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469 orders · Page 7 of 10
The Tribunal held that the CIT(Appeals) passed a well-reasoned order in confirming the addition of Rs. 4,00,000/-. The assessee failed to provide any material to rebut the findings.
The Tribunal held that the assessment proceedings were void ab initio because the reassessment order was passed against a non-existing entity due to amalgamation. This was considered a jurisdictional defect, not a procedural irregularity.
The Tribunal accepted the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn.
The Tribunal noted the assessee's decision to opt for the Vivad se Vishwas scheme. Consequently, the appeal was dismissed as it had become infructuous.
The Tribunal upheld the CIT(A)'s deletion of the addition. The CIT(A) had found that the parties could not comply due to address changes, and the assessee provided details of purchases, payments, and bank statements which were examined.
The Tribunal noted the assessee's intention to settle the dispute under the Vivad Se Vishwas Act and thus dismissed the appeal as withdrawn. Liberty was granted to revive the appeal if the declaration was not accepted.
The Tribunal upheld the CIT(A)'s decision, stating that revenue expenses cannot be disallowed simply because the assessee has not shown any revenue income in a particular year, especially when the business has not been closed. The Tribunal found that the assessee had incurred substantial expenses and entered into various project-related agreements, indicating the business was in the process of being set up.
The Tribunal held that the AO had made proper inquiries and applied his mind to the details provided by the assessee regarding the unsecured loan. The AO's view accepting the genuineness and creditworthiness of the loan was considered a plausible view, not erroneous or prejudicial to the revenue.
The Tribunal restored the issue to the Assessing Officer to verify if the withdrawn amounts were utilized for household expenses. If so, the deposited amount would be presumed to be out of bank withdrawals.
The Tribunal found no reason to examine the merits of the addition as it had been substantively added elsewhere. The Assessing Officer was directed to delete the additions made in the assessee's hands.
The Tribunal upheld the CIT(A)'s decision, stating that the assessee consistently followed a recognized accounting standard (completed contract method) and the AO lacked basis to change it. The addition for unexplained creditors was also deleted as the suppliers were regular and their transactions were not doubted.
The Tribunal held that the disallowance under Section 14A cannot exceed the exempt income earned. It also clarified that the ratio in Goetze India Ltd. applies to Assessing Officer proceedings, not appellate authorities, allowing them to consider revised claims.
The Tribunal noted that the assessee filed the necessary declaration under the Vivad se Vishwas Act and received Form-5. Consequently, the appeal was consigned to records.
The Tribunal is issuing a corrigendum to a previous order dated 10th March, 2022. The corrigendum specifically addresses paragraph 23 of the earlier order, which dealt with the distance of demised agricultural lands from municipal limits.
The Tribunal is issuing a corrigendum to a previous order dated 10th March, 2022. The corrigendum specifically addresses paragraph 23 of the earlier order, which dealt with the distance of demised agricultural lands from municipal limits.
The Tribunal held that the disallowance under Section 14A cannot exceed the exempt income earned. It also clarified that the ratio in Goetze India Ltd. applies to Assessing Officer proceedings, not appellate authorities, allowing them to consider revised claims.
The Tribunal directed the AO to conduct an inquiry regarding TDS for a specific interest payment, allowing Ground No. 1 for statistical purposes. Grounds 2 and 4 were decided in favor of the assessee, while Ground 3 was decided against the assessee. Ground 5 was partly allowed, setting aside a portion of the addition.
The Tribunal is issuing a corrigendum to a previous order dated 10th March, 2022. The corrigendum specifically addresses paragraph 23 of the earlier order, which dealt with the distance of demised agricultural lands from municipal limits.
The Tribunal held that the assessee paid interest at a uniform rate of 18% to both related and unrelated parties. Therefore, the rate was not unreasonable, and no disallowance under Section 40A(2) was warranted.
The Tribunal is issuing a corrigendum to a previous order dated 10th March, 2022. The corrigendum specifically addresses paragraph 23 of the earlier order, which dealt with the distance of demised agricultural lands from municipal limits.
The Tribunal held that the additions made by the AO were purely ad-hoc and lacked material evidence. Regarding the cash found, the CIT(A) had deleted the addition, and the Tribunal found no reason to interfere.
The Tribunal held that the facts were identical to earlier assessment years where the co-ordinate bench had ruled in favour of the assessee. Since the Revenue did not provide any material to distinguish the current year or show that previous rulings were overturned, the CIT(A)'s order was upheld.
The Tribunal upheld the CIT(A)'s decision, finding no reason to interfere. The CIT(A) had confirmed through a remand report that the land was more than 8 km from the municipal limits, making it not a capital asset.
The Tribunal accepted the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn.
The Tribunal held that the reassessment proceedings were initiated after four years and the proviso to Section 147 applied. It found no failure on the assessee's part to disclose material facts and that the AO initiated reassessment based on a re-application of mind to the same set of facts, which is impermissible.
