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148 orders · Page 3 of 3
The Tribunal held that the disallowance of expenditure related to the business activity against which Chapter VI-A deduction is claimed should result in allowing deduction on the enhanced profits. Following CBDT Circular No. 37/2016, the assessee is eligible for deduction u/s 80IA on the enhanced expenditure.
The Tribunal held that the disallowance of expenditure related to the business activity against which Chapter VI-A deduction is claimed should result in allowing deduction on the enhanced profits. Following CBDT Circular No. 37/2016, the assessee is eligible for deduction u/s 80IA on the enhanced expenditure.
The Tribunal held that the disallowance of expenditure related to the business activity against which Chapter VI-A deduction is claimed should result in allowing deduction on the enhanced profits. Following CBDT Circular No. 37/2016, the assessee is eligible for deduction u/s 80IA on the enhanced expenditure.
The Tribunal upheld the CIT(A)'s deletion of the addition, finding that the AO failed to refer the matter to the Valuation Officer as mandated by Section 50C(2) when the assessee objected to the valuation. The Tribunal distinguished the present case from a cited precedent where the assessee had not requested a reference to the Valuation Officer.
The Tribunal held that the assessee is eligible for deduction under Section 54F of the Income Tax Act, 1961, for the flats situated across nine independent blocks. The Tribunal found that the jurisdictional High Court had already decided this issue in favour of the assessee, overruling any contrary Special Bench decisions. Therefore, the CIT(A)'s decision allowing the deduction was affirmed. Regarding the non-refundable deposit of Rs. 3 Crores, the Tribunal held that it should be assessed as capital gains. The CIT(A) had followed a Tribunal order which held that such non-refundable advances, emanating from a development agreement, are an intrinsic part of the agreement and derived from the transfer of the capital asset. The Tribunal upheld the CIT(A)'s finding on this issue as well. The Revenue's appeal was dismissed.
The Tribunal condoned the delay in filing the appeals. Following a jurisdictional High Court decision, the Tribunal held that cooperative societies are eligible for Section 80P deduction on interest income from nationalized banks. Therefore, the Pr.CIT's revision orders were not sustainable.
The Tribunal deleted the disallowance of interest expenditure, finding that the AO and CIT(A) did not consider the assessee's own funds and interest-free borrowings. The Tribunal also set aside the addition of Rs. 3 Crs under Section 68, stating that the assessee had provided loan particulars and repayments, and further inquiries should have been made by the revenue authorities.
The tribunal restored the grounds to the Assessing Officer for fresh factual verification, considering the additional documents and the assessee's claim regarding interest income not being received in the relevant year.
The Tribunal held that the AO's order under Section 154 was passed beyond the period of limitation prescribed by Section 154(7) of the Act. Therefore, the order of the CIT(A) was set aside and the AO's order was quashed.
The Tribunal upheld the estimation of 5% income on turnover, stating that a previous estimation in similar cases was not a binding precedent. The addition for unexplained investment was also affirmed due to lack of explanation from the assessee.
The Tribunal held that the Assessing Officer had made insufficient inquiry regarding the depreciation claim on intangible assets, making the assessment order erroneous. Therefore, the Principal CIT was justified in initiating revision proceedings.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal condoned the delay in filing the appeal, finding a reasonable cause for the belated filing due to the factory premises being closed. The Tribunal also deleted the additions made by the AO on account of share application money under Section 68 and notional foreign exchange fluctuation gain.
The Tribunal condoned the delay in filing the appeals. Following a jurisdictional High Court decision, the Tribunal held that cooperative societies are eligible for Section 80P deduction on interest income from nationalized banks. Therefore, the Pr.CIT's revision orders were not sustainable.
The Tribunal restored the appeal to the file of the CIT(A) for deciding the grounds of appeal on merits. The CIT(A) was directed to provide an opportunity of being heard to the assessee.
The Tribunal found merit in the assessee's arguments, stating the CIT(A) should have provided an opportunity to explain the delay or passed a speaking order. In the interest of justice, the matter was remitted back to the AO for de-novo consideration.
The Tribunal noted that a registered sale cancellation document was produced before it, which was crucial to the matter. In the interest of justice, the matter was remitted back to the Assessing Officer for de novo consideration.
The Tribunal condoned the delay in filing the appeal. It held that if the recipient of the interest has offered the income and paid tax thereon, no disallowance under Section 40(a)(ia) can be made, especially considering the retrospective nature of the second proviso.
The Tribunal held that the AO had made sufficient inquiries and verified the facts before passing the assessment order. The CIT's view was considered a second opinion, which is not permissible under Section 263. Therefore, the revision order was set aside.
The Tribunal held that if the employees' contribution to PF and ESI is paid before the due date for filing the return of income under Section 139(1), no disallowance is warranted. Following a coordinate bench decision, the addition was deleted.
The Tribunal condoned the delay in filing the appeals. Following a jurisdictional High Court decision, the Tribunal held that cooperative societies are eligible for Section 80P deduction on interest income from nationalized banks. Therefore, the Pr.CIT's revision orders were not sustainable.
