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882 orders · Page 6 of 18
The Tribunal noted that the assessee was pursuing a remedy under the VSVS Scheme and that the matter was pending for rectification. Consequently, the Tribunal decided to dismiss the appeal as withdrawn, with liberty to revive it if the settlement fails.
The Tribunal found that the assessee had submitted all necessary documents and evidences, both to the lower authorities and in the paper book. It noted that the trust was registered late from 23.03.2017 under Section 12AA and Section 80G, with no change in its objects or activities.
The Tribunal held that communication gaps and the new virtual hearing mechanism could not be ruled out, and there was no effective compliance with Section 250(6) of the Act. Therefore, the matter was restored to the CIT(A)/NFAC for fresh adjudication.
The Tribunal held that the addition of Rs. 2 crores under Section 68 of the Income Tax Act, 1961, is sustainable. The Tribunal reasoned that Section 68 applies to any sum found credited in the books of account, and it does not distinguish between cash or cheque entries, nor does it require the cheque to be encashed. The two essential conditions for Section 68 are: (i) a credit entry in the assessee's books, and (ii) either no explanation or an unsatisfactory explanation by the assessee. Both conditions were met in this case. The assessee received a cheque and made a corresponding book entry, but failed to provide a satisfactory explanation for the source and genuineness of the credit, especially given the poor financial standing of the lender. The Tribunal distinguished the assessee's reliance on cases like CIT v. Excel Industries Ltd. and Sutlej Cotton Mills Ltd. v. CIT, stating they were not applicable to situations where a legal fiction creates a deemed income under Section 68. The appeal was dismissed.
The Tribunal upheld the deletion of the addition by the CIT(Appeals). It found that the assessee's books of accounts were audited, sales matched VAT returns, and the AO had not pointed out any defects in the stock register or purchases, thus establishing a nexus between sales and deposits.
The Tribunal directed the AO to exclude certain transactions (Sl. Nos. 11 & 14 related to BMW Z4 + PY & BMW Z24) from the purview of GP estimation on cash sales, as they were incapable of generating cash. It further reduced the estimated gross profit percentage on unaccounted cash sales from 10% to 8% for all relevant assessment years (2015-16 to 2019-20).
The Tribunal held that debentures, including CCDs and OCDs, are debt instruments and qualify for the concessional tax rate under Section 194LD, as the intention of the section is to avoid foreign exchange risk on rupee-denominated securities. Therefore, the benefit should be extended to interest earned on CCDs and OCDs as well.
The Tribunal condoned the delay of 11 days after finding reasonable cause. The Tribunal decided to remit the matter back to the CIT(A) for fresh consideration after providing adequate opportunity of being heard to the assessee.
The Tribunal held that the CIT(A) erred in deleting the addition. It considered that M/s CCL International Ltd. was identified as a penny stock used for accommodation entries, and the assessee's claim of LTCG exemption was not justifiable. The Tribunal allowed the appeal of the Revenue.
The Tribunal directed the AO to exclude certain transactions (Sl. Nos. 11 & 14 related to BMW Z4 + PY & BMW Z24) from the purview of GP estimation on cash sales, as they were incapable of generating cash. It further reduced the estimated gross profit percentage on unaccounted cash sales from 10% to 8% for all relevant assessment years (2015-16 to 2019-20).
The Tribunal noted the possibility of communication gaps with the new virtual hearing mechanism and also a lack of effective compliance with Section 250(6) of the Act. Therefore, in the interest of justice, the appeal was set aside and restored to the CIT(A)/NFAC for fresh adjudication.
The Tribunal held that the assessment proceedings initiated against a non-existent entity are void-ab-initio and a jurisdictional defect, not a procedural irregularity. Therefore, the impugned order passed by the AO was quashed.
The Tribunal held that in the interest of justice, the issues require to be remitted back to the CIT(A) for a fresh decision. The CIT(A) is directed to provide an adequate opportunity of being heard to the assessee and pass a speaking order.
The Tribunal noted that the CIT(A) had proceeded ex-parte. In the interest of justice, the Tribunal decided to restore the appeals to the CIT(A) for a fresh adjudication, allowing the assessee three effective opportunities to present their case.
