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524 orders · Page 11 of 11
The Tribunal held that the AO's valuation method was flawed as it incorrectly ignored the share premium reflected in the balance sheet. The Tribunal found no mistake in the assessee's valuation and directed the deletion of the addition.
The Tribunal held that the AO discarded the assessee's explanation without further inquiry and that the connection to alleged accommodation entries was based on mere presumption. The Tribunal found that the sale of jewellery as long-term capital gain was not disproved by sufficient evidence.
The Tribunal admitted an additional ground of appeal regarding the applicability of Section 40A(2)(b) of the Income Tax Act. The issue was remitted back to the Assessing Officer for fresh determination.
The Tribunal found that the lower authorities did not consider the termination agreement for the advance write-off. For the chit fund loss, the Tribunal directed the AO to verify if the funds were used for business purposes, referencing a CBDT circular.
The Tribunal noted that in similar cases involving the assessee and in light of the Insolvency and Bankruptcy Code, 2016, the Revenue's claim has become infructuous. Therefore, the appeal and cross-objection were dismissed without adjudicating on merits.
The Tribunal held that the penalty order was barred by limitation as it was passed beyond the prescribed period under Section 275(1)(a) of the Income Tax Act. Additionally, the penalty notices were found to be vitiated for not specifying the limb of Section 271(1)(c) under which proceedings were initiated.
The Tribunal held that the AO erred in relying on a projected income document as incriminating evidence when the assessee's audited accounts, which were not doubted, reflected actual income. The projected income had already been incorporated into the books and the reported income was higher.
The Tribunal held that the assessee had sufficiently reconciled the jewellery with wealth tax returns and that the family's overall declared wealth exceeded the jewellery found. For paintings and wrist watches, the Tribunal found no defects in the assessee's valuation reports and considered the family's status and income. Therefore, the additions made by the AO were deleted.
The Tribunal held that the AO erred in calculating the capital gains by not considering the entire value of the new property received by the assessee, including the basement and ground floor, as per the collaboration agreement and sale deed. The cost of the new property for Section 54 purposes should be the value of the assessee's share in the new construction.
The Tribunal held that the assessee had sufficiently reconciled the jewellery with wealth tax returns and that the family's overall declared wealth exceeded the jewellery found. For paintings and wrist watches, the Tribunal found no defects in the assessee's valuation reports and considered the family's status and income. Therefore, the additions made by the AO were deleted.
The Tribunal held that the issue was covered by a jurisdictional High Court decision, which treated similar receipts as grants-in-aid for specific purposes and not taxable income. The Tribunal also noted that the AO and CIT(A) had accepted the assessee's status as a 'local authority' in subsequent years.
The Tribunal held that the issues raised by the assessee were squarely covered by the decisions of a co-ordinate bench in the assessee's own case for preceding assessment years. Following the consistent view of the Tribunal, the additions made by the AO were deleted.
The Tribunal held that the assessee's explanation for the inordinate delay in filing the appeals was not convincing and was due to negligence. Therefore, the delay could not be condoned.
The Tribunal held that the AO had merely reproduced the information from the Investigation Wing without independently applying his mind to ascertain the character of the alleged accommodation entries. Therefore, the reopening of the assessment was invalid and bad in law.
The ITAT noted that a previous ITAT order had already quashed the revisionary order of the PCIT. Consequently, the Revenue's present appeal became infructuous.
The Tribunal found that the PCIT passed the order without providing adequate opportunity of being heard to the assessee, violating principles of natural justice. The matter was restored to the PCIT for fresh adjudication.
The Tribunal held that interest on enhanced compensation is specifically taxable under 'Income from other sources' as per Section 56(2)(viii). Therefore, the deduction under Section 57(iv) is admissible, irrespective of the assessee's business activities.
The Tribunal held that the assessee's explanation for the inordinate delay in filing the appeals was not convincing and was due to negligence. Therefore, the delay could not be condoned.
The Tribunal upheld the CIT(A)'s deletion of the share premium addition, finding the DCF method acceptable and the AO's rejection based on subsequent performance incorrect. The Tribunal also upheld the deletion of ESOP expenses, relying on jurisdictional High Court decisions.
The Tribunal held that the assessee's explanation for the inordinate delay in filing the appeals was not convincing and was due to negligence. Therefore, the delay could not be condoned.
The Tribunal upheld the CIT(A)'s order, finding that while the purchases might have been made, the profit element embedded in the bogus bills should be disallowed. The additions were considered justified based on the evidence and judicial precedents.
The Tribunal upheld the CIT(A)'s order, finding that while the purchases might have been made, the profit element embedded in the bogus bills should be disallowed. The additions were considered justified based on the evidence and judicial precedents.
The Tribunal upheld the CIT(A)'s order, finding that while the purchases might have been made, the profit element embedded in the bogus bills should be disallowed. The additions were considered justified based on the evidence and judicial precedents.
The Tribunal upheld the CIT(A)'s order, finding that while the purchases might have been made, the profit element embedded in the bogus bills should be disallowed. The additions were considered justified based on the evidence and judicial precedents.