ITAT Hyderabad Judgments — August 2018

The Tribunal held that since the income was assessed under Section 115JB and no income had escaped assessment, the penalty under Section 271(1)(c) was not attracted. Reliance was placed on a CBDT circular and a coordinate bench decision.

The Tribunal noted that as per CBDT Circular No. 3/2018, appeals with a tax effect below Rs. 20 lakhs should not be filed. Therefore, the appeal was dismissed as not maintainable.

The Tribunal condoned the delay, acknowledging the reasonable cause for the delay. It was decided that the assessee should be given another opportunity to present their case.

The Tribunal held that the assessee is entitled to deduction under Section 54F for all the flats received as consideration for the development agreement. This was based on the jurisdictional High Court's decision that multiple residential units can constitute 'a residential house' for exemption purposes.

The Tribunal dismissed the appeal regarding the disallowance of interest on advances, finding no evidence of business expediency. However, it allowed the appeal concerning additions to book profit, citing the Supreme Court's decision in Apollo Tyres, which restricts AO's power to disturb book profits without auditor qualifications.

The Tribunal held that disallowance under Section 14A cannot exceed exempt income and remanded the matter to the AO for recalculation. It also held that investments made out of reserves and surplus do not warrant proportionate interest disallowance.

The Tribunal condoned the 40-day delay in filing the appeal before the CIT(A), finding the reasons provided by the assessee to be convincing. The Tribunal directed the CIT(A) to dispose of the appeal on its merits.

The Tribunal held that the additional ground of appeal concerning the Rs. 15 lakhs share application money was not adjudicated by the CIT(A) and was required to be adjudicated. Therefore, the matter was remanded to the CIT(A) for fresh adjudication.

The Tribunal condoned the 40-day delay in filing the appeal before the CIT(A), finding the reasons provided by the assessee to be convincing. The Tribunal directed the CIT(A) to dispose of the appeal on its merits.

The Tribunal found the assessee's contention probable given the timing of the F-1 visa certificate and bank deposits. The authorities below had not adequately verified the deposits and subsequent withdrawals.

The Tribunal held that disallowance under Section 14A cannot exceed exempt income and remanded the matter to the AO for recalculation. It also held that investments made out of reserves and surplus do not warrant proportionate interest disallowance.

The Tribunal held that adopting the highest sale price of one flat for all other flats, regardless of size and sale date, was incorrect. The Tribunal directed the AO to adopt the sale prices declared in the sale deeds.

The Tribunal held that the AO could not simultaneously conclude that income was taxable in the hands of the deductor and also that it had escaped assessment in the hands of the deductee-assessees. Therefore, the reassessment for AY 2009-10 was invalid.

The Tribunal held that the expenditure incurred on customer meets was allowable as business expenditure as it was necessary for the chit fund business. It also held that the accrued interest on fixed deposits was correctly offered to tax by the assessee, and the AO's addition was unjustified.

The Tribunal held that disallowance under Section 14A is not sustainable if the assessee has not earned any exempt income during the relevant assessment year. This decision followed the precedent set by the Delhi High Court in Cheminvest Ltd.

The Tribunal dismissed the Revenue's appeal. This was based on CBDT Circular No. 03/2018, which mandates dismissal of appeals with a tax effect below Rs. 20 lakhs.

The Tribunal, in light of CBDT Circular No. 3/2018, dismissed the appeal as not pressed/maintainable due to the low tax effect. The issues raised were left open for future examination.

The Tribunal held that the share transactions constituted business loss, not capital loss, and allowed set-off against other incomes. It also directed re-examination of house property interest and depreciation claims, while dismissing the car loan interest disallowance.

The Tribunal held that the penalty notice issued by the AO was bad in law as it did not specify whether the proceedings were for concealment of particulars or furnishing inaccurate particulars. Therefore, the CIT(A)'s order cancelling the penalty was upheld.

The Tribunal noted that CBDT Circular No. 3/2018 mandates that appeals with a tax effect below Rs. 20 lakh should not be filed. Therefore, the appeal was dismissed as not maintainable.

