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463 orders · Page 5 of 10
The Tribunal held that the assessee's valuation report, based on the DCF method as per Rule 11UA, was acceptable. The AO erred in discarding the valuation and making additions, especially given the mathematical errors found in the AO's own NAV method calculation. The decision of the Delhi High Court in Cinestaan Entertainment was relied upon.
The Tribunal considered the assessee's application for withdrawal of the appeal. The appeal was permitted to be withdrawn by the Tribunal.
The Tribunal dismissed the revenue's appeals, finding no error in the CIT(A)'s decision to quash the assessment order. As the assessment orders were annulled, the Tribunal did not delve into the merits of the additions and disallowances made by the AO.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal held that the penalty order was unsustainable because the notice issued under Section 274 was defective, being a stereotype one without striking off the irrelevant limb. This failure to specify the charge vitiated the penalty proceedings.
The Tribunal held that the write-off of Rs. 4,00,000/- was not allowable under Section 36(1)(vii) and the assessee could not claim it under Section 37 for the first time before the Tribunal. However, the repayment of Rs. 6,71,417/- to Hughes Communications Ltd. pursuant to a court decree was allowed as a business expenditure under Section 37.
The Tribunal held that the Assessing Officer misinterpreted the proviso to section 10(38). The proviso mandates that long-term capital gains, even if exempt under section 10(38), must be considered for book profit computation under section 115JB.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal held that the assessment order, lacking the mandatory DIN as required by CBDT Circular No. 19/2019, was invalid and deemed to have never been issued. The appeal was allowed with liberty to the revenue to approach the Tribunal if exceptions applied.
The Tribunal held that the PCIT erred in assuming jurisdiction under Section 263 as the Assessing Officer had made inquiries and received replies with documentary evidence. The Tribunal found no 'lack of inquiry' by the Assessing Officer, only potentially 'inadequate inquiry', which does not warrant revision under Section 263.
The Tribunal held that the addition was uncalled for as the decline in NP was attributable to increased finance costs and raw material costs, and the profit rate was consistent with earlier and subsequent years, including years where losses were accepted. The AO and CIT(A) erred in solely comparing the NP rate with the immediately preceding year.
The Tribunal held that income from food/beverages was not derived from activities permitted under SEZ guidelines for developers. However, the addition of interest expense was not income under Section 68 and should be reduced from eligible profit for recomputing the deduction.
The Tribunal held that the transfer pricing adjustment and subsequent addition were invalid. This was because Section 92BA(i) of the Income-tax Act, which dealt with specified domestic transactions, was omitted from the statute with effect from April 1, 2017, rendering the AO's actions and the TPO's reference invalid.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal, in the interest of justice, remitted the issue back to the CIT(A). The CIT(A) is directed to provide a hearing opportunity to the assessee and pass a speaking order on merits.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal held that forfeiture of warrants amounts to a transfer under Section 2(47) of the Income Tax Act. It relied on previous ITAT decisions which held that such forfeiture results in extinguishment of rights and does not give rise to a capital receipt in the hands of the issuer company under Section 68.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal held that the appeal against the order of CIT(A)-13 was dismissed as it was infructuous. The grounds raised by the assessee pertained to the earlier order which was not challenged.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal found a violation of natural justice as the notices of hearing were issued for an incorrect assessment year. Consequently, the appellate orders of the CIT(A) were set aside.
The Tribunal noted that the substantial addition made in the hands of another individual, Arun Duggal, was sustained by the Tribunal. Therefore, the protective addition made against the assessee was rendered infructuous.
The Tribunal held that depreciation should be allowed on the block of assets, even if some units are non-operating, as long as the assets remain owned by the assessee and are part of the overall business block. The principle of consistency and the legislative intent behind the block of assets concept were emphasized.
The Tribunal held that depreciation should be allowed on the block of assets, even if some units are non-operating, as long as the assets remain owned by the assessee and are part of the overall business block. The principle of consistency and the legislative intent behind the block of assets concept were emphasized.
The Tribunal held that income from technical handling services provided to IATP members is not taxable in India as it falls under Article 8(2) r.w. Article 8(1) of the India-France DTAA. Similarly, interest income from fixed deposits made out of funds connected with aircraft operations is also not taxable under Article 8(3) of the DTAA.
The Tribunal held that since the information was found during a search on a third party, the assessment should have been made under Section 153C, not Section 147. The invocation of Section 147 was therefore incorrect.
The Tribunal held that the CIT(A) failed to provide the assessee with the AO's comments on the additional evidence, violating principles of natural justice. The matter was remanded to the CIT(A) for a fresh decision after providing an opportunity to the assessee.
The Tribunal held that the penalty is contingent on the outcome of the quantum proceedings. Therefore, the matter was remitted back to the CIT(A) to decide the penalty afresh after the quantum proceedings are concluded.
The assessee expressed his unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal allowed the withdrawal of the appeals.
The assessee stated that he was not willing to pursue the appeals and requested to withdraw them. The Tribunal accepted the assessee's request.
The assessee expressed his unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal allowed the withdrawal of the appeals.
The assessee expressed unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal dismissed the appeals as withdrawn.
The assessee expressed his unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal allowed the withdrawal of the appeals.
The assessee expressed his unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal allowed the withdrawal of the appeals.
The assessee expressed his unwillingness to pursue the appeals and requested their withdrawal. Consequently, the Tribunal allowed the withdrawal of the appeals.
The Tribunal held that disallowance of deduction under Section 80P for a belated return was not permissible under Section 143(1) for assessment years prior to A.Y. 2021-22. The intimation made under Section 143(1) was therefore quashed.
The Tribunal upheld the CIT(A)'s decision to delete the additions, finding that the issues were covered by earlier decisions in the assessee's own case. The Revenue's appeals were dismissed.
The Tribunal held that profits can only be attributed to a PE if the foreign enterprise is making a profit. Since the assessee had a global loss, no profit could be attributed to its Indian PE and thus no income was taxable in India.
The Tribunal held that profits can only be attributed to a PE if the foreign enterprise is making a profit. Since the assessee had a global loss, no profit could be attributed to its Indian PE and thus no income was taxable in India.
The Tribunal found that the CIT(A) did not adjudicate the appeal properly and dismissed it without specifying deficiencies. Therefore, the matter was remanded back to the CIT(A).
The Tribunal held that the penalty proceedings were vitiated because the notice issued under Section 271(1)(c) was ambiguous, failing to specify whether it was for concealment of income or furnishing inaccurate particulars. The Tribunal relied on Supreme Court and High Court judgments emphasizing the need for specific allegations in penalty notices.
The assessee requested to withdraw the appeal to settle the dispute with the Department by paying the outstanding demand. The Tribunal accepted the request and dismissed the appeal as withdrawn.
The Tribunal held that the assessee had sufficiently explained the nature and source of the credit entries as sale proceeds of shares. The investments in shares were accepted in a prior assessment year, and the sale of these shares during the year under consideration was supported by documentary evidence.
The Tribunal found that the ITAT had indeed quashed the assessments made under Section 153A in the assessee's own appeals for the same assessment years. Therefore, the Revenue's appeals were rendered infructuous.
The Tribunal found that the ITAT had indeed quashed the assessments made under Section 153A in the assessee's own appeals for the same assessment years. Therefore, the Revenue's appeals were rendered infructuous.