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78 orders · Page 1 of 2
The Tribunal upheld the CIT(A)'s findings, stating that the revenue failed to present any distinguishing facts or legal arguments against the coordinate bench's decisions. The appeal was dismissed based on judicial consistency.
The Tribunal held that there were good and sufficient reasons for the contravention, considering the assessee's large business volume and the nature of the transaction. Therefore, the penalty imposed under Section 271DA was deleted.
The Tribunal held that the demand raised in the computation sheet was not in consequence of the assessment order, which had accepted the returned income without modification. Therefore, the demand was directed to be vacated.
The Tribunal found significant procedural irregularities in the orders of both the Assessing Officer and the CIT(Appeals). The CIT(Appeals) order was particularly flawed for dismissing the appeal without adjudication on merits.
The Tribunal held that the assessee had discharged its initial onus by furnishing all necessary documents and details regarding the identity, creditworthiness of share subscribers, and genuineness of the transactions. The AO failed to conduct an independent inquiry to verify these details, making the addition unsustainable.
The Tribunal held that penalty under section 271(1)(c) cannot be imposed solely on the basis of income disclosed under section 132(4) or enhanced in a return filed under section 153A, unless incriminating material found during the search directly supports the additions.
The Tribunal held that penalty under section 271(1)(c) cannot be imposed solely on the basis of income disclosed under section 132(4) or enhanced in a return filed under section 153A, unless incriminating material found during the search directly supports the additions.
The Tribunal granted the assessee's request to withdraw the appeal. No grounds were pressed by the assessee, and the revenue did not object.
The tribunal has corrected a typographical error in the assessment order. The PAN of the assessee, Heaven Tradecom Pvt. Ltd., has been rectified from AACCM5368K to AACCH5368K.
The Tribunal condoned the delay in filing the appeals, citing sufficient cause and a justice-oriented approach. It found the CIT(A)'s ex-parte order unsustainable as it lacked specific points for determination and reasons.
The Tribunal upheld the CIT(Appeals)'s decision, finding that the AO's addition was not sufficiently substantiated. The CIT(Appeals) had reasonably estimated the profit element in the transactions, considering judicial precedents.
The Tribunal condoned the delay in filing the appeals, citing sufficient cause and a justice-oriented approach. It found the CIT(A)'s ex-parte order unsustainable as it lacked specific points for determination and reasons.
The Tribunal held that the disallowance under Section 14A was not sustainable as the assessee's own funds were sufficient for investments and the amendment to Section 14A was not retrospective. The club expenses were also allowed as business expenditure, and the TDS/TCS credit issue was remanded to the AO.
The Tribunal condoned the delay in filing the appeals, citing sufficient cause and a justice-oriented approach. It found the CIT(A)'s ex-parte order unsustainable as it lacked specific points for determination and reasons.
The Tribunal held that the addition made in the assessment order was contradictory to the reasons for reopening and lacked proper application of mind by the Assessing Officer. Furthermore, the show-cause notice for penalty contained a material discrepancy regarding the assessment year.
The Tribunal held that the revisionary jurisdiction exercised by the PCIT was barred by limitation. It reasoned that the AO's powers in set-aside proceedings are confined to issues specifically restored, and the PCIT's second revisionary attempt concerned issues not part of the first round of set-aside proceedings.
The Tribunal found that the AO made a calculation error in determining the rental value of the property. Consequently, the addition made was significantly inflated. The Tribunal dismissed the revenue's appeals due to low tax effect and allowed the assessee's cross-objections.
The Tribunal held that the Assessing Officer (AO) failed to record proper reasons or satisfaction that income had escaped assessment, relying on borrowed satisfaction. Therefore, the reopening of assessment was quashed.
The Tribunal held that the reopening of assessment was valid as it was based on independent information. The addition of estimated commission income was also upheld as the transactions appeared to be for earning commission rather than genuine business.
The Tribunal held that the PCIT failed to demonstrate that the Assessing Officer's order was erroneous and prejudicial to the revenue. The Tribunal found that the AO had made a plausible inquiry and accepted the assessee's claims based on the evidence provided.
The Tribunal found that the AO made a calculation error in determining the rental value of the property. Consequently, the addition made was significantly inflated. The Tribunal dismissed the revenue's appeals due to low tax effect and allowed the assessee's cross-objections.
The Tribunal held that the lower authorities did not consider the documents filed by the assessee and did not provide a proper opportunity of being heard. Therefore, the case was remitted back to the CIT(A) for fresh adjudication.
The Tribunal condoned the delay in filing the appeal. It remitted the issue of share capital and premium addition back to the CIT(A) for fresh adjudication, directing a speaking order after providing sufficient opportunity to the assessee.
The Tribunal held that the assessee had discharged its onus by providing details of investors, bank statements, and audited accounts. The Tribunal found that the AO and CIT(A) had not properly considered the evidence and relied on judicial precedents to allow the appeal.
The Tribunal held that the assessee had sufficient cause for the delay in filing the tax audit report. The cooperative society's dependence on government-appointed auditors and the unavailability of key personnel constituted reasonable grounds for the delay.