The Tribunal dismissed the appeal filed by the revenue. This was based on the CBDT Circular No. 3/2018, which stipulates that appeals with a tax effect below Rs. 20 lakh should not be filed.

The Tribunal decided to dismiss the appeal as not pressed/not maintainable, following the CBDT Circular. The issues raised in the appeal were left open for future examination.

The Tribunal dismissed the appeal as not pressed/not maintainable, citing CBDT Circular No. 3/2018 which sets a monetary limit for filing appeals. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not pressed/not maintainable, citing CBDT Circular No. 3/2018 which sets a monetary limit for filing appeals. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable, citing CBDT Circular No. 3/2018 which stipulates that appeals with a tax effect below Rs. 20 lakh should not be filed.

The Tribunal held that the appeal should be dismissed as not pressed/maintainable due to the low tax effect, in line with CBDT Circular No. 3/2018. The issues raised were left open for future examination.

The Tribunal noted that the tax effect was below the threshold specified in the CBDT circular. Therefore, the appeal was dismissed as not maintainable, while leaving the issues open for future proceedings.

The Tribunal dismissed the appeal as not maintainable based on the CBDT circular regarding appeals with a tax effect below Rs. 20 lakh. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable due to the low tax effect, following CBDT Circular No. 3/2018. The issues raised were left open for future examination.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which stipulates that appeals with a tax effect below Rs. 20 lakh should not be filed. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which mandates not filing appeals with a tax effect below Rs. 20 lakh. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable, citing CBDT Circular No. 3/2018 which mandates that appeals with a tax effect below Rs. 20 lakh should not be filed. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable, following CBDT Circular No. 3/2018 which mandates not filing appeals with a tax effect below Rs. 20 lakh. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable, citing the CBDT Circular No. 3/2018 due to the low tax effect. The issues raised in the appeal were left open for future examination.

The Tribunal dismissed the appeal as not pressed/not maintainable, citing the CBDT Circular No. 3/2018 due to the low tax effect. The issues raised were left open for future examination.

The Tribunal noted that the tax effect was below the threshold specified in the CBDT circular. Therefore, the appeal was dismissed as not maintainable, while leaving the issues open for future proceedings.

The Tribunal noted that the tax effect was below the threshold specified in the CBDT circular. Therefore, the appeal was dismissed as not maintainable, while leaving the issues open for future proceedings.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which mandates not filing appeals with a tax effect below Rs. 20 lakh. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal filed by the Revenue. This was done in accordance with CBDT Circular No. 3/2018, as the tax effect was below the prescribed monetary limit.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which sets a monetary limit for filing appeals. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which sets a monetary limit for filing appeals. The issues raised were left open for future proceedings.

The Tribunal noted that the tax effect was below the threshold specified in the CBDT circular for filing appeals. Therefore, the appeal was dismissed as not maintainable.

The Tribunal dismissed the appeal as not pressed/not maintainable due to the low tax effect, in line with CBDT Circular No. 3/2018. The issues raised were left open for future proceedings.

The Tribunal held that the appeal should be dismissed as not pressed/not maintainable in light of the CBDT Circular. The issues raised were left open for future examination.

The Tribunal dismissed the appeal as not pressed/maintainable, citing CBDT Circular No. 3/2018 which sets a monetary limit for appeals. The issues raised were left open for future proceedings.

The Tribunal noted that the tax effect was below the threshold specified in CBDT Circular No. 3/2018 for filing appeals. Therefore, the appeal was dismissed as not maintainable.

The Tribunal dismissed the appeal as not pressed/not maintainable, citing the CBDT circular regarding the monetary limit for appeals. The issues raised were left open for future proceedings.

The ITAT dismissed the appeal as not maintainable, following CBDT Circular No. 3/2018 which sets a monetary limit for appeals. The issues raised were left open for future proceedings.

The Tribunal dismissed the appeal as not maintainable, citing the CBDT Circular No. 3/2018 due to the low tax effect. The issues raised in the appeal were left open for future examination.

The Tribunal dismissed the appeal based on CBDT Circular No. 3/2018, which sets a monetary limit for filing appeals. The issues raised were left open for future proceedings.