The Tribunal directed the AO to exclude certain transactions (Sl. Nos. 11 & 14 related to BMW Z4 + PY & BMW Z24) from the purview of GP estimation on cash sales, as they were incapable of generating cash. It further reduced the estimated gross profit percentage on unaccounted cash sales from 10% to 8% for all relevant assessment years (2015-16 to 2019-20).
The Tribunal noted that the CIT(A) had proceeded ex-parte. In the interest of justice, the Tribunal decided to restore the appeals to the CIT(A) for a fresh adjudication, allowing the assessee three effective opportunities to present their case.
The Tribunal held that the CIT(A) was justified in restricting the addition to 16.5% of the gross profit on the alleged bogus purchases. The Tribunal sustained the CIT(A)'s order and rejected the Revenue's grounds of appeal.
The Tribunal held that the additions made by the AO were based merely on suspicion and without adverse findings, which were not sustainable. The assessee had discharged the onus of proving the creditworthiness and genuineness of the company by providing relevant documents.
The Tribunal held that since the assessee had already filed an appeal against the same order (ITA No. 5918/Del/2024) which was pending adjudication, the present appeal was not maintainable and thus dismissed.
The Tribunal found that the CIT(A) had not provided detailed findings on the merits of the addition. Therefore, in the interest of justice, the Tribunal remitted the case back to the CIT(A) for fresh adjudication after providing the assessee an opportunity to be heard.
The Tribunal held that the assessing authority needs to ensure there is no double addition of the salary income under the head 'business' income, as per law.
The Tribunal found that the CIT(A) decided the issue without appreciating the facts and evidence and prioritizing technicalities over substantive justice. Therefore, the matter was restored to the Assessing Officer for a fresh adjudication.
The Tribunal held that the CIT(A) rightly deleted the addition. Since the assessee was a registered society under Section 12A and eligible for exemption under Section 11(1)(d), the benefit of exemption could not be denied due to a mistake in filing the return. The grounds raised by the Revenue were rejected.
The Tribunal held that the addition was made based on a statement from a stranger, which was not given by the assessee and could not be considered as made out of free will. The assessee was not bound by this alleged statement, and the AO failed to verify the correctness of the statement or record the assessee's own statement.
The Tribunal noted that the assessee could not attend the virtual hearing due to technical glitches and the CIT(A) did not provide a second opportunity. The Tribunal held that one more opportunity should have been provided and restored the appeal to the CIT(A) for a fresh decision after providing a personal video conferencing opportunity.
The Tribunal held that the assessee had paid the admitted tax on the original return of income. Although a revised return under section 153A was filed with additional income, the CIT(A) wrongly dismissed the appeal for non-payment of tax on this revised income, which was considered non-est. The Tribunal relied on High Court and coordinate bench decisions.
The Tribunal held that the additions made by the AO were based merely on suspicion and without adverse findings, which were not sustainable. The assessee had discharged the onus of proving the creditworthiness and genuineness of the company by providing relevant documents.
The Tribunal observed that the assessee's reconciliation details were overlooked by the lower authorities. Therefore, to ensure natural justice, the matter pertaining to the excess stock addition (ITA No. 1414/Del/2023) was set aside to the Assessing Officer for fresh adjudication. Consequently, ITA No. 1413/Del/2023, an appeal against an order under Section 263 linked to the same assessment, was dismissed as infructuous.
The Tribunal held that the compensation and interest received on compulsory acquisition of agricultural land are exempt from tax under Section 10(37) of the Income Tax Act, following Supreme Court precedents. The Tribunal also upheld the deletion of the unexplained credit addition.
The Tribunal held that in the interest of justice, the issues require to be remitted back to the CIT(A) for fresh consideration, with directions to provide adequate opportunity of being heard to the assessee and pass a speaking order.
The Tribunal noted that the assessee had opted for the DTVSVS scheme 2024. Therefore, the appeal was treated as withdrawn with liberty to be restored if the scheme's declaration did not reach a logical conclusion. Consequently, the appeal was dismissed as withdrawn.
The Tribunal deleted the disallowance under Section 14A, finding that investments were made from interest-free funds and no direct/indirect expenses were incurred, distinguishing the Maxopp Investment Ltd. case and relying on The South Indian Bank Ltd. case. The Tribunal also deleted the disallowance of Diwali expenses, deeming them reasonable based on historical data, employee count, and payment via account payee cheque.
