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183 orders · Page 4 of 4
The Tribunal held that the interest paid on customer advances was a business expense, as it was incurred as per contractual obligations in the normal course of real estate development. The Tribunal found no valid reason for the disallowance.
The Tribunal restored the matter to the file of the CIT(A) for fresh adjudication. This was done to decide the appeal along with the appeal of the employer, Mr. Mohd. Bashu Miya, to ensure consistency.
The Tribunal held that the ends of justice would be met by remanding the matter back to the CIT(A). The CIT(A) was directed to reconsider the issue after considering the written submissions filed by the assessee and affording an opportunity of hearing.
The tribunal held that the assessee should be given a fresh opportunity to present their case. The impugned orders of the CIT(A) were set aside and the issue was restored for fresh adjudication on merits.
The Tribunal set aside the CIT(A)'s order and restored the issue to the Assessing Officer. The AO was directed to reconsider the exemption after the disposal of the assessee's pending petition for condonation of delay in filing Form 10.
The Tribunal held that the CIT(A) dismissed the appeal on a technical ground without adjudicating the issue on merit. Therefore, the assessee deserves another opportunity to explain its case before the Assessing Officer.
The Tribunal held that cash deposits in SBNs during the demonetization period should be considered part of the business turnover, given the nature of the essential commodity sold. Therefore, an 8% profit should be estimated on these deposits instead of treating them as unexplained income.
The Tribunal held that the interest paid on customer advances was for business purposes and that any advances to group companies were in the normal course of business with commercial expediency. Therefore, the disallowance of finance charges was erroneous.
The Tribunal held that the interest paid on customer advances was for business purposes and that advances to group companies were in the normal course of business. Therefore, the disallowance of finance charges was erroneous.
The Tribunal held that the reopening of assessment under Section 147 was invalid as the AO lacked specific tangible material related to the assessee for the assessment year in question and relied on material from another assessee. Consequently, the reassessment order was quashed.
The Tribunal held that the interest paid on customer advances was for business purposes and that any advances to group companies were also in the normal course of business due to commercial expediency. Therefore, the disallowance was unjustified.
The Tribunal found that the CIT(A) dismissed the appeal ex-parte without the assessee making submissions. To meet the ends of justice, the Tribunal decided to remand the matter back to the Assessing Officer for fresh adjudication.
The Tribunal held that the CIT(A) should have considered the additional evidence and obtained a remand report from the Assessing Officer. Since this was not done, the order of the CIT(A) was set aside.
The Tribunal noted that the Assessing Officer had made the addition on a protective basis, as substantive addition was made in the hands of Mr. Mohd Bashu Miya. Following a co-ordinate bench's decision, the Tribunal allowed the appeal for statistical purposes with similar directions.
The Tribunal is hearing an appeal against the penalty order. The assessee's representative argued that the cash was received by the POA at the time of plot registration.
The Tribunal held that penalty proceedings should ideally be decided along with or after the quantum appeal challenging the additions. Since the CIT(A) decided the penalty appeal before the quantum appeal, the matter was set aside for fresh adjudication.
The Tribunal held that disallowance of notional interest on interest-free advances made from own interest-free funds is not justified, and deleted the addition of unsecured loans after the assessee fulfilled its primary onus. However, the issue of outstanding amounts to Industrial Engineering Consultants was remanded to the AO for verification.
The Tribunal found that the facts were not clear with relevant evidence. Therefore, the case was restored to the Assessing Officer for fresh consideration to verify the bank account and the source of credits.
The Tribunal found the assessee's explanation for cash deposits to be bonafide, acknowledging the business activity. However, due to a lack of primary evidence like agreements and bills, the Tribunal directed the Assessing Officer to estimate profit on the cash deposits.
The Tribunal held that the application was filed within the extended due date of September 30, 2023, as per CBDT Circular No. 6/2023. Therefore, there was no delay in filing.
The Tribunal allowed the assessee's request to withdraw the appeal. This was based on the assessee's submission that it had reapplied for registration and recognition and obtained them, rendering the current appeal infructuous.
The Tribunal held that the assessee failed to provide sufficient details to prove the genuineness of the cash deposits during the demonetization period. Therefore, an estimation was required for the unexplained cash deposits.
The Tribunal held that the CIT(A) should have provided an opportunity to the assessee to explain the delay before dismissing the appeal. Therefore, the order of the CIT(A) was set aside for fresh adjudication.
The Tribunal has corrected the name of the lending company in specific paragraphs and line numbers as detailed in the corrigendum. All other contents of the original order remain unchanged.
The Tribunal set aside the CIT(A)'s order and remanded the matter back for fresh adjudication. This was due to the death of the assessee's accountant, which led to non-compliance, and the pendency of the quantum appeal.
The Tribunal directed the Assessing Officer to adopt the cost of construction as claimed by the assessee at Rs. 500/- per sq. ft. and also allowed the expenses of transfer claimed by the assessee.
The Tribunal set aside the CIT(A)'s order and remanded the matter for fresh adjudication. This was due to the assessee not getting a sufficient opportunity to present their case and the pending quantum appeal.
The Tribunal found that while the assessee failed to fully justify profits, the AO's estimation of 4% was not justified. The Tribunal directed the AO to estimate 2% profit on total cash deposits as reasonable.
The Tribunal set aside the CIT(A)'s order, finding that the merits of the case were not discussed. The appeal was restored to the CIT(A) for fresh adjudication, providing the assessee with another opportunity to be heard.
The Tribunal held that while the assessee's past savings and declared income were partially considered, the entire amount could not be explained. Therefore, a portion of the addition was confirmed.
The tribunal held that the CIT(A)'s order did not comply with Section 250(6) of the Income Tax Act as it did not decide the appeal on merits. The tribunal found it reasonable to remit the issue back to the Assessing Officer.
The Tribunal has corrected the name of the lending company in specific paragraphs and line numbers as detailed in the corrigendum. All other contents of the original order remain unchanged.
The Tribunal held that the addition for agricultural income was unjustified as the assessee provided landholding details and MRO certificates, and it's common for agriculturists not to retain expenditure bills. However, the addition for unexplained cash deposits was upheld as the assessee could not provide sufficient evidence for the remaining amount.