the penalty notice issued by the Assessing Officer was bad in law as it did not specify which limb of Section 271(1)(c) was invoked. Therefore, the penalty was deleted.
The assessee requested to withdraw the appeal as they opted to settle the dispute under the Vivad Se Vishwas Scheme, 2020. The Department had no objection.
The Tribunal held that the penalty notice issued by the AO was invalid as it did not specify which limb of Section 271(1)(c) (concealment of income or furnishing inaccurate particulars) the proceedings were initiated under. Therefore, the penalty order was not sustainable in law.
The Tribunal admitted an additional ground regarding the deductibility of cess, restoring it to the Assessing Officer for fresh adjudication. The primary issue of corporate guarantee was also decided in favor of the assessee.
The Tribunal restored the issue to the Assessing Officer, granting the assessee one more opportunity to comply with the requirement of filing Form No. 27BA under the first proviso to section 206C(6A). This was done in the interest of substantial justice, acknowledging the assessee as a Government Authority that had partly complied.