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117 orders · Page 2 of 3
The Tribunal held that the satisfaction notes recorded by the assessing authority were invalid. The statutory expressions "pertains to" or "relates to" were inserted prospectively, and the satisfactions were recorded before this amendment using the older expression "belongs to".
The tribunal found that the CIT(A) granted relief based on additional evidence without obtaining a remand report from the AO. Therefore, the matter was remitted back to the AO for fresh consideration.
The Tribunal upheld the CIT(A)'s order, stating that prior to the amendment in Finance Act 2014, Section 54F did not restrict investment to only one residential house. The assessee is eligible for exemption on multiple residential units.
The Tribunal upheld the CIT(A)'s decision, finding that one of the properties was an open plot and there was no evidence of the assessee purchasing another residential house within the specified period. Therefore, the conditions for disallowance under Section 54F were not met.
The Tribunal upheld the addition of Rs. 9 lakhs as unexplained loan, finding merit in the assessee's argument that the loanee admitted to issuing the receipt. However, the Tribunal allowed the appeal on the issue of profit estimation, stating it was not based on incriminating material.
The Tribunal held that the notice issued by the Assessing Officer for penalty proceedings was invalid because it did not specify whether it was for concealment of income or furnishing inaccurate particulars. Consequently, the penalty order was also quashed.
The Tribunal held that the interest income from FDRs with a nationalized bank is eligible for deduction under Section 80P(2)(a)(i). This decision was based on the jurisdictional High Court's ruling, which considered the Revenue's reliance on the Totgars' case.
The Tribunal found that the assessee's own funds were exhausted in previous years and that the interest-free advances were likely made from long-term borrowings. The Tribunal also noted that the CIT(A) did not address the issue of commercial expediency raised by the AO.
The Tribunal found that the lower authorities did not properly consider the nature of the capital asset and the long holding period. It also noted that the dates for sale and purchase of property for Section 54F were within a three-year period, contrary to the lower authorities' findings.
The Tribunal held that the AO had complied with the ITAT's directions to verify issues, including the sale price. The assessee's own letter acknowledging Rs. 11,00,000 as sale consideration was considered valid, despite the assessee's illiteracy.
The Tribunal upheld the CIT(A)'s order, stating that prior to the amendment in Finance Act 2014, Section 54F did not restrict investment to only one residential house. The assessee is eligible for exemption on multiple residential units.
The Tribunal held that the assessee's activities related to irrigation projects and power lines constituted 'works contracts' and were therefore not eligible for deduction under Section 80IA, as per the explanation to the section. The claim for prepaid bank guarantee commission was restored to the Assessing Officer for fresh adjudication.
The Tribunal upheld the PCIT's revision jurisdiction, finding that the Assessing Officer had not conducted any enquiry regarding Section 50C or the interest expenditure. This lack of enquiry rendered the assessments erroneous and prejudicial to the interest of revenue.
The Tribunal held that remitting the matter to the CIT(A) would serve the interest of justice. The CIT(A) was directed to admit the appeal and decide it on merits after affording the assessee a reasonable opportunity of being heard.
The Tribunal restored the substantive grounds of appeal back to the Assessing Officer for reconciliation of the assessee's sources with the alleged investments. The assessee was directed to appear with relevant details and was granted three opportunities for hearing.
The Tribunal found that the assessee's explanation regarding sundry debtors, land purchase advances, and salary receivable required factual verification by the Assessing Officer. Therefore, the matter was remitted back to the Assessing Officer for fresh adjudication.
The Tribunal allowed the assessee's request to withdraw the appeal. The assessee was granted liberty to approach the Tribunal to reinstate the appeal if the Vivad Se Vishwas application is rejected.
The Tribunal held that the assessee failed to provide sufficient details, contract notes, or confirmations from authorized agents to substantiate the MCX trading loss. Therefore, the disallowance of the loss claim by the lower authorities was upheld.
The Tribunal held that the assessee's activities related to irrigation projects and power lines constituted 'works contracts' and were therefore not eligible for deduction under Section 80IA, as per the explanation to the section. The claim for prepaid bank guarantee commission was restored to the Assessing Officer for fresh adjudication.
The Tribunal upheld the PCIT's revision jurisdiction, finding that the Assessing Officer had not conducted any enquiry regarding Section 50C or the interest expenditure. This lack of enquiry rendered the assessments erroneous and prejudicial to the interest of revenue.
