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247 orders · Page 4 of 5
The Tribunal found that the Assessing Officer had not considered documentary evidence filed by share subscriber companies. Therefore, the matter was set aside and remitted back to the Assessing Officer for fresh adjudication.
The Tribunal held that the reasons recorded by the AO for reopening the assessment were insufficient. The reasons did not indicate that income had escaped assessment, but rather suggested a need for further inquiry.
The Tribunal found it appropriate to remand the matter to the AO for fresh verification of the details of share subscribing companies, allowing the assessee to cooperate and provide evidence.
The Tribunal found that for some issues, the Assessing Officer had made proper inquiries, and the Principal CIT's view of an erroneous assessment was incorrect. For other issues, the Tribunal agreed that the Assessing Officer's assessment lacked sufficient inquiry, making it erroneous and prejudicial to the revenue.
The Tribunal noted that the assessee's appeal challenging the CIT's Section 263 order had become infructuous. The Revenue did not dispute these developments.
The Tribunal remanded the matter to the AO for verification of disallowance under Section 14A and write-off of sundry balances, citing violation of natural justice. It also held that disallowance under Section 14A cannot be added to book profit under Section 115JB.
The Tribunal noted that the CIT(A) had taken cognizance of the Tribunal's earlier order quashing the Section 263 order and dismissed the appeal before him. The Tribunal found no infirmity in the CIT(A)'s order.
The Tribunal held that depreciation is an allowable deduction separately before estimating net profit, upholding the CIT(A)'s decision on this ground. For the VAT payment issue, the Tribunal directed the AO to examine evidence provided by the assessee.
The Tribunal held that while Section 14A applies even to shares held as stock-in-trade, the computation mechanism under Rule 8D is not applicable. The disallowance needs to be computed based on the assessee's accounts, similar to how it was done in the cited case of S.G. Investments & Industries Ltd.
The Tribunal found that the AO had not conducted the necessary inquiries as directed by the CIT(A) and had completed the assessment proceedings prematurely. Therefore, the matter was remanded back to the AO for fresh verification.
The Tribunal noted that the assessee made no representation before the CIT(A) to support their claims regarding assumption of jurisdiction and additions on account of sundry creditors and unexplained investment. Therefore, the matter was remanded to the CIT(A) for fresh consideration.
Following CBDT Circular No.3/2018, the Tribunal dismissed the Revenue's appeal as withdrawn. The circular mandates withdrawal of appeals with a tax effect below a certain limit.
The Tribunal held that the issue was covered by its own previous orders in the assessee's own case for earlier assessment years. Following the principle of consistency, the Tribunal upheld the CIT(A)'s decision.
The Tribunal held that the assessee was not serious in prosecuting the appeal. Therefore, the appeal was dismissed for non-prosecution.
The Revenue sought to withdraw the appeal as the tax effect was below the monetary limit prescribed by the CBDT. The Tribunal granted permission for withdrawal.
The Tribunal, considering the assessee's non-cooperative attitude and non-prosecution of the appeal, treated the appeal as unadmitted and dismissed it.
The Tribunal corrected a typographical error in paragraph 24 of its previous order, changing the scrip name from 'KAFL' to 'SRK Industries Ltd.'. This corrigendum order forms part of the original order.
The Tribunal found sufficient cause for the assessee's non-compliance due to the address change. The ex-parte order of the CIT(Appeals) was set aside.
The Tribunal held that the disallowance under Section 14A cannot exceed the actual exempt dividend income earned by the assessee. The disallowance was restricted to the amount of exempt income.
The ITAT found the CIT(A)'s action of rejecting the adjournment request and passing an ex parte order to be unjust. Therefore, the ITAT set aside the CIT(A)'s order and remanded the appeals back for a fresh hearing.
The Tribunal, considering the assessee's non-cooperative attitude and lack of interest in prosecuting the appeal, treated the appeal as unadmitted and dismissed it for non-prosecution.
The ITAT found the CIT(A)'s action of rejecting the adjournment request and passing an ex parte order to be unjust. Therefore, the ITAT set aside the CIT(A)'s order and remanded the appeals back for a fresh hearing.
The Tribunal held that a conveyance of immovable property by GPA constitutes a transfer of a capital asset. Therefore, the assessee is entitled to deduction under Section 54F for the property purchased in Delhi through GPA, as it was accepted by the AO initially.
The Tribunal acknowledged the typographical error in its previous order. It has corrected the assessment year to 2012-13 as originally intended.
The Tribunal held that the show-cause notices issued under Section 274 were defective as they did not specify the grounds for penalty. Therefore, the penalty orders were invalid and cancelled.
The Tribunal held that the show-cause notices issued under Section 274 were defective as they did not specify the grounds for penalty. Therefore, the penalty orders were invalid and cancelled.
The Tribunal found merit in the assessee's contention regarding incorrect address for notices. The ex-parte order of the CIT(Appeals) was set aside.
