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267 orders · Page 2 of 6
The Tribunal held that excess TDS deposits in earlier years should be adjusted against TDS liabilities in subsequent years, as per Section 245 and CPC(TDS) communication. The assessee is entitled to adjustment of excess TDS deposits against subsequent liabilities.
The Tribunal noted that the order passed by the CIT under section 263, which was challenged by the assessee, was quashed by a previous Tribunal order. Consequently, the fresh assessment order passed pursuant to the section 263 order became a nullity, and the original assessment order stood restored.
The Tribunal held that the penalty was unsustainable because the show cause notice issued under Section 274 of the Act did not specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal followed the decision of the Hon'ble Karnataka High Court.
The Tribunal held that the penalty order was invalid because the show cause notice issued under Section 274 of the Act did not specify the exact charge against the assessee, i.e., whether it was for concealment of income or furnishing inaccurate particulars of income. The AO had not struck out the irrelevant portion of the notice.
The Tribunal found that the assessee was not granted a proper opportunity to be heard. Therefore, the CIT(A)'s ex parte order was set aside in the interest of justice.
The Tribunal held that the lower authorities failed to consider the business requirements of the company and the market rate for similar services. Therefore, the disallowance made under Section 40A(2) was deleted.
The Tribunal held that the reopening of assessment was invalid because the notice was issued by an Assessing Officer without territorial jurisdiction. The Revenue's reliance on a Delhi High Court judgment was found inapplicable as the assessee had filed objections within the stipulated time.
The Tribunal upheld the disallowance of service and maintenance charges, stating that claiming it separately would amount to double deduction. Regarding share capital, the Tribunal found merit in the assessee's argument that it was not given a proper opportunity to explain the transactions and restored the issue to the AO.
The Tribunal found that the assessee had a sufficient cause for non-appearance before the CIT(Appeals). The CIT(Appeals)'s order also lacked the required reasoning and points for determination.
The Tribunal held that the CIT(A) failed to comply with Section 250(6) of the Act by not providing a detailed adjudication on the merits. Therefore, the appeal was restored to the CIT(A) for a fresh adjudication.
The Tribunal held that the issue of valuation must be referred to the Valuation Officer as per Section 50C of the Act. A reference to the Valuation Officer is mandatory even if the assessee does not raise the plea during assessment.
The Tribunal restored the appeal to the CIT(A) for fresh adjudication on merits. The CIT(A) was directed to grant three effective opportunities of hearing to the assessee.
The Tribunal held that excess TDS deposits in earlier years should be adjusted against TDS liabilities in subsequent years, as per Section 245 and CPC(TDS) communication. The assessee is entitled to adjustment of excess TDS deposits against subsequent liabilities.
The Tribunal upheld the CIT(Appeals)'s decision to ignore the first two returns filed by the consultant and accept the third return filed by the assessee as the only valid one. The AO's assessment based on the first return was deemed to be without basis.
The Tribunal upheld the CIT(A)'s order, finding that the assessee had provided a detailed working, certified by auditors, showing the availability of brought forward loss for set off. The Revenue's appeal was dismissed.
The Tribunal held that the assessee's claim for deduction on profits from manufacturing pan masala was not allowable as it did not qualify as 'food processing' and was also covered under the negative list of tobacco products. However, the deduction claim for profits from the sale of wrist watches, which were part of brought forward stock, was allowed.
The Tribunal held that the land was agricultural and not a capital asset as it was situated beyond 8 km from the GHMC limits. The revenue failed to provide evidence of surface connectivity or conversion to non-agricultural use.
The Tribunal restored the matter to the Assessing Officer to verify the assessee's claim that the payees had already offered these amounts to tax. If verified, appropriate relief should be granted.
The Tribunal found that the assessee's investors did not fully comply with notices and that the AO did not provide sufficient time for compliance. Therefore, the Tribunal decided that the issue of identity, genuineness, and creditworthiness of the share application money needed to be re-examined.
The Tribunal upheld the CIT(A)'s decision, finding no infirmity. It agreed that no disallowance under Section 14A is maintainable if the assessee has not earned any exempt income.
The Tribunal held that Section 68 of the Income Tax Act is not applicable to transactions where shares are issued for consideration other than cash. The Tribunal followed its own previous decision on identical facts, stating that 'any sum' in Section 68 implies 'sum of money'.
The Tribunal deleted the addition on account of deemed dividend, following a precedent where loans with consideration paid to the company were not treated as deemed dividends. For the cash credit, the matter was remanded to the Assessing Officer for verification of evidence regarding the repayment of the amount.
The Tribunal held that it is not necessary for a trust to have commenced charitable activities to be granted registration under Section 12AA. The CIT(E)'s jurisdiction is to verify the genuineness of the objects and the activities proposed to be carried out.
The Tribunal noted the assessee's consistent non-appearance and decided to remand the matter to the CIT(A) for fresh consideration. This was subject to the assessee paying a cost of Rs. 5,000/- to the Prime Minister Relief Fund.
