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486 orders · Page 4 of 10
The Tribunal held that the appeal filed by the Revenue was not maintainable as per the CBDT Circular No. 21/2015. The appeal was dismissed as not pressed.
The Tribunal noted that the tax effect was below the Rs. 10 lakh limit set by CBDT instructions for appeals before the ITAT. Therefore, the appeal was not maintainable.
The Tribunal noted the assessee's consistent accounting policy of offering income from expired vouchers in subsequent years, which was previously accepted by the Revenue. It held that the Revenue cannot disturb this method without cogent evidence of distortion or inconsistency.
The Tribunal deleted the penalty on the difference in opening stock as the addition was deleted by the Tribunal. The penalty on obsolete stock was also deleted, considering it was a case of wrong claim rather than concealment. The penalty on bad debts was set aside as the addition itself was remanded.
The Tribunal condoned the delay in filing the appeal due to reasonable cause. The matter was remanded to the CIT(A) for fresh adjudication after providing the assessee with an opportunity to be heard.
The Tribunal held that the gifts were genuine and their sources were proved, as declarations from the donors residing abroad, along with their financial details and banking channel transactions, were furnished. Therefore, the addition made by the AO was directed to be deleted.
The Tribunal found that the CIT(A) had not properly adjudicated the assessee's grounds of appeal, leading to a misconstrued dispute. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The CIT(A) deleted the addition, finding that the assessee had included the impugned sum in its turnover on an accrual basis. The Tribunal upheld this decision, agreeing that the addition by the AO would lead to double taxation.
The Tribunal found deficiencies in the TPO's order, including the lack of reasons for rejecting the assessee's chosen methods and a mistaken assumption about the methods used. Consequently, the matter was set aside for fresh adjudication. The Tribunal also held that transfer pricing adjustments should be restricted to transactions with AEs, relying on a High Court judgment.
The Tribunal held that the assessee correctly valued its unsold flats at cost or net realizable value, whichever was lower, as per accounting standards. It also directed the AO to correct arithmetical errors in the assessment order.
The Tribunal held that the statement of the third party could not be used against the assessee without a proper opportunity for cross-examination. The matter was remanded to the Assessing Officer to grant an effective opportunity for cross-examination and re-adjudicate the issue.
The Tribunal found that the CIT(A) had not properly adjudicated the assessee's grounds of appeal, leading to a misconstrued dispute. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal allowed depreciation on leased assets, deleted disallowance of interest expenditure, and upheld the deletion of penalty. However, it dismissed the grounds related to Section 14A and interest under Sections 234B and 234D.
The Tribunal held that the payments made to 'karigars' were not contractual, thus Section 40(a)(ia) was not applicable. However, it found that the assessee had not sufficiently established the genuineness of the entire payment, but later deleted the 20% ad-hoc disallowance based on evidence produced during remand.
The Tribunal held that the assessment proceedings under section 153C were without jurisdiction as the incriminating documents were found during a survey, not a search, and no satisfaction note was recorded. Additionally, the notice under section 143(2) was issued beyond the prescribed time limit.
The Tribunal held that the balance sheets of the partnership firm, which reflected a higher building cost accepted by the AO in prior years, should be considered. For the deemed let out property issue, the Tribunal restored the matter to the AO for re-examination.
The Tribunal held that interest paid on borrowed funds is an allowable expenditure if it is for the purpose of business, even if the funds are advanced as interest-free loans to a sister concern or partner. The decision relies on the ratio laid down by the Supreme Court in M/s S.A. Builders.
The Tribunal held that interest paid on borrowed funds is an allowable expenditure if it is for the purpose of business, even if the funds are advanced as interest-free loans to a sister concern or partner. The decision relies on the ratio laid down by the Supreme Court in M/s S.A. Builders.
The Tribunal upheld the CIT(A)'s decision, agreeing that payments for pay TV channel subscriptions fall under the definition of 'work' in Section 194C, not 'royalty' under Section 194J. Therefore, TDS deduction under Section 194C was appropriate.
The Tribunal noted the assessee's consistent accounting policy of offering income from expired vouchers in subsequent years, which was previously accepted by the Revenue. It held that the Revenue cannot disturb this method without cogent evidence of distortion or inconsistency.
The Tribunal held that the revenue failed to prove the notice under Section 143(2) was served within the statutory time limit due to doubts about the address and lack of clear postal delivery confirmation. Consequently, the assessment order based on this invalid notice was quashed.
The Tribunal held that the appeal was to be treated as withdrawn/not pressed as it contravened the CBDT circular regarding monetary limits for appeals.
The Tribunal held that the forfeited amount on share warrants is a capital receipt and not taxable as revenue. It also held that losses and depreciation from earlier years, already set off against other businesses, cannot be notionally brought forward to reduce profits for Section 80IA deduction.
The Tribunal held that since the addition for depreciation on goodwill was deleted in the quantum appeal, the penalty under section 271(1)(c) could not stand. Therefore, the penalty levied was deleted.
