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174 orders · Page 3 of 4
The Tribunal condoned the delay and admitted the appeals. Finding that the CIT(A) orders were ex-parte and lacked merit discussion, the Tribunal set aside the impugned orders.
The Tribunal held that the Ld. CIT(A) had dismissed the assessee's appeal based on a wrong appreciation of facts, specifically the erroneous belief that the assessee had opted for the Vivad-Se-Vishwas Scheme. The Tribunal found that the Ld. CIT(A)'s observation that the appellant opted for the scheme and that the Principal CIT certified full and final payment in terms of Form No. 5, leading to the appeal being treated as infructuous as per Section 4(2) of the Direct Tax Vivad-Se-Vishwas Act, 2020, was factually incorrect in the context of the appeal filed against the Section 153A assessment. To meet the ends of justice, the Tribunal decided to restore the issue to the file of the Ld. CIT(A) to decide the appeal on its merits after providing the assessee with a reasonable opportunity of being heard. The appeal was allowed for statistical purposes.
The Tribunal held that the assessee's institution existed solely for educational purposes and not for profit. The fact that receipts were from sources other than direct educational activities was not relevant, as the aggregate annual receipts from educational activities were less than Rs. 1 crore.
The Tribunal condoned the significant delay in filing the appeal, citing sufficient cause and the liberal interpretation of 'sufficient cause'. The appeal was restored to the CIT(A) for a decision on merits, granting the assessee another opportunity to be heard.
The Tribunal held that employee's contribution to PF and ESI, if deposited after the due date prescribed under the respective Acts, is liable to be disallowed. This follows the Supreme Court's decision in the Checkmate Services Pvt. Limited case.
The Tribunal dismissed the grounds challenging the reopening proceedings. Regarding the quantum addition, it confirmed the addition only to the extent of the net profit rate (2%) on the alleged bogus purchases, deleting the addition for commission expenditure.
The Tribunal held that the amounts received were advances from clients for the purchase of equity shares, and the assessee acted solely as a broker. The Tribunal found no discrepancy in the transactions and deleted the addition made under Section 68.
The Tribunal upheld the addition of Rs. 25.04 crore made by the Assessing Officer under Section 68 of the Income Tax Act. The Tribunal found that the assessee company's poor financial health and lack of future prospects did not justify the exorbitant share premium charged.
The Tribunal upheld the CIT(A)'s decision, stating that since the revisionary order under Section 263 was already quashed as invalid by a prior Tribunal decision, any subsequent proceedings, including the revised assessment, became infructuous.
The Tribunal held that the rectification order under Section 154 was valid as it corrected an apparent mistake. However, it directed the AO to compute the disallowance under Section 14A at Rs. 6,29,347/-, considering the dividend income earned and the assessee's suo-moto offer.
The Tribunal condoned the delay and admitted the appeal. The ex-parte order of the CIT(A) was set aside, and the matter was restored for fresh decision on merits.
The Tribunal held that since the assessee had filed audited financial statements, it implied that books of account were regularly maintained. Therefore, the penalty under Section 271A was not sustainable.
The Tribunal restored the issue of unexplained cash deposit to the AO for fresh examination. The AO was directed to examine the creditworthiness of the depositors and the genuineness of the transactions and documents.
The Tribunal confirmed the addition of Rs. 36,00,000/- as unexplained cash credit, as the assessee failed to provide evidence for the creditworthiness of the creditor and the genuineness of the transaction.
The Tribunal upheld the CIT(A)'s decision, stating that since the revisionary order under Section 263 was already quashed as invalid by a prior Tribunal decision, any subsequent proceedings, including the revised assessment, became infructuous.
The Tribunal upheld the CIT(A)'s decision, stating that since the revisionary order under Section 263 was already quashed as invalid by a prior Tribunal decision, any subsequent proceedings, including the revised assessment, became infructuous.
The Tribunal allowed the appeals partly for statistical purposes. It deleted disallowances under Section 14A for computing book profit, following jurisdictional High Court decisions. The Tribunal also directed the AO to recompute interest under Section 234C and tax liability/MAT credit.
The Tribunal allowed grounds related to Section 14A disallowance and its inclusion in book profit computation, citing High Court and Tribunal precedents. Other grounds were either allowed for statistical purposes, dismissed as not pressed, or considered general.
The Tribunal held that the assessee had not provided a plausible explanation for the significant delay and had consistently failed to prosecute its proceedings before tax authorities. The Tribunal noted that even after excluding the COVID period, the appeal remained substantially time-barred.
The Tribunal remanded the issue of the comparability of CG-VAK Software & Exports Limited to the Transfer Pricing Officer for fresh consideration, similar to a previous year's direction. It also directed the inclusion of CAT Technologies Limited as a comparable company, finding the assessee's arguments against its rejection to be factually sound.
The Tribunal upheld the decision of the CIT(Appeals), stating that share application money, when properly documented and reflected in the balance sheet and ROC filings, is not considered a loan or deposit under Section 269SS. Therefore, no penalty under Section 271D is leviable.
The Tribunal held that the assessee failed to produce necessary documentary evidence to substantiate its claim regarding the addition made by the AO. Therefore, no interference was called for in the findings of the CIT(A).
The Tribunal held that the reassessment proceedings were validly initiated and that the addition made by the Assessing Officer was justified due to the assessee's failure to substantiate his claims. The assessee's inability to provide details of beneficiaries or the person who instructed him to open the account was not accepted as a valid reason.
