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284 orders · Page 3 of 6
The Tribunal condoned the delay in filing the appeal before the CIT(A), citing Supreme Court judgments emphasizing liberal interpretation of 'sufficient cause' to advance substantial justice. The orders of the lower authorities were set aside.
The Tribunal held that the penalty notice issued under Section 274 read with Section 271(1)(c) was bad in law because it failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Consequently, the penalty notices and subsequent proceedings were quashed.
The Tribunal noted the assessee's contention that withdrawals were for banking operations and not personal income. However, due to the lack of response to the AO, the Tribunal decided to remit the case back to the AO for a fresh assessment, allowing the assessee an opportunity to be heard.
The Tribunal held that the assessee had provided sufficient documentary evidence regarding the genuineness, creditworthiness, and identity of the loan creditors, and that the loans had been repaid. Therefore, the additions made by the AO were not sustainable.
The Tribunal held that the assessee had provided sufficient documentary evidence regarding the genuineness, creditworthiness, and identity of the loan creditors, and that the loans had been repaid. Therefore, the additions made by the AO were not sustainable.
The Tribunal held that the assessee is entitled to the benefit of registration under Section 12AB of the Act, and this benefit is available for the assessment years under appeal. Consequently, the income of the trust is fully exempt.
The Tribunal held that the assessee is entitled to the benefit of registration under Section 12AB of the Act, and this benefit is available for the assessment years under appeal. Consequently, the income of the trust is fully exempt.
The Tribunal held that the assessee is entitled to the benefit of registration under Section 12AB of the Act, and this benefit is available for the assessment years under appeal. Consequently, the income of the trust is fully exempt.
The Tribunal held that the assessee is entitled to the benefit of registration under Section 12AB of the Act, and this benefit is available for the assessment years under appeal. Consequently, the income of the trust is fully exempt.
The Tribunal held that the assessee is entitled to the benefit of registration under Section 12AB of the Act, and this benefit is available for the assessment years under appeal. Consequently, the income of the trust is fully exempt.
The Tribunal held that the penalty notice issued under Section 274 read with Section 271(1)(c) was bad in law because it failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Consequently, the penalty notices and subsequent proceedings were quashed.
The tribunal condoned the delay in filing the appeal. However, it found that the CIT(A) erred by admitting additional evidence without restoring the issue to the AO, thus violating Rule 46A.
The Tribunal held that the assessee had provided sufficient evidence of genuine share transactions through registered brokers and banking channels. The Tribunal noted that the scrip was not on the list of penny stocks and that the revenue had not conducted independent inquiries to prove the transactions were bogus.
The Tribunal set aside the CIT(A)'s order and remitted the matter to the Assessing Officer for reassessment. This was done to provide the assessee with a proper opportunity to be heard, considering the circumstances of the auditor's death and lack of proper representation.
The Tribunal remanded the issues of stacking charges and interest payments back to the Assessing Officer for fresh consideration with supporting evidence. The disallowance for carriage inward and loading/unloading charges was restricted to 10%.
The Tribunal condoned the delay in filing the appeal. It held that the business profits of the proprietorship concern, which were already taxed in the hands of the deceased husband, should be reduced from the assessee's total income to avoid double taxation.
The Tribunal held that the appeal was not maintainable as the assessment order under section 143(3) did not modify the intimation under section 143(1). The disallowance of set-off of short-term capital loss was based on the fact that the returns were filed belatedly, making the claim ineligible for set-off as per Section 80 of the Act.
The Tribunal found that the assessee provided sufficient evidence, including VAT/CST returns, sales register, invoices, and bank statements, to prove that the receipts of Rs. 71,91,742/- were accounted business receipts from disclosed sales. The Tribunal concluded that the reassessment proceedings were based on assumptions without evidence of escaped income.
The Tribunal held that the CIT(A) had not properly determined the advance tax liability and had not adjudicated the appeal on merits. Therefore, the order of the CIT(A) was set aside and the case was restored for fresh disposal.
The Tribunal held that the reassessment order was based on an earlier assessment order dated 25.03.2015, which had been set aside and substituted by a subsequent order dated 30.03.2016. Therefore, the CIT(A)'s order was based on an erroneous appreciation of facts.
The Tribunal upheld the CIT(A)'s deletion of additions related to cash credits from M/s Ganapati Enterprises and M/s New Binayak Jewellers, finding the assessee had provided sufficient evidence. The Tribunal also upheld the deletion of disallowance of expenses, considering the business turnover and the reasonableness of the expenses.
The Tribunal held that the assessee was an old trust and its application should have been treated under a different clause applicable to existing trusts, not new ones. The CIT(E)'s order was set aside, and the application was to be re-evaluated under the appropriate provision.
The Tribunal condoned the delay, acknowledging the assessee's reasonable cause. It decided to remand the matter back to the Assessing Officer for de novo reassessment to provide the assessee with a proper opportunity to be heard.
The Tribunal held that while the books of account were rightly rejected and profit needed to be estimated, the 6% profit rate applied by the lower authorities was on the higher side. Therefore, the Tribunal directed the AO to apply a net profit rate of 2% on the total turnover, modifying the additions made.
