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65 orders · Page 2 of 2
The Tribunal upheld the addition in the company's hands, finding that the individual's survey statement and the sale agreement provided sufficient evidence of the unexplained investment. However, it deleted the addition in the individual's hands, citing the principle of assessing income in the right person's hands.
The Tribunal held that Section 50C(1) of the Act mandates the use of fair market value for determining capital gains. It also noted that Section 50D, which might have been relevant for constructed area valuation, was not applicable retrospectively to the assessment year in question. Therefore, the CIT(A)'s direction to use the SRO value was upheld.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The ITAT remitted the issue back to the AO to verify if the sub-contractors filed their income tax returns. If they did, then the assessee cannot be considered in default, and Section 40(a)(ia) would not apply.
The Tribunal held that assessment proceedings under section 153A are not sustainable in law without incriminating material found or seized during the search. The material relied upon by the revenue was found to be part of the assessee's existing books.
The Tribunal held that assessment proceedings under section 153A are not sustainable in law if there is no incriminating material found or seized during the search. The material relied upon by the revenue was found to be part of the assessee's existing books.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal held that the penalties were not sustainable as the Assessing Officer already possessed the relevant material from a search action. There was no specific finding of failure by the assessees to produce necessary evidence.
The Tribunal followed its coordinate bench decisions and directed the AO/TPO to delete the adjustment on account of notional interest on outstanding receivables. Other grounds were remitted to the AO for examination or were considered consequential.
The Tribunal held that a voluntary disclosure of income during a survey, without any incriminating material or discrepancies found by the revenue authorities, does not constitute concealment of income. Therefore, the penalty under Section 271(1)(c) cannot be sustained.