The Tribunal held that in the interest of justice, the issues require to be remitted back to the CIT(A) for fresh consideration, with directions to provide adequate opportunity of being heard to the assessee and pass a speaking order.
The Tribunal held that the NFAC dismissed the appeal due to non-compliance. Considering the facts and interest of justice, the Tribunal restored the issue to the file of the NFAC, granting one final opportunity to the assessee to present its case.
The Tribunal held that the approval granted under Section 153D was mechanical and without due application of mind, as it was a common approval for numerous cases. Consequently, the assessment order was deemed unsustainable in law.
The Income Tax Appellate Tribunal, having considered the submissions from both parties, accepted the assessee's request for withdrawal. Consequently, the tribunal dismissed the appeal as withdrawn.
The Tribunal condoned the delay in filing the appeal for AY 2004-05, finding the assessee's explanation to be reasonable and bona fide. The appeal was admitted for hearing, and the grounds of appeal were to be considered.
The tribunal held that mere family involvement or related entities do not automatically render a transaction a "colourable device." It noted that the AO did not dispute the adjustment of sale consideration via book entry, and that the onus was on the Revenue to prove the transaction was not real. Suspicion, however strong, cannot be a substitute for evidence. Therefore, the transaction was deemed genuine.
The Tribunal condoned the delay and remitted the issue to the Assessing Officer to decide the matter on its merits after providing the assessee with a proper opportunity of being heard.
The ITAT found that both the AO and the CIT(A) had passed non-speaking ex-parte orders without proper adjudication. In the interest of justice, the ITAT remitted the matter back to the file of the CIT(A) for fresh adjudication, with directions to provide adequate opportunity of being heard to the assessee.
The Tribunal noted that the assessee had opted to settle the disputed issues under the Vivad se Vishwas Scheme and dismissed the appeal as withdrawn. Liberty was granted to revive the appeal if the scheme application failed.
The Tribunal held that the assessee had provided all necessary documentary evidence to prove the identity, creditworthiness, and genuineness of the transactions. It was also noted that the statement of Mr. Sanjeev Aggarwal, recorded at odd hours and later retracted, could not be relied upon, and the assessee was denied a fair opportunity to rebut it.
The Tribunal decided to remit the issue back to the CIT(A) to decide the matter on its merits after providing the assessee with a proper opportunity to be heard and submit documentary evidence.
The Tribunal admitted the assessee's petition under Rule 27, holding that the assessee could raise grounds decided against them if they had a bearing on the CIT(A)'s final decision. The Tribunal found the Revenue's reliance on case laws distinguishable.
The Tribunal acknowledged the assessee's socio-economic status and the peculiar facts. It restricted the addition to Rs.6,00,000/-, providing a relief of Rs.7,00,000/-, and stipulated that this decision would not be treated as a precedent.
The Tribunal held that since the order passed under Section 263, which directed the AO to proceed with the penalty, was quashed by a coordinate bench of the ITAT, the AO had no jurisdiction to levy the penalty. Therefore, the penalty was not sustainable.
The Tribunal upheld the CIT(A)'s decision, finding the reasons recorded for reopening the assessment to be vague and lacking tangible material. The Tribunal concluded that the initiation of reassessment proceedings was without jurisdiction.
The Tribunal held that the assessee had provided sufficient and genuine causes for the delay in filing the appeal before the CIT(A), including initiation of criminal cases, judicial custody, business closure, and the COVID-19 pandemic. The delay was condoned, and the matter was remitted back to the CIT(A) for fresh adjudication on merits.
The Tribunal held that the assessee had provided sufficient and genuine causes for the delay in filing the appeal before the CIT(A), including initiation of criminal cases, judicial custody, business closure, and the COVID-19 pandemic. The delay was condoned, and the matter was remitted back to the CIT(A) for fresh adjudication on merits.
The Tribunal held that losses arising from employee fraud or embezzlement should be allowed as a deduction in the year of discovery, provided they are incidental to the business. The Tribunal referred to Supreme Court decisions and CBDT circulars supporting this view.