The Tribunal held that the CIT(A) had not properly determined the advance tax liability and had not adjudicated the appeal on merits. Therefore, the order of the CIT(A) was set aside and the case was restored for fresh disposal.
The Tribunal held that the exemption under Section 10(23C)(iiiab) had been allowed in earlier years and there was no material change. Following the rule of consistency, the order of the CIT(A) was set aside.
The Tribunal noted the assessee's request to withdraw the appeal as the issue had been resolved. The appeal was accordingly dismissed as withdrawn.
The Tribunal condoned the delay in filing the appeal and, considering the need for proper verification of evidence, remanded the issue of Section 54 deduction back to the Assessing Officer for fresh adjudication.
The Tribunal held that the CIT(A) had not properly determined the advance tax liability and had not adjudicated the appeal on merits. Therefore, the order of the CIT(A) was set aside and the case was restored for fresh disposal.
The Tribunal held that the assessee should be allowed the benefit of foreign tax credit, even if Form No. 67 was not filed within the prescribed time. The Tribunal also directed the AO to consider the assessee's claim of non-resident status and grant appropriate relief.
The Tribunal held that penalties paid to the RBI for violations of its directions, which have the force of law, are not allowable as a deduction under Section 37 of the Income Tax Act. Such payments are considered expenditure incurred for an offense or prohibited by law.
The Tribunal found that the issue of notice u/s 148 and other factual aspects required further verification. Therefore, the case was restored to the CIT(A) for a fresh disposal after considering the grounds raised and obtaining a remand report from the AO.
The Tribunal held that the CIT(A) erred in dismissing the appeal and confirming the addition. It noted the discrepancy between the stamp duty valuation and the valuation reports from the DVO and a registered valuer, which closely matched the consideration paid.
The Tribunal held that since the assessee could not furnish required documents to justify the exemption claim under Section 10(26AAA) or prove income accrual in Sikkim, the matter should be remanded to the AO for fresh assessment.
The Tribunal held that Section 41(1) applies only when there is a remission or cessation of liability and the assessee obtains a benefit. It also held that non-compliance with notices by creditors does not automatically make the liability bogus if the assessee has consistently recognized it as live.
The Tribunal held that the assessee should not suffer due to the consultant's negligence and the delay should have been condoned. The CIT(A)'s orders were set aside, and the appeals were restored to the CIT(A) for disposal on merits.
The Tribunal found that the assessee had furnished all necessary documents to prove the identity, creditworthiness, and genuineness of the share transactions. The incorrect addresses cited by the AO were a factual error, and the assessee had responded to summons. Therefore, the additions were deemed unsustainable.
The Tribunal held that the reopening of assessment was based on borrowed satisfaction and a lack of application of mind by the AO. Furthermore, the interest paid on the loan was not debited to the Profit and Loss account but capitalized, and the loan itself was accepted by the Revenue.
The Tribunal upheld the deletion of the addition, agreeing with the CIT(A) that the investment was adequately explained. The AO's conclusion was based on conjecture rather than facts on record.
The Tribunal condoned the delay in filing the appeal before the CIT(A) and restored the issue to the file of the AO. The AO was directed to decide the matter after affording the assessee a reasonable opportunity of hearing.
The Tribunal held that since the sales were accepted and the books of account were not rejected, the cash deposits, which were out of cash sales, should not be treated as unexplained cash credit. The addition made by the AO and confirmed by the CIT(A) was deemed incorrect.
The Tribunal held that since the substantive addition for the same amount was made in the hands of a firm and had become final, the protective addition in the assessee's hands was to be deleted. Consequently, the order of the CIT(A) was set aside.
The Tribunal held that the addition made under Section 43CA was not sustainable as the difference between the declared value and the DVO's valuation was less than 10%. This was based on the principle that the 10% tolerance band, considered curative and retrospective, applies to Section 43CA similar to Section 50C.
The Tribunal held that when material found in a search of a third party is used for assessment, the AO must follow the procedure under Section 153C, not Section 147. Since the AO failed to do so, the assessment order was quashed.
The Tribunal set aside the CIT(A)'s order and remitted the appeal back to the CIT(A). The CIT(A) was directed to pass a fresh order after giving the assessee an opportunity to present their case on both factual and legal grounds.
The Tribunal held that the reasons recorded by the Assessing Officer for reopening the assessment were vague, non-speaking, and lacked quantification of escapement of income. Consequently, the reopening was considered bad in law.
The Tribunal held that the assessment order passed by the NFAC was without valid jurisdiction because Section 151A of the Income Tax Act, which governs faceless assessments, was not yet notified when the assessment proceedings were initiated and concluded.
The Tribunal held that disallowance of purchases cannot be made when the assessee's books of account were not rejected under Section 145(3) and corresponding sales were not doubted. The Tribunal relied on previous decisions where similar additions were deleted.
The Tribunal found that the assessee had partially furnished voluminous documents for the trading loss and directed the AO to allow it. For the customer advances, the Tribunal found they were adjusted against subsequent sales and directed to delete the addition.
The Tribunal held that the AO made the addition by misconstruing the facts, as the Rs. 79,00,000/- was for stamp duty on Joint Development Agreements and not an amount to be accounted for in the books. The assessee, as a developer, had incurred work-in-progress expenditure.