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236 orders · Page 4 of 5
The Tribunal held that the seized cash should have been adjusted as advance tax on the date of the assessee's declaration, and interest under Section 234B should be recalculated accordingly. The Tribunal also held that no disallowance under Section 14A can be made if no exempt income was earned.
The Tribunal held that while the valuer's report was properly considered, the evidence for expenses claimed was not confronted to the AO. Therefore, the matter of these expenses was set aside for verification.
The Tribunal held that the reassessment proceedings were invalid as they were initiated beyond four years from the end of the assessment year, and the original assessment had been completed. The Tribunal found no failure on the part of the assessee to disclose material facts, and the AO had applied their mind to the issue during the original assessment.
The Tribunal held that the CIT(Exemptions) was not justified in refusing registration. The primary dissolution clause stipulated vesting of assets in another trust with similar objects, and vesting in the State Government was a secondary alternative. The Tribunal relied on High Court and Supreme Court decisions stating that such clauses do not automatically disqualify a trust for registration.
The Tribunal held that the AO was not justified in treating the sale proceeds of KAFL shares as undisclosed income and deleting the addition under section 69C. The disallowance under section 14A was also directed to be deleted due to lack of proper satisfaction by the AO.
The Tribunal held that CBDT circulars are binding on the Revenue and that the appeal filed was contrary to the Department's policy decision. Therefore, the appeal was dismissed in limine.
The Tribunal held that the penalty notice was bad in law as it failed to specify the limb of Section 271(1)(c) under which the penalty proceedings were initiated. Following the Karnataka High Court's decisions, the Tribunal cancelled the penalty.
The Tribunal held that mere non-filing of returns for earlier years cannot be a ground to deny registration under section 12AA. The CIT(E)'s scope at the registration stage is limited to the genuineness of activities and charitable objects.
The Tribunal held that the AO made the addition in haste without giving the assessee a proper opportunity to reconcile the discrepancies, violating principles of natural justice. The Tribunal noted that the assessee had provided reconciliations supported by evidence.
The Tribunal held that the assessment framed under Section 143(3) for AY 2010-11 had abated due to the search conducted on September 18, 2012, as per the second proviso to Section 153A(1) of the Income-tax Act. Therefore, the assessment was quashed.
The Tribunal held that an assessment order passed against a non-existent company due to amalgamation is void and cannot be sustained. This defect is jurisdictional and cannot be cured by Section 292B of the Income Tax Act.
The Tribunal held that the assessment framed under Section 143(3) for AY 2010-11 had abated due to the search conducted on September 18, 2012, as per the second proviso to Section 153A(1) of the Income-tax Act. Therefore, the assessment was quashed.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee had sufficient own funds for investments, making the interest disallowance under Rule 8D(2)(ii) unjustified. Regarding administrative expenses, the assessee's voluntary disallowance of Rs. 5 lacs was deemed reasonable.
The Tribunal upheld the deletion of disallowances for foreign travel expenses, agreeing that visits to stopover locations like Zurich were necessary for business purposes and that the AO's disallowance was based on conjecture. The Tribunal also upheld the deletion of disallowances for commission payments to both foreign and Indian agents, finding that services were rendered and documented, and that the AO had not proven the Indian agents were related parties.
The Tribunal held that an assessment order passed against a non-existent company due to amalgamation is void and cannot be sustained. This is a jurisdictional defect, not a procedural one that can be cured under Section 292B.
The Tribunal upheld the deletion of the addition made on account of sundry creditors, finding that the assessee had provided sufficient explanation and evidence for the genuineness of purchases and the delay in payments due to global recession. The appeal by the Revenue was dismissed.
The Tribunal upheld the deletion of penalty, primarily because the penalty notice did not specify whether the charge was for concealment or furnishing inaccurate particulars. Additionally, the Tribunal noted that Section 271AAA would be the applicable section for penalty in cases of search, not Section 271(1)(c).
The Tribunal found that the sources of capital introduction in 'Pranab Chatterjee & Associates' were sufficiently explained by cash withdrawals from the assessee's personal bank account and drawings from 'M/s Viswakarma'. For 'M/s Module', a portion of the capital introduction was explained by investment from HUF, but the remaining amount was sustained as unexplained.
The Tribunal held that the AO erred in rejecting the books of accounts as the assessee had produced them and no defects were recorded. The Tribunal also noted that the assessee's net profit declared was consistent with past years and accepted in subsequent scrutiny assessments.
The Tribunal held that the penalty notice issued was defective as it did not specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Following the Karnataka High Court's decision, the Tribunal cancelled the penalty.
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance to Rs. 2 lacs. It agreed that the assessee had sufficient own funds and no net interest expenditure, making disallowance under the second limb of Rule 8D(2) inappropriate. The Tribunal also accepted the CIT(A)'s acceptance of the assessee's calculation for the third limb, which was less than the suo-moto disallowance.
The Tribunal held that the assessee had reasonable cause for the delay in filing the return and submitting the audit report due to his severe ill health. Therefore, the penalty levied under Section 271B was cancelled.
The Tribunal held that transport charges and subsidies are part of the business and manufacturing activity and are eligible for deduction under Section 80IC, following its own prior decisions upheld by the High Court.
The Tribunal upheld the CIT(A)'s decision, stating that the eligibility of transport charges and subsidy for Section 80IC deduction is a debatable issue. Therefore, it cannot be rectified under Section 154 of the Income-tax Act.
The Tribunal held that the gift was substantiated by bank transfer evidence and a notarized reply from the donor, despite the gift deed being executed later. The AO's disallowance was based on suspicion rather than concrete evidence.
The Tribunal held that the AO cannot make an addition on an issue not mentioned in the reasons recorded for reopening, especially when the original reasons for reopening did not lead to any additions. The addition of Rs. 2 lacs was deemed non-est in the eyes of law.
The Tribunal held that the CBDT circular increasing the monetary limit for appeals is applicable retrospectively. Therefore, the appeal filed by the Revenue was treated as withdrawn and dismissed.