The Tribunal, following the jurisdictional Calcutta High Court's decision in Swati Bajaj & Others, held that transactions in these penny stocks were bogus and affirmed the revenue authorities' rejection of the assessee's claim.
The Tribunal condoned the delay in filing the appeal due to reasonable cause. It held that the revisionary proceedings were not justified for the service tax and Form 26AS issues, but were justified for the un-deposited TDS issue.
The Tribunal noted that the Assessing Officer, in giving effect to the Section 263 order, did not make any additions and accepted the returned income. Therefore, the Tribunal considered further examination of the Section 263 order to be an academic exercise.
The Tribunal held that the beneficiaries of the estate had offered the income for taxation and could not claim the TDS credit as it was reflected in the assessee's 26AS. Therefore, disallowing the TDS credit would result in the revenue retaining tax without any party being able to claim it.
The Tribunal held that the CIT(A)'s direction to the Assessing Officer to conduct further enquiries was valid, as it provided a fair chance to the assessee. The Tribunal found no infirmity in the CIT(A)'s order.
The Tribunal found that the CIT(A) did not provide sufficient reasoning for holding the commodity profit as bogus. Therefore, the matter was remitted back to the CIT(A) for a fresh, speaking order.
The Tribunal condoned the delay in filing the appeal before the CIT(A) and directed the CIT(A) to hear the appeal afresh on merits, considering the health issues and the Covid period. The Tribunal emphasized principles of natural justice.
The Tribunal held that the amendment to Section 40(a)(ia) by the Finance (No. 2) Act, 2014, was not retrospective. It followed the Supreme Court's decision in Shree Choudhary Transport Company, which stated that the amendment was applicable prospectively from April 1, 2015.
The Tribunal noted that while the COVID period delay could be condoned, there was insufficient specific explanation for the delay from August 2019 to March 2020. No supporting affidavit or medical documents were provided for the claimed illness.
The Tribunal held that the donation to the labor union was an allowable business expenditure. It also found that the purchase entry was a clerical error rectified in the subsequent year and allowed the deletion of the addition. Furthermore, it directed that only 40% of the disputed amounts should be considered for income tax, as per Rule 8.
The Tribunal noted that while the COVID period delay could be condoned, there was insufficient specific explanation for the delay from August 2019 to March 2020. No supporting affidavit or medical documents were provided for the claimed illness.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee had provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the share subscribers. The revenue's appeal was dismissed.
The Tribunal held that the reasons provided by the lower authorities for disallowing the deduction were vague and ambiguous. It was noted that the assessee had duly filed the audit report within the due date, and the disallowance was not justified.
The Tribunal dismissed the Revenue's appeals regarding additional depreciation, Section 80IA deductions, and the classification of certain expenses and receipts. The assessee's appeal concerning education cess was also dismissed, while the issue of leave encashment was remitted back to the Assessing Officer.
The Tribunal decided to issue a corrigendum to correct the typographical error in the assessee's name. The corrected name will be 'Kamalraj Traders & Foods Pvt. Ltd.' and this corrigendum will be part of the original order.
The Tribunal found merit in the AO's action, noting that the assessee's representative had agreed to the 8% profit estimation based on past assessment years. Therefore, the CIT(A)'s deletion was reversed.
The Tribunal upheld the addition as the assessee failed to establish the identity, creditworthiness of share subscribers, and genuineness of the transactions before the Assessing Officer and during remand proceedings.
The Tribunal held that the assessee had discharged its onus to prove the identity, genuineness, and creditworthiness of the share transaction. The lower authorities failed to consider the evidence provided by the assessee and the investor companies.
The Tribunal found that the CIT(Exemption) did not grant sufficient opportunity for hearing and set aside the ex-parte order. The case was remanded for re-adjudication on merits after the assessee submits the necessary documents.
The Tribunal dismissed the Revenue's appeals regarding additional depreciation, Section 80IA deductions, and the classification of certain expenses and receipts. The assessee's appeal concerning education cess was also dismissed, while the issue of leave encashment was remitted back to the Assessing Officer.
The Tribunal dismissed the Revenue's appeals regarding additional depreciation, Section 80IA deductions, and the classification of certain expenses and receipts. The assessee's appeal concerning education cess was also dismissed, while the issue of leave encashment was remitted back to the Assessing Officer.
The Tribunal dismissed the Revenue's appeals regarding additional depreciation, Section 80IA deductions, and the classification of certain expenses and receipts. The assessee's appeal concerning education cess was also dismissed, while the issue of leave encashment was remitted back to the Assessing Officer.
The Tribunal noted that the assessee had opted for the Vivad Se Vishwas Scheme and requested withdrawal of the appeal. The Revenue had no objection to this request.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee had discharged its initial burden by providing sufficient documentation to establish the identity, creditworthiness of lenders, and genuineness of the transactions. The AO's disallowance was considered perverse without proper reasoning.
The Tribunal held that the assessee had discharged its primary onus by providing details of the share subscribing companies, including their PAN, bank details, and confirmations. The AO failed to conduct proper investigations to disprove the genuineness of the transactions.
The Tribunal held that the AO failed to conduct proper investigations into the documents and evidence provided by the assessee. Merely because the directors did not appear, the AO could not disregard the documentary evidence submitted by the assessee.
The tribunal held that the disallowances made by the AO were ad-hoc and lacked specific defects in the books of accounts. Consequently, the disallowances for telephone expenses, general expenses, Hemali charges, loading & unloading charges, and travelling expenses were reversed.