The Tribunal found that the hire charges were likely paid to multiple entities, with individual payments to any single entity being less than Rs. 20,000. Therefore, the addition made under Section 40A(3) was not warranted.
The Tribunal condoned the delay in filing the appeal by the Revenue. The appeal was then adjudicated on merits, with the Tribunal considering the grounds raised by the Revenue regarding the disallowance of the Section 54GB deduction.
The ITAT found that the assessee was not given a proper opportunity to present its case before the CIT(A). Therefore, the matter was restored to the CIT(A) for fresh adjudication on merits after providing the assessee with adequate opportunities.
The Tribunal held that a satisfaction note recorded by the Assessing Officer, stating that seized material belongs to the assessee, is a mandatory condition for initiating proceedings under section 153C. As this was absent, the assessment was quashed. Consequently, the revision order based on this assessment was also rendered infructuous.
The Tribunal upheld the CIT(A)'s deletion of the addition, finding that the AO failed to refer the matter to the Valuation Officer as mandated by Section 50C(2) when the assessee objected to the valuation. The Tribunal distinguished the present case from a cited precedent where the assessee had not requested a reference to the Valuation Officer.
The Tribunal upheld the addition for notional interest on advances to directors, finding no evidence of funds being interest-free. For share application money from Kolkata-based companies, the Tribunal set aside the CIT(A)'s order and upheld the AO's addition, finding the entities to be bogus. The issue of share application money from one party was remanded for fresh verification.
The Tribunal condoned the delay in filing the appeal, finding a reasonable cause for the belated filing due to the factory premises being closed. The Tribunal also deleted the additions made by the AO on account of share application money under Section 68 and notional foreign exchange fluctuation gain.
The Tribunal deleted the disallowance of interest expenditure, finding that the AO and CIT(A) did not consider the assessee's own funds and interest-free borrowings. The Tribunal also set aside the addition of Rs. 3 Crs under Section 68, stating that the assessee had provided loan particulars and repayments, and further inquiries should have been made by the revenue authorities.
The Tribunal confirmed the disallowance of depreciation on the non-compete fee, finding the transaction between related parties lacked substantiation for its quantum and bonafide. The matter of TDS credit was remanded to the Assessing Officer for verification.
The Tribunal held that the rental agreements were for furnished premises with inseparable amenities, making the entire receipts rental income. Therefore, the AO was correct in taxing it under 'income from house property'.
The Tribunal held that the disallowance of expenditure related to the business activity against which Chapter VI-A deduction is claimed should result in allowing deduction on the enhanced profits. Following CBDT Circular No. 37/2016, the assessee is eligible for deduction u/s 80IA on the enhanced expenditure.
The Tribunal upheld the CIT(A)'s order, stating that Section 14A read with Rule 8D applies only when an assessee has earned exempt income. As the assessee had no exempt income in the relevant year, the disallowance was correctly deleted.
The Tribunal held that the assessee failed to establish the identity, financial capacity, and genuineness of the gift. Mere possession of agricultural land was insufficient without proof of agricultural income and related expenses.
The Tribunal accepted the assessee's prayer to withdraw the appeal. The Revenue did not contest the assessee's submission.
The Tribunal held that the Rs. 2.84 crores was a loan which was not retained by the assessee and was paid for a property purchase on behalf of the lender, thus not falling under Section 56(2)(vi). Similarly, the Rs. 40 lakhs advances were considered to have been returned, negating the 'without consideration' aspect.
The Tribunal found that the identity of the donors was established and the presumption that agriculturists have meagre income may not be appropriate. The Revenue did not conduct further inquiries to disprove the genuineness of the gifts. Therefore, the addition was not warranted.
The Tribunal found merit in the assessee's claim, considering his declared income and the possibility of accumulating the amount over time. The addition made by the AO and confirmed by the CIT(A) was deemed inappropriate.
The Tribunal held that the assessee utilized interest-bearing loans for other purposes by giving them as interest-free loans to group companies, including SCSL, which was involved in a financial scandal. Therefore, the AO rightly disallowed the interest paid on borrowed funds under Section 36(1)(iii).
The Tribunal held that the entire assessment framed by the AO was void-ab-initio for non-issuance of a valid notice under Section 143(2) of the Act. Consequently, the assessment orders were set aside.
The Tribunal held that interest expenditure claimed under Section 57(iii) was not allowable from 'Income from other sources' due to lack of nexus, upholding the CIT's view on this point. However, it ruled that disallowance under Section 14A should not be added to book profits under Section 115JB.
The Tribunal held that the penalty notices were defective as they did not specify the charges under Section 271AAB, thus failing to provide the assessee an opportunity to plead their case. Consequently, the penalty proceedings were quashed.
The Tribunal held that the penalty notices were defective as they did not specify the charges under Section 271AAB, thus failing to provide the assessee an opportunity to plead their case. Consequently, the penalty proceedings were quashed.
The Tribunal held that the entire assessment framed by the AO was void-ab-initio for non-issuance of a valid notice under Section 143(2) of the Act. Consequently, the assessment orders were set aside.