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92 orders · Page 2 of 2
The Tribunal held that the AO failed to prove that transactions were arranged to produce more than ordinary profits and that the invocation of Section 80IA(10) was not justified. The disallowance of part of the Section 10A deduction was deemed unjustified.
The Tribunal held that the AO failed to prove that transactions were arranged to produce more than ordinary profits and that the invocation of Section 80IA(10) was not justified. The disallowance of part of the Section 10A deduction was deemed unjustified.
The Tribunal held that the AO failed to prove that transactions were arranged to produce more than ordinary profits and that the invocation of Section 80IA(10) was not justified. The disallowance of part of the Section 10A deduction was deemed unjustified.
The Tribunal upheld the orders of the CIT(A) which had confirmed part of the additions made by the AO. The assessee failed to provide sufficient evidence to support claims for deletion of sustained additions.
The Tribunal upheld the orders of the CIT(A) which had confirmed part of the additions made by the AO. The assessee failed to provide sufficient evidence to support claims for deletion of sustained additions.
The Tribunal upheld the orders of the CIT(A) which had confirmed part of the additions made by the AO. The assessee failed to provide sufficient evidence to support claims for deletion of sustained additions.
The Tribunal acknowledged the delay and lack of evidence but, in the interest of justice, remitted the matter back to the CIT(A). The CIT(A) was directed to condone the delay and provide the assessee with another opportunity to be heard.
The ITAT, in the interest of justice, remitted the matter back to the CIT(A) to decide the appeal afresh, providing one more opportunity to the assessee to be heard. The assessee was cautioned to cooperate in future proceedings.
The Tribunal found merit in the assessee's submission regarding lack of proper opportunity, despite the revenue's counter-arguments. The matter was remitted back to the CIT(A) to provide one more opportunity for the assessee to be heard.
The Tribunal acknowledged the assessee's plea for a fresh hearing and, in the interest of justice, remitted the matter back to the CIT(A). The assessee was cautioned to cooperate in future proceedings.
The Tribunal held that all share transactions should be treated as either business transactions or investments, not bifurcated. Considering the volume and frequency, the assessee was engaged in the business of share trading.
The Tribunal found the assessee's submission to be correct and acknowledged a clerical mistake in the previous order. In the interest of justice, the Tribunal recalled and rectified the order, remitting the appeal back to the Assessing Officer for de-novo consideration.
The Tribunal found that the relationship between the donors and the assessee's wife was not questioned, and the identity of donors was accepted. However, the creditworthiness of donors was not adequately examined by the lower authorities.
The Tribunal found merit in the assessee's submission that an opportunity of being heard was not properly provided. While acknowledging the ex-parte order by the CIT(A), the Tribunal decided to remit the matter back to the AO for fresh consideration.
The Tribunal acknowledged the assessee's plea for a fresh hearing, despite finding some merit in the Revenue's argument that the CIT(A) had no option but to pass an ex-parte order. The matter was remitted back to the CIT(A) for a fresh adjudication.
The Tribunal, while acknowledging the assessee's non-compliance, set aside the CIT(A)'s order in the interest of justice. The matter was remitted back to the AO to provide the assessee with another opportunity to be heard.
The Tribunal held that while the issue regarding share application money from Shri Sambasiva Rao was to be re-examined by the AO, the additions made by the AO and confirmed by the CIT(A) concerning share capital from Shri Pavan Kumar Sharma, Shri Ratan Kumar Sharma, and Shri Anil Kumar Sharma were sustained due to the failure of the assessee to prove the genuineness and creditworthiness of the subscribers.
The Tribunal held that the Assessing Officer lacked the power to levy late fees under Section 234E under Section 200A at the relevant time, as the statutory amendment allowing this was prospective. Therefore, the levy was unsustainable.
The Tribunal found merit in the Revenue's submission that the CIT(A) violated Rule 46A of the IT Rules by admitting additional evidence without a remand report. Therefore, the matter was remitted back to the Assessing Officer for fresh examination.
The Tribunal held that estimation of income at 3% of the cost of goods sold is reasonable for this business. The AO was directed to adopt this rate for both assessment years.
The Tribunal upheld the CIT(A)'s direction to estimate profits at 3% of gross receipts, considering a similar past case where a lower estimation was upheld. The revenue's appeal was dismissed.
The Tribunal held that the Assessing Officer lacked the power to levy late fees under Section 234E under Section 200A at the relevant time, as the statutory amendment allowing this was prospective. Therefore, the levy was unsustainable.
