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257 orders · Page 3 of 6
The Tribunal held that the variable pay, which is linked to company and individual performance, is not dearness allowance and should be excluded from the computation of house rent allowance exemption. The legal ground challenging re-opening was not pressed.
The Tribunal held that corporate guarantee does not constitute an international transaction. It also ruled that retention money is not income until final acceptance. Regarding Section 14A, proportionate disallowance of administrative expenditure was allowed for statistical purposes.
The Tribunal held that similar expenses were allowed in the assessee's own case for a prior assessment year on identical facts. The Tribunal found that these payments were customary and incidental to the business, and directed the deletion of the addition.
The Tribunal held that the addition was made solely on the basis of a retracted statement without corroborative evidence. The CIT(A) had correctly deleted the addition based on the material available on record.
The Tribunal held that disallowance under Section 14A read with Rule 8D is only for computing income under normal provisions and cannot be added to book profits under Section 115JB, as it is not an expenditure debited in the profit and loss account. The CIT(A)'s order deleting the addition was upheld.
The Tribunal held that the AO's failure to conduct adequate inquiries regarding the share capital/premium rendered the assessment order erroneous and prejudicial to the revenue. Consequently, the PCIT's order setting aside the assessment was upheld.
The tribunal recalled its previous order to address the unadjudicated issue. It then restored the matter of Section 68 addition to the Assessing Officer for fresh adjudication on merits, considering the evidence provided by the assessee.
The Tribunal held that the AO had conducted sufficient enquiries and taken a plausible view, relying on judicial precedents. The Pr. CIT's action under Section 263 was deemed unsustainable as the jurisdictional conditions were not met.
The Tribunal held that additional depreciation is allowable on new plant and machinery even in subsequent years if the asset was new when acquired and put to use. It also held that education cess is not a tax and therefore its disallowance under Section 40(a)(ii) is incorrect.
The Tribunal upheld the CIT(A)'s decision to delete the disallowance of club expenses and the addition of notional interest on loans. The Tribunal found that the CIT(A) correctly followed previous orders of the ITAT in the assessee's own case.
The Tribunal held that the CIT(A) rightly deleted the addition as the assessee had provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the investor, which was an existing shareholder with a common director.
The Tribunal held that the CIT(Exemption) violated the principles of natural justice by not giving the assessee sufficient opportunity to present their case and by not adjudicating the issue on merits. Therefore, the matter was restored to the CIT(Exemption) for de novo adjudication.
The Tribunal held that the Assessing Officer cannot make ad hoc disallowances on estimation without rejecting the books of accounts and passing an order under Section 144 of the Act. Disallowances should be item-wise and based on lack of nexus or supporting vouchers.
The Tribunal held that the addition should be restricted to the gross profit earned on unaccounted sales, not the entire sales amount. It also considered the investment required for such transactions and estimated it to be two months of unaccounted purchases.
The Tribunal held that interest paid on a borrowed loan, if utilized for giving interest-bearing loans and the earned interest is offered under 'Income from Other Sources', is deductible under Section 57(iii). However, this aspect required verification by the AO.
The Tribunal held that the AO had conducted inquiries on a test check basis regarding sundry creditors, and the PCIT failed to conduct his own inquiry to establish the error. Therefore, the PCIT's order under Section 263 was not sustainable.
The Tribunal held that Section 11(7) of the Act disentitles trusts registered under Section 12AA from claiming exemptions under Section 10, except for Section 10(23C). A previous coordinate bench decision was considered per incuriam.
The Tribunal held that the assessee did not get a proper opportunity before the AO due to the failure of its earlier representative to produce essential agreements. Therefore, the impugned order of the CIT(A) was set aside.
The Tribunal held that the CIT(A) had violated the principles of natural justice by not affording the assessee a reasonable opportunity to be heard. The matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that disallowance under Section 14A is not to be considered for book profit computation under Section 115JB. It also noted that only investments yielding exempt income should be considered for disallowance under Rule 8D.
The Tribunal noted that the assessee claimed non-receipt of notices from the CIT(Appeals) and that the Assessing Officer failed to comply with the CIT's directions. The Tribunal decided to give the assessee another opportunity to produce the shareholders and documents before the Assessing Officer.
The Tribunal held that the AO had properly examined the issue of the provision for expenses and accepted it as an ascertained liability. Therefore, the Pr. CIT's order under Section 263 was without jurisdiction as the AO's order was not erroneous or prejudicial to the revenue.
The Tribunal upheld the CIT(A)'s order, agreeing that a consequential assessment order cannot survive if the revisional order under Section 263 is quashed. Therefore, the Revenue's appeal was dismissed.
The Tribunal held that the disallowance under Section 14A read with Rule 8D cannot exceed the amount of exempt income. Following various High Court judgments, the Tribunal directed the Assessing Officer to restrict the disallowance to the extent of the exempted income.
The tribunal recalled its previous order and restored the main appeal. The issues concerning alleged bogus cash credits and unexplained commission expenditure were remitted back to the CIT(A) for fresh adjudication.