The Tribunal held that decisions in such cases must be based on evidence, not generalizations or suspicions. The assessee had provided overwhelming evidence of the genuineness of the share transactions, which remained unchallenged.
The Tribunal held that securities held by banks constitute their stock-in-trade and any notional loss on their valuation is an allowable deduction. It also ruled that disallowance under Section 14A is not sustainable if the assessee has sufficient own funds and no exempt income is earned.
The Tribunal condoned the delay in filing the appeal. Considering the unexplained discrepancies and in the interest of justice, the Tribunal directed the AO to restrict the addition to Rs. 5 lacs, modifying the CIT(A)'s order.
The Tribunal held that the secondary freight charges were reimbursement expenses incurred on behalf of the principal company, not the assessee's own business expenditure. Therefore, the disallowance under Section 40(a)(ia) and addition under Section 69C were not justified.
The Tribunal held that the expenditure incurred for replacing Banbury Rotors and Hot Platens, which are integral parts of the machines, constitutes revenue expenditure. The replacement restored the machines to their working condition without expanding capacity.
The Tribunal noted the assessee's lack of seriousness in attending hearings and the mixed question of law and facts involved. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the issue back for de novo adjudication.
The Tribunal upheld the order of the CIT(A) who had deleted the addition. The Tribunal found that the assessee had discharged its onus to prove the identity, creditworthiness, and genuineness of the share applicants, including the source of funds.
The Tribunal held that Section 68 of the Act was erroneously invoked as no cash was transferred. The transaction involved the exchange of shares, and the CIT(A) had rightly deleted the addition.
The tribunal upheld the CIT(A)'s decision, finding no infirmity in deleting the addition. The CIT(A) correctly concluded that the forward contracts in question, lacking physical delivery and banking channel routing, did not constitute speculative transactions.
The Tribunal held that the addition was made merely on the basis of a third-party statement without direct evidence of cash exchange. The assessee had discharged their initial burden by proving the identity, creditworthiness, and genuineness of the transactions.
The Tribunal held that the CIT(A) erred in accepting the retracted statement without examining its justifiability and the lack of independent verification for the cash repayments. The issue involves mixed questions of fact and law requiring proper adjudication.
The Tribunal, adopting the reasoning from a similar jurisdictional High Court judgment, deleted the disallowance. The genuineness of the expenditure was not doubted by the lower authorities.
The Tribunal allowed depreciation on the residential building at 2.5% as it was used by employees for less than 180 days. It also deleted the addition of melting gain, stating it was an intermediate process and part of the stock valuation.
The Tribunal found it proper to remand the matter back to the CIT(A) for fresh adjudication. The CIT(A) was directed to consider the remand report and adjudicate the appeal in accordance with the law.
The Tribunal found that the CIT(A) passed a cryptic and ex parte order without providing a reasonable opportunity to the assessee. Therefore, the order of the CIT(A) was set aside.
The Tribunal upheld the addition as the assessee failed to provide any evidence to substantiate that the bank deposits were included in the declared turnover or accounted for.
The CIT(A) correctly deleted the penalty as the assessment under section 153A was completed on the returned income without any additions. The penalty cannot be levied based on the original return filed under section 139.
The Tribunal found merit in the assessee's contention regarding lack of notice. In the interest of justice, the matter was remanded to the CIT(A) for fresh consideration, allowing the assessee to submit evidence.
The Tribunal held that Section 68 of the Income Tax Act is not applicable to barter transactions where shares are issued for consideration other than cash. The addition made by the AO was erroneous.
The Tribunal held that the assessee had discharged its primary onus by providing details of the identity, genuineness of the transaction, and creditworthiness of the subscribers. The assessment orders of the investor companies did not contain any adverse findings, indicating no irregularities.
The Tribunal held that the absence of a signature in the appeal memorandum is an irregularity, not an illegality, and can be rectified. The CIT(A)'s order was set aside.
The Tribunal held that the PCIT's second revision order was not sustainable as it raised new issues beyond the scope of the initial revision direction and was barred by the statutory limitation period. The Tribunal reversed the PCIT's order.
The Tribunal held that the AO lacked jurisdiction to levy penalty under Section 271(1)(c) as it was not initiated in the assessment order itself, nor was there any direction for its initiation. The initial initiation under Section 271AAB was also invalid as no search was conducted against the assessee.
The Tribunal upheld the disallowance of inward carriage expenses due to lack of confirmations and non-compliance with TDS provisions. For lifting, labour, and loading/unloading charges, 75% of the disallowance was deleted as the authorities relied on comparative figures without proper verification. The cash deposit addition was deleted by telescoping it with previously disallowed expenses.
The Tribunal upheld the CIT(A)'s order, finding that the Additional CIT did not have the power to act as an Assessing Officer after November 15, 2014, rendering the assessment order illegal and unsustainable.
The Tribunal held that the assessee had satisfied the requirements of the first proviso to Section 201(1) as the payees had filed their returns and paid tax on the amounts received. Therefore, no disallowance was warranted.