The Tribunal held that the penalty was unsustainable because the show-cause notice issued under Section 274 of the Act did not specify the charge against the assessee. Following precedents, the Tribunal decided that such a defective notice invalidates the penalty proceedings.
The Tribunal held that the CIT(A) was not justified in deleting additions made on a protective basis without awaiting the outcome of substantive assessment proceedings. The matter was remitted back to the CIT(A) for fresh decision after the substantive assessment is finalized. The issue of commission income was also remitted as consequential.
The Tribunal deleted additions related to bogus purchases, sales, credit notes, and sundry creditors, finding that the assessee's audited books of accounts were not rejected and the AO lacked cogent evidence. The Tribunal also noted that the assessee provided reconciliations for the discrepancies.
The Tribunal deleted additions related to bogus purchases, sales, credit notes, and sundry creditors, finding that the assessee's audited books of accounts were not rejected and the AO lacked cogent evidence. The Tribunal also noted that the assessee provided reconciliations for the discrepancies.
The Tribunal deleted additions related to bogus purchases, sales, credit notes, and sundry creditors, finding that the assessee's audited books of accounts were not rejected and the AO lacked cogent evidence. The Tribunal also noted that the assessee provided reconciliations for the discrepancies.
The Tribunal deleted additions related to bogus purchases, sales, credit notes, and sundry creditors, finding that the assessee's audited books of accounts were not rejected and the AO lacked cogent evidence. The Tribunal also noted that the assessee provided reconciliations for the discrepancies.
The Tribunal held that the imposition of penalty is unsustainable because the show cause notice did not clearly specify the charge against the assessee. Following the precedent of the Karnataka High Court and other coordinate benches, the Tribunal confirmed the deletion of the penalty.
The Tribunal upheld the CIT(A)'s decision, stating that the AO had no jurisdiction to make upward adjustments to book profit for international transactions, as these were not specified in Explanation 1 to Section 115JB. The Tribunal relied on Supreme Court and ITAT precedents.
The Tribunal allowed the derivative grounds for both assessment years, finding them to be hedging transactions. The prior period expense was also allowed as the liability crystallized in the current year. However, the ground related to replacement cost of ring frames was dismissed.
The Tribunal accepted the assessee's prayer to withdraw the appeal. Therefore, the appeal was dismissed as withdrawn.
The Tribunal held that the CIT(A) was not justified in deleting additions made on a protective basis without awaiting the outcome of substantive assessment proceedings. The matter was remitted back to the CIT(A) for fresh decision.
The Tribunal held that the CIT(A) was not justified in deleting the protective addition without awaiting the outcome of substantive assessment proceedings. Consequently, the issue of commission income, being consequential, was also remitted back.
The Tribunal held that the CIT(Appeals) was not justified in deleting the protective addition without awaiting the outcome of the substantive assessment proceedings. The matter was remitted back to the CIT(Appeals) for fresh adjudication.
The Tribunal set aside the ex-parte order of the CIT(Appeals) and restored the matter to the Assessing Officer. The Assessing Officer was directed to decide the case afresh after providing the assessee with a proper opportunity of being heard.
The Tribunal held that the CIT(A) was not justified in deleting additions made on a protective basis without awaiting the outcome of substantive assessment proceedings. The matter was remitted back to the CIT(A) for fresh decision.
The Tribunal held that the CIT(A) was not justified in deleting additions made on a protective basis without awaiting the outcome of substantive assessment proceedings. The matter was remitted back to the CIT(A) for fresh decision after the substantive assessment is finalized. The issue of commission income was also remitted as consequential.
The Tribunal upheld the CIT(A)'s decision to delete the addition on account of non-verifiable fixed assets, as the assessee had provided bills and bank statements, and depreciation was already allowed. The Tribunal also found no infirmity in the CIT(A)'s direction regarding apportionment of indirect costs and the deletion of notional interest on loans to a sister concern, as the assessee had sufficient own funds.
The Tribunal found that the CIT(A) passed an ex-parte and non-speaking order without considering the assessment records or discussing the assessee's case on merits. Therefore, the order was set aside.
The Tribunal held that the Assessing Officer failed to examine the directors of the company, which was crucial given the issuance of shares at a high premium. Therefore, the matter was remitted back to the Assessing Officer for fresh adjudication.
The Tribunal held that the revision of income should be considered by the Assessing Officer for computing the correct accumulation under Section 11 and carry forward of deficit. The issue was remitted back to the Assessing Officer for fresh adjudication.
The Tribunal restored the matter to the Assessing Officer for de novo adjudication. The assessee was directed to contest its stand, and the Assessing Officer was to pass a speaking order after providing an opportunity of being heard.
The Tribunal held that the imposition of penalty is unsustainable because the show cause notice did not clearly specify the charge against the assessee. Following the precedent of the Karnataka High Court and other coordinate benches, the Tribunal confirmed the deletion of the penalty.
The Tribunal set aside the ex-parte order of the CIT(A) and restored the matter to the AO for fresh adjudication. This was granted to give the assessee one more opportunity to explain the cash credits, subject to a cost of Rs. 5,000/-.