The Tribunal held that delayed deposits of PF and ESIC contributions, if made before the filing of the return of income, are allowable expenditures. The amendment brought by the Finance Act 2021 was not applicable to the assessment years under consideration.
The Tribunal held that lease rent paid to authorities like Noida Authority is covered under Section 194-I of the Income Tax Act, 1961, and TDS is deductible. The Supreme Court's decision in a similar case confirmed this liability.
The Tribunal found that the genuineness of the loan parties was not adequately proven by either the assessee or the revenue. Therefore, the matter was remanded to the Assessing Officer for fresh assessment.
The Tribunal held that delayed deposits of PF and ESIC contributions, if made before the filing of the return of income, are allowable expenditures. The amendment brought by the Finance Act 2021 was not applicable to the assessment years under consideration.
The Tribunal held that the disallowance under Section 14A was not warranted as the assessee had not earned any exempt income. Regarding donations, the Tribunal held that the assessee was entitled to the deduction as the approval for the recipient institutions was valid at the time of donation, even if subsequently withdrawn.
The Tribunal held that no addition was called for regarding the reconciliation of P&L and Service Tax. It also allowed the appeal on the ground of TDS being deposited before the due date. The Tribunal further allowed the appeal on sundry creditors and deleted ad-hoc disallowances for lack of reasons.
The Tribunal held that the additions made by the AO were purely ad-hoc and lacked material evidence. Regarding the cash found, the CIT(A) had deleted the addition, and the Tribunal found no reason to interfere.
The Tribunal held that the additions made by the AO were purely ad-hoc and lacked material evidence. Regarding the cash found, the CIT(A) had deleted the addition, and the Tribunal found no reason to interfere.
The Tribunal found that grounds 6 and 7, which dealt with interest income/deduction, were mistakenly dismissed as consequential and were actually covered in the assessee's favor by High Court decisions. Ground 8, regarding the rate of tax, was not adjudicated but was admitted by the assessee to be covered against them.
The Tribunal held that the assessee had provided all material information regarding the interest charged on the OD account. Since the claim was based on a bona fide belief and not due to mala fide intention, it was not a fit case for penalty under Section 271(1)(c).
The Tribunal accepted the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn.
The Tribunal upheld the CIT(A)'s decision, finding no reason to interfere. It agreed that the provision for doubtful debts, being ascertained and quantified and made bona fide in furtherance of the trust's objectives, should be allowed as application of income on commercial principles.
The Tribunal found that the genuineness of the loan parties was not adequately proven by either the assessee or the revenue. Therefore, the matter was remanded to the Assessing Officer for fresh assessment.
The tribunal held that the penalty order was invalid because the Assessing Officer did not specify the exact charge in the show-cause notice for imposing penalty under Section 271(1)(c). The ambiguity in the AO's satisfaction and the printed format of the notice rendered the penalty order invalid.
The Tribunal upheld the CIT(A)'s order, noting that the issue was identical to previous assessment years where the Tribunal had ruled in favor of the assessee. The Revenue failed to provide any new material to distinguish the current year's facts or show that the previous Tribunal decision was overturned.
The Tribunal permitted the assessee to withdraw their appeal. The Revenue did not object to the withdrawal request.
The Tribunal noted that the assessee faced genuine difficulties in complying with the AO's requirements and that the issues were not properly scrutinized. Both parties agreed to set aside the matter to the AO for fresh assessment.
The Tribunal allowed the appeal on the disallowance of interest on the ECB loan, following its previous decisions. For the disallowance of proportionate interest on the advance, the issue was restored to the Assessing Officer for fresh examination.
The Tribunal noted that the assessee faced genuine difficulties in complying with the AO's requirements and that the issues were not properly scrutinized. Both parties agreed to set aside the matter to the AO for fresh assessment.
The Tribunal held that depreciation is intended to compensate for the diminishing value of fixed assets due to wear and tear, irrespective of whether production is ongoing. Linking depreciation to production is against legislative intent.
The Tribunal found that the quantum assessment proceedings had been quashed by a previous order. Since the penalty was based on the assessment, and the assessment was invalid, the penalty was also quashed.
The Tribunal found that the assessee was not given a fair opportunity to present its case before the CIT(A). Therefore, the impugned order was set aside, and the issues were restored to the CIT(A) for de novo adjudication.
The Tribunal held that since the assessee explained the source of a substantial part of the jewellery, no doubt should have been entertained regarding the remaining negligible amount. The addition of Rs.3,94,075 was deemed unsustainable.
The Tribunal held that delayed deposits of PF/ESIC contributions made before the filing of the return of income are allowable expenditures. The amendment brought by the Finance Act 2021 was not applicable to the assessment year under consideration.
The Tribunal found that the appeal was not examined on merits by the CIT(A). Therefore, the matter was remanded back to the CIT(A) for a decision on the merits of the issues.