The Tribunal allowed depreciation on leased assets, deleted disallowance of interest expenditure, and upheld the deletion of penalty. However, it dismissed the grounds related to Section 14A and interest under Sections 234B and 234D.
The Tribunal upheld the CIT(A)'s decision to quash the reassessment. It found that the reasons for reopening were factually incorrect as the issue had already been decided in favour of the assessee in the original assessment, constituting a change of opinion by the AO.
The CIT(A) deleted the penalty because the Tribunal had previously set aside the assessment proceedings under Section 153C and deleted the addition made under Section 69C. Since the assessment proceedings giving rise to the penalty were quashed, the deletion of the penalty was upheld.
The Tribunal held that bank guarantee charges are not in the nature of commission and thus no TDS is required under Section 194H. Regarding computer maintenance, it was held that payments for bandwidth and infrastructure are not technical services under Section 194J, and deduction under Section 194C was appropriate.
The CIT(A) allowed the assessee's alternative plea to consider interest expenditure while computing income under 'Income from House Property' and 'Income from Other Sources'. The Tribunal affirmed this direction, finding no merit in the Revenue's appeal.
The CIT(A) deleted the penalty under Section 271AAA because the assessment proceedings that led to the penalty had been quashed by the Tribunal. The Tribunal agreed with the CIT(A)'s decision.
The Tribunal held that the payment made by the assessee was in the nature of compensation for alternative accommodation and not 'rent' as defined under Section 194I of the Income Tax Act. Therefore, the disallowance under Section 40(a)(ia) was not sustainable.
The Tribunal held that the reassessment was validly initiated based on the ground of donation, as there was no full and true disclosure. However, the claim for set off of long-term capital loss against short-term capital gain was considered to have been examined and accepted in the original assessment, thus not a valid ground for reassessment.
The Tribunal noted that the tax effect was below the Rs. 10 lakh limit for appeals before the ITAT as per CBDT instructions. Therefore, the appeal was not maintainable.
The Tribunal held that the ITSC has exclusive jurisdiction over proceedings where income is disclosed, and the AO must adopt the ITSC's outcome. Since the matter was pending before the ITSC, the impugned orders were set aside and the issue was remanded to the AO for fresh adjudication.
The Tribunal noted that the tax effect was below the monetary limit of Rs. 10 lakh for appeals before the ITAT, as per CBDT instructions. Therefore, the appeal was not maintainable.
The Tribunal dismissed the appeal filed by the Revenue. This was based on the CBDT's Circular No. 21/2015, which prescribed a new monetary limit for preferring appeals, and the tax effect in this case was below that limit.
The Tribunal held that the appeal was not maintainable as the tax effect was below the monetary limit prescribed by the Board. The Departmental Representative conceded to this fact.
The Tribunal held that the intention of the assessee was mainly to act as an investor, considering factors like investment from own capital, earning dividend income, and the fact that the AO accepted the assessee's claim of Long Term Capital Loss. Therefore, the gains arising on sale of shares should be assessed under the head Capital Gains.
The Tribunal dismissed the Revenue's appeals for assessment years 2004-05 to 2009-10 as not maintainable due to low tax effect. For assessment year 2010-11, the Revenue's appeal regarding the annual letting value of properties was partly allowed for statistical purposes, and the assessee's appeal challenging an addition of Rs. 70 lakh as undisclosed income was allowed for statistical purposes.
The Tribunal noted that the tax effect was below Rs. 10 lakhs and, in view of CBDT Circular No. 21/2015, such appeals should not be filed or should be withdrawn. The circular is applicable retrospectively to pending appeals.
The Tribunal held that the appeal filed by the Revenue was not maintainable. This was because the quantum of dispute and the tax effect were below the monetary limit prescribed by the CBDT for filing appeals before the ITAT.
The Tribunal dismissed the Revenue's appeals for assessment years 2004-05 to 2009-10 as not maintainable due to low tax effect. For assessment year 2010-11, the Revenue's appeal regarding the annual letting value of properties was partly allowed for statistical purposes, and the assessee's appeal challenging an addition of Rs. 70 lakh was allowed for statistical purposes.
The Tribunal noted that the tax effect of the appeal was below the monetary limit prescribed by the CBDT for filing appeals before the ITAT. Therefore, the appeal was not maintainable.
The Tribunal dismissed the Revenue's appeals for assessment years 2004-05 to 2009-10 as not maintainable due to low tax effect. For assessment year 2010-11, the Revenue's appeal regarding the annual letting value of properties was partly allowed for statistical purposes, and the assessee's appeal challenging an addition of Rs. 70 lakh as undisclosed income was allowed for statistical purposes.
The Tribunal noted that the addition on which the penalty was levied had been deleted in the quantum proceedings. Therefore, the penalty could not stand.
The Tribunal dismissed the appeal as not maintainable. The tax effect of the disputed amount was below the monetary limit prescribed by the CBDT circular for filing appeals.