The Tribunal held that the Assessing Officer lacked the power to levy late fees under Section 234E under Section 200A at the relevant time, as the statutory amendment allowing this was prospective. Therefore, the levy was unsustainable.
The Tribunal held that the issue was covered by its own previous order in the assessee's case for AY 2007-08, which was also upheld by the jurisdictional High Court. Therefore, the assessee's contentions regarding the fair market value as on 01.04.1981 were rejected.
The Tribunal upheld the CIT(A)'s order, stating that the issue was covered by earlier ITAT decisions in the assessee's own case. No distinguishing features were presented by the revenue to warrant a different conclusion.
The Tribunal upheld the CIT(A)'s order, finding no infirmity as it followed a coordinate bench's decision in the assessee's own case for earlier assessment years. The Revenue's appeals were dismissed.
The Tribunal upheld the CIT(A)'s order, finding no infirmity as it followed a coordinate bench's decision in the assessee's own case for earlier assessment years. The Revenue's appeals were dismissed.
The Tribunal directed the Assessing Officer to treat the unexplained cash credits as part of the assessee's business turnover and estimate the income thereon at the same rate as the disclosed income. This was done considering the assessee's contention that the deposits were from business and the fact that a portion of the deposits was already declared as turnover.
The Tribunal held that estimation of income at 3% of the cost of goods sold is reasonable for this business. The AO was directed to adopt this rate for both assessment years.
The Tribunal held that the appeal was not maintainable due to low tax effect, as it was below the threshold limit specified by CBDT circulars. The appeal was dismissed on this ground.
The Tribunal found that the assessee had a reasonable cause for the delay in filing the audit report due to personal health issues and assistance from his staff. The report was filed before assessment proceedings commenced.
The Tribunal held that the AO and CIT(A) failed to address the assessee's argument that the transactions were in the ordinary course of business. Therefore, the assessee's appeals were remanded to the AO for fresh adjudication. The Revenue's appeals regarding Section 14A and liquidated damages were dismissed.
The Tribunal held that the AO and CIT(A) failed to address the assessee's argument that the transactions were in the ordinary course of business. Therefore, the assessee's appeals were remanded to the AO for fresh adjudication. The Revenue's appeals regarding Section 14A and liquidated damages were dismissed.
The Tribunal held that the AO and CIT(A) failed to address the assessee's argument that the transactions were in the ordinary course of business. Therefore, the assessee's appeals were remanded to the AO for fresh adjudication. The Revenue's appeals regarding Section 14A and liquidated damages were dismissed.
The Tribunal held that the AO and CIT(A) failed to address the assessee's argument that the transactions were in the ordinary course of business. Therefore, the assessee's appeals were remanded to the AO for fresh adjudication. The Revenue's appeals regarding Section 14A and liquidated damages were dismissed.
The Tribunal found merit in the Revenue's submission that the CIT(A) violated Rule 46A of the IT Rules by admitting additional evidence without a remand report. Therefore, the matter was remitted back to the Assessing Officer for fresh examination.
The Tribunal condoned the delay and, finding that crucial documents like the remand report were not served on the assessee, decided to grant one more opportunity for adjudication.
The Tribunal held that the provision made for the differential price was an accrued liability and allowable as expenditure under Section 37(1) of the Act. The decision followed a co-ordinate bench ruling on identical facts.
The Tribunal held that the AO and CIT(A) failed to address the assessee's argument that the transactions were in the ordinary course of business. Therefore, the assessee's appeals were remanded to the AO for fresh adjudication. The Revenue's appeals regarding Section 14A and liquidated damages were dismissed.
The Tribunal found that the AO failed to bring comparable cases on record as directed in the previous round. The Tribunal also noted that the comparable cases submitted by the assessee showed losses. Therefore, the Tribunal directed the AO to recompute the undisclosed income by reducing disclosed receipts and estimating net profit at the rate offered by the assessee on unaccounted turnover.
The Tribunal found that the AO failed to bring comparable cases on record as directed in the previous round. The Tribunal also noted that the comparable cases submitted by the assessee showed losses. Therefore, the Tribunal directed the AO to recompute the undisclosed income by reducing disclosed receipts and estimating net profit at the rate offered by the assessee on unaccounted turnover.
The Tribunal admitted additional evidence regarding loan repayments and directed the Assessing Officer to consider these repayments and other submitted evidence. The issue was remanded back to the AO for fresh adjudication.