The Tribunal held that Form No. 56F, even if not filed with the return or during assessment, can be submitted at the appellate stage. Considering the case law, the lower authorities should have considered the form filed by the assessee.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal held that the Assessing Officer erred in law and fact by deeming the seized document as 'belonging to the assessee' without proper ownership. The assessment was quashed due to the lack of a valid satisfaction note.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal held that the CIT(A) rightly quashed the reopening as there was no live nexus between the reasons recorded for reopening and the additions made. The assessee's cross objection was dismissed as infructuous.
The Tribunal set aside the orders of the lower authorities and remanded the matters back to the Assessing Officer for de novo adjudication. This was due to the ex-parte nature of the CIT(A)'s orders and the fact that a coordinate bench had accepted the assessee's appeal against the withdrawal of registration.
The Tribunal held that freight charges should be excluded from both export turnover and total turnover, following previous tribunal orders and a Supreme Court judgment. The Revenue's appeal was found to have no merit.
The Tribunal upheld the addition in principle, acknowledging the incriminating material. However, it reduced the addition by estimating a portion of the expenditure as explained due to the assessee's cash-based medical practice.
The Tribunal held that the disallowances were not sustainable in light of the legislative amendments and CBDT's clarification that these amendments apply prospectively from April 1, 2021. The disallowances were deleted.
The Tribunal held that registration under Section 12AA should not be declined solely because the trust has both charitable and religious objects. It directed the CIT(Exemptions) to grant the registration.
The Tribunal held that Section 80G registration is consequential to Section 12AA registration, citing a Supreme Court decision. Therefore, the denial of 80G registration was incorrect.
The Tribunal found that the CIT(A)'s order was passed ex-parte without proper notice and that the issue of unexplained deposits required fresh consideration. The matter was restored to the CIT(A) for adjudication on merits.
The Tribunal held that Section 14A read with Rule 8D applies only in relation to exempt income. As the assessee had not earned any exempt income, the order of the CIT(A) deleting the disallowance was sustained.
The Tribunal upheld the addition in principle, acknowledging the incriminating material. However, it reduced the addition by estimating a portion of the expenditure as explained due to the assessee's cash-based medical practice.
The Tribunal held that the disallowances were not sustainable in light of the legislative amendments and CBDT's clarification that these amendments apply prospectively from April 1, 2021. The disallowances were deleted.
The Tribunal held that the lower authorities erred in making the ALP adjustment because the assessee did not charge interest on receivables beyond the agreed credit period, and no comparable uncontrolled transactions were provided to support the adjustment.
The tribunal allowed the exclusion of two companies (Persistent Systems and Sasken Communication Technologies) as comparables and directed the inclusion of another (Evoke Technologies) after considering segmental details. The adjustment for interest on outstanding receivables was rejected due to lack of proper justification and methodology.
The Tribunal held that the assessee had provided evidence for the sale of the property and the receipt of sale proceeds, including cash and cheque payments. The lower authorities failed to properly consider this evidence.
The Tribunal held that reopening the assessment on the same grounds after the initial reassessment was annulled on technicalities was not valid. It also noted that the addition was deleted in a related case involving the other party.
The Tribunal upheld the DRP's direction to use LIBOR + 2% for interest, noting the TPO's benchmarking was flawed. It also affirmed the DRP's decision to exclude telecommunication charges and statutory disallowances from total turnover, citing a Supreme Court decision and CBDT circular.
The Tribunal upheld the Dispute Resolution Panel's decision to exclude Infosys Technologies Ltd. and L & T Infotech Ltd. as comparables due to differences in risk profile and service nature. It also confirmed the DRP's direction to use LIBOR + 2% for interest rates on foreign currency transactions, finding the AO's method lacking.
The Tribunal upheld the CIT(A)'s decision that Section 50C could not be invoked for capital gains. This was because the assessee never acquired ownership, conditions of sale agreements were not fulfilled, and the original owners received payment from the ultimate purchaser.
The Tribunal held that a reference to the DVO under Section 50C(2) is mandatory, even if not raised by the assessee. Since no such reference was made by the lower authorities, the issue of long-term capital gain addition was restored to the Assessing Officer for fresh adjudication after referring to the DVO.
The Tribunal allowed the assessee to withdraw their appeal. The Revenue conceded to this request. The appeal was dismissed as withdrawn, with a liberty to reinstate if the Vivad Se Vishwas scheme was not accepted.
The Tribunal held that the lower authorities erred in making the ALP adjustment because the assessee did not charge interest on receivables beyond the agreed credit period, and no comparable uncontrolled transactions were provided to support the adjustment.
The Tribunal upheld the CIT(A)'s deletion of the penalty. This was because the Assessing Officer's penalty show cause notice failed to specify whether the assessee had concealed income or furnished inaccurate particulars.