The Tribunal held that the assessee could not avail the scheme due to non-payment of taxes, and the CIT(A) had dismissed the appeals based on Form 3 deeming them withdrawn. The appeals were restored to the CIT(A) for a decision on merits.
The tribunal partly allowed the appeal, reversing the disallowance for one investor company but sustaining it for others. Regarding the loss, the tribunal set aside the CIT(A)'s order and directed the AO to re-examine the depreciation claim on additions made after August 2011.
The Tribunal held that in an unabated assessment year, additions can only be made based on incriminating material found during a search. Since no such material was found regarding the Section 35(2AB) deduction or unabsorbed depreciation, the PCIT's revisionary jurisdiction was invalid. The Tribunal also noted that once a research facility is approved by the relevant authority, the AO cannot question the deduction.
The Tribunal held that the assessee had sufficient cause for the delay in filing the tax audit report. The cooperative society's dependence on government-appointed auditors and the unavailability of key personnel constituted reasonable grounds for the delay.
The Tribunal held that the denial of FTC solely on the ground of belated filing of Form 67 is not justified as it is a procedural formality. The Tribunal relied on various co-ordinate bench decisions that allowed FTC in similar circumstances.
The Tribunal held that the assessee could not avail the scheme due to non-payment of taxes, and the CIT(A) had dismissed the appeals based on Form 3 deeming them withdrawn. The appeals were restored to the CIT(A) for a decision on merits.
The Tribunal held that the principle of mutuality applies to the interest earned on the security deposit. This is because the deposit was mandatory for providing electricity services, a core object of the association, and the interest had a direct nexus with electricity charges.
The Tribunal restored all issues to the CIT(A) for fresh adjudication. The CIT(A) was directed to pass a speaking order after considering the assessee's submissions and documents, provided an adequate opportunity is given.
The Tribunal held that the principle of mutuality applies to the interest earned on the CESC deposit. This is because the deposit was mandatory for providing electricity services, a core object of the association, and the interest had a direct nexus with electricity consumption charges.
The Tribunal held that the assessee had not provided any supporting details for its share capital claim and had not explained the significant delay in filing the appeal. Therefore, the appeal lacked merit.
The Tribunal noted that the CIT(A) dismissed the appeal for want of prosecution, which is not ideal. However, due to the assessee's consistent non-cooperation and failure to provide any material, the Tribunal could not decide the appeal on merits.
The Tribunal condoned the delay in filing the Revenue's appeal. The CIT(A) had deleted the additions, finding that the assessee had provided sufficient details to establish the identity, creditworthiness, and genuineness of the share transactions, and that some funds were from group companies.
The Tribunal held that the Pr. CIT had invalidly invoked revisionary jurisdiction. The AO had conducted due verification and accepted the transaction, and the Pr. CIT's assumption of non-verification was found to be without merit.
The Tribunal partly allowed the appeal, reducing the disallowances on power and fuel expenses to 1% of the total claim, on repairs and maintenance to the cash portion, and on unloading & chipping expenses to 1% of the total amount. The Tribunal found that while some expenses were high or paid in cash, the assessee had provided explanations and supporting documents.
The tribunal upheld the addition made by the lower authorities, finding no merit in the appeal as the assessee failed to provide requisite details regarding the share applicants and the transactions.
The Tribunal granted the assessee's request for withdrawal of the appeal. The appeal was dismissed as withdrawn due to the settlement under the Vivad Se Vishwas Scheme.
The Tribunal condoned the delay in filing the Revenue's appeal. The CIT(A) had deleted the additions, finding that the assessee had provided sufficient details to establish the identity, creditworthiness, and genuineness of the share transactions, and that some funds were from group companies.
The Tribunal held that the omission of Section 92BA(i) by the Finance Act, 2017, meant that the provision was deemed to have never existed. Consequently, any action taken or proceedings initiated under that section were invalid.
The Tribunal condoned the significant delay in filing the appeal, citing the assessee's bonafide belief and the absence of any dilatory strategy. The Tribunal then proceeded to decide the appeal on its merits.
The Tribunal held that the gratuity contribution of Rs. 1 lakh paid before the due date for filing the return of income is eligible for deduction. It also held that the ESI contributions were made on time, with a typographical error in the year of deposit in Form 3CD.
The Tribunal held that the assessee failed to discharge its primary onus under Section 68 of the Income Tax Act, 1961, to explain the source of the share application money. Therefore, the addition made by the Assessing Officer and confirmed by the CIT(A) was justified.
The ITAT held that the assessee failed to prove the identity, creditworthiness, and genuineness of the share capital transaction under Section 68 of the Income Tax Act. The tribunal confirmed the addition made by the AO and upheld by the CIT(A).
The Tribunal held that the PCIT rightly invoked Section 263 as the AO's order was erroneous and prejudicial to revenue due to inadequate verification of the 80IC deduction claim. The PCIT's direction to re-examine the issue was upheld.
The Tribunal upheld the addition of Rs. 10,01,00,000/- as bogus share capital and premium. The assessee failed to provide any evidence to prove the genuineness of the transactions or the identity and creditworthiness of the share applicants.
The Tribunal concurred with the CIT(A)'s decision to dismiss the appeal. The assessee failed to provide any satisfactory reasons or supporting documents to justify the delay.