The Tribunal found that the PCIT's assumption of revision jurisdiction was valid as the assessee had deducted TDS on labour charges but paid it after the due date for filing the return. However, the Tribunal noted that the first proviso to Section 40(a)(ia) allows deduction in the year of payment. Therefore, the PCIT's revision direction was modified to consider this aspect.
The ITAT held that the CIT(A) violated the principles of natural justice by not properly adjudicating the appeal on merits and not providing a sufficient opportunity to be heard. The matter was restored to the CIT(A) for fresh adjudication.
The Tribunal noted that the issue of interest on income tax refund was not properly examined by the lower authorities. Therefore, in the interest of justice, the matter was remitted back to the Assessing Officer for fresh adjudication.
The Tribunal held that the PCIT rightly invoked revisional jurisdiction under Section 263 as the assessment was erroneous and prejudicial to the revenue due to the AO's lack of inquiry regarding TDS on interest payments. The assessee was not able to demonstrate that the AO had conducted the necessary inquiry.
The Tribunal recalled its earlier order dismissing the appeal for non-prosecution, finding that the assessee had not been properly served notice. The Tribunal further held that consultancy fees earned for services rendered outside India, even if credited to an Indian bank account, are not taxable in India for a non-resident.
The Tribunal proceeded ex parte against the assessee due to non-appearance and lack of supportive material for the claims. The Tribunal found no reason to accept the assessee's grounds and rejected them.
The Tribunal held that the CIT(A)'s direction to grant TDS credit in the year the corresponding income was offered for taxation was in accordance with Rule 37BA. They found no illegality or irregularity in the CIT(A)'s order.
The Tribunal noted that the relevant statutory provision was quashed by the jurisdictional High Court and its operation was stayed by the Supreme Court. Therefore, the issue was restored to the Assessing Officer for decision in line with the Supreme Court's final decision.
The Tribunal condoned the delay, stating it was not intentional. It also restored the assessee's grievance to the CIT(A) for adjudication on merits, as the impugned proceedings related to a regular assessment prior to search action.
The Tribunal accepted the assessee's explanation for the delay in the first assessment year and deleted the penalty. However, for the second assessment year, the Tribunal confirmed the penalty due to continued default.
The Tribunal held that the turnover for derivatives trading should not be considered as the total transactions for the purpose of Section 44AB. Therefore, the penalty under Section 271A was deleted.
The Tribunal held that the AO had made sufficient inquiries regarding the share valuation by calling for details and a Chartered Accountant's certificate. The AO's acceptance of the assessee's valuation, which was higher than the one calculated under the prescribed rules, was considered a plausible view.
The Tribunal granted the assessee's request to withdraw the appeal. Consequently, the appeal was dismissed as withdrawn.
The Tribunal held that the PCIT's revision order was not justified. Even if the Assessing Officer had not conducted due inquiries, the brokerage payments could not be disallowed if supported by cogent evidence, as per jurisdictional High Court decisions.
The Tribunal accepted the assessee's explanation for the delay in the first assessment year and deleted the penalty. However, for the second assessment year, the Tribunal confirmed the penalty due to continued default.
The Tribunal held that the CBDT Circular No. 495 and the decision in Apollo Tyres Ltd. support the assessee's claim. It was decided that the book profit computation under Section 115JB should be done as per the assessee's claim and the CBDT circular, without bifurcating income sources.
The Tribunal held that the assessee, acting as a developer and SPV, was not the 'owner' of the unsold inventory for the purpose of Section 22 of the Act. Therefore, the notional annual value could not be assessed as income from house property.
The Tribunal held that the CIT(A) passed an ex-parte order without affording a proper opportunity of hearing, violating principles of natural justice. The order of the CIT(A) was set aside.
The Tribunal held that the CIT(A)'s order was passed ex parte without proper adjudication of the merits. Therefore, the appeal was allowed for statistical purposes to restore the matter back to the CIT(A) for fresh adjudication.
The Tribunal found no merit in the assessee's claim as it was raised for the first time without evidence. However, it restored the issue to the Assessing Officer for factual verification of accommodation entries and to tax only the commission element where proven.
The Tribunal held that the CBDT Circular No. 495 and the decision in Apollo Tyres Ltd. support the assessee's claim. It was decided that the book profit computation under Section 115JB should be done as per the assessee's claim and the CBDT circular, without bifurcating income sources.
The Tribunal found that the assessee had a sufficient cause for non-appearance and that the CIT(A)'s order did not comply with statutory requirements. Therefore, the CIT(A)'s ex-parte order was set aside.
The Tribunal noted that the addition of Rs. 4,83,837/- under Section 68 was remitted back to the CIT(A) in quantum proceedings. Therefore, the penalty related to this addition was also remitted back to the CIT(A) for fresh decision.
The Tribunal set aside the ex-parte order of the CIT(A) and restored the matter to the AO for fresh assessment. This was done to allow the assessee an opportunity to explain the deposits, subject to payment of costs.
The Tribunal condoned the delay in filing the appeal and set aside the ex-parte order of the CIT(A). The matter was restored to the Assessing Officer for fresh adjudication, granting the assessee one more opportunity to present their case.