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486 orders · Page 6 of 10
The Tribunal held that software adaptation charges for terminals were revenue expenditure, not capital. It also allowed the assessee's application for additional evidence regarding loans and directed the AO to re-examine the issue. The Revenue's appeal regarding late deposit of employee PF contribution was dismissed.
The Tribunal held that the reopening of assessment was not based on valid reasons, as the AO had not demonstrated the assessee's failure to disclose material facts, especially when the issue was discussed during the original assessment. Therefore, the reopening was considered invalid.
The Tribunal held that the reopening was bad in law as it was done after four years without any failure on the part of the assessee to disclose fully and truly all material facts. The reasons for reopening were based on information already on record and lacked fresh tangible material.
The Assessing Officer, in effectuating the CIT(A)'s orders, reduced the demands to NIL. Consequently, the assessee conceded that no grievance remained.
The Tribunal found that the CIT(A) did not adequately address the AO's view that the loss was non-genuine. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal noted that the tax effect in each appeal was less than Rs. 10 lakhs. Following CBDT Circular No. 21/2015, the Revenue is precluded from pursuing appeals with such low tax effects.
The Tribunal found that the CIT(A) did not adequately address the AO's view that the loss was non-genuine. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that the tax effect in each appeal was less than Rs. 10 lakhs. Following CBDT Circular No. 21/2015, the Revenue was precluded from pursuing appeals with such low tax effects.
The Tribunal allowed the assessee's petition to withdraw the appeals. The Revenue did not object to this request.
The Tribunal held that the appeal was not pressed/withdrawn as it contravened the CBDT circular regarding monetary limits for filing appeals. The appeal was dismissed on this procedural ground.
The Tribunal noted that the tax effect in each appeal was less than Rs. 10 lakhs. Following CBDT Circular No. 21/2015, the Revenue is precluded from pursuing appeals with such low tax effects.
The Tribunal dismissed the appeal as not maintainable because the tax effect was below the prescribed monetary limit. The Departmental Representative also conceded this fact.
The Tribunal allowed the assessee's petition to withdraw the appeals. The Revenue did not object to this request.
The Assessing Officer, in effectuating the CIT(A)'s orders, reduced the demands to NIL. Consequently, the assessee conceded that no grievance remained.
The Tribunal found that the assessee was not given adequate opportunity to furnish details and explanations. Therefore, the matter was restored to the AO for fresh adjudication.
The Tribunal held that as per CBDT Circular No. 21/2015, appeals with a tax effect below Rs. 10 lacs are not maintainable. Therefore, the appeal was dismissed.
The Tribunal held that the date of possession of the new flat (11.12.2003) should be considered as the date of purchase for the purpose of Section 54. This date falls within one year prior to the sale of the old house, making the assessee eligible for the deduction.
The Tribunal noted that the tax effect was below the monetary limit specified by the CBDT for filing appeals before the ITAT. Therefore, the appeal was not maintainable.
The Tribunal held that a penalty under Section 271(1)(c) is not leviable merely for a change in the head of income when there is no concealment or furnishing of inaccurate particulars of income. The assessee had disclosed all transactions and provided necessary details.
The Tribunal held that the AO had not rejected the books of accounts and had not doubted the genuineness of sales. Following the Bombay High Court's decision in Nikunj Exim Enterprises Pvt. Ltd., the Tribunal found that the FAA's findings were correct and the AO's objections were factually incorrect.
The Tribunal held that while some disallowance might be justified due to lack of complete vouchers, disallowing the entire expenditure was not warranted. They found no adverse material to suggest the expenditure was not incurred.
The Tribunal held that the assessee is entitled to set off share trading losses against derivative profits, following judicial pronouncements. Regarding Section 14A, the issue was remanded to the AO for recomputation, excluding shares held as stock-in-trade from the average investment.
The Tribunal held that since the Assessing Officer did not initiate penalty proceedings in the initial assessment orders, penalty proceedings cannot be initiated during the subsequent reassessment after remand. The penalty orders were set aside.
The Tribunal held that since the assessee had substantial interest-free surplus funds exceeding the borrowed funds, the advances were presumed to be from these surplus funds. Therefore, the disallowance of interest was not sustainable.
The Tribunal held that since the Assessing Officer did not initiate penalty proceedings in the initial assessment orders, penalty proceedings cannot be initiated during the subsequent reassessment after remand. The penalty orders were set aside.
The Tribunal noted that the assessee sought to withdraw the impugned appeals and the Departmental Representative had no objection. Accordingly, the Tribunal allowed the assessee to withdraw the appeals.
The Tribunal held that the assessee had provided all evidence for purchases, and the books of accounts were duly audited. The penalty levied on the ad-hoc addition was not justified as it was not a result of furnishing inaccurate particulars or concealing income.
The Tribunal noted that the CIT(A)'s order was passed before key High Court judgments on the benchmarking of AMP expenses. Following precedents, the Tribunal decided to remand the issue back to the AO/TPO for fresh adjudication.
The Tribunal held that commission paid to banks for processing credit card transactions does not fall under the purview of Section 194H. The banks do not act as agents of the assessee in this context.
The Tribunal held that completed assessments, previously framed under Section 153A after a prior search, could only be disturbed by the Assessing Officer if new incriminating material was found during a subsequent search. Since no such new material was found, the prior assessment allowing the interest deduction was upheld.
The Tribunal held that completed assessments, previously framed under Section 153A after a prior search, could only be disturbed by the Assessing Officer if new incriminating material was found during a subsequent search. Since no such new material was found, the prior assessment allowing the interest deduction was upheld.
The Tribunal held that completed assessments, previously framed under Section 153A after a prior search, could only be disturbed by the Assessing Officer if new incriminating material was found during a subsequent search. Since no such new material was found, the prior assessment allowing the interest deduction was upheld.
The Tribunal held that completed assessments, previously framed under Section 153A after a prior search, could only be disturbed by the Assessing Officer if new incriminating material was found during a subsequent search. Since no such new material was found, the prior assessment allowing the interest deduction was upheld.
The Tribunal held that for assessment years 2003-04 to 2006-07, the rental income from the shed should be assessed as income from house property. For assessment years 2007-08 to 2009-10, it was held that notional income under Section 23(1) is not applicable to business assets, and thus these appeals were allowed.
The Tribunal held that for assessment years 2003-04 to 2006-07, the rental income from the shed should be assessed as income from house property. For assessment years 2007-08 to 2009-10, it was held that notional income under Section 23(1) is not applicable to business assets, and thus these appeals were allowed.
The Tribunal held that the disallowance under Section 14A should be restricted to 5% of dividend income. Regarding the classification of gains, the Tribunal found the AO's reasoning lacking and remitted the issue back to the AO for fresh adjudication.
The Tribunal held that the assessee is entitled to set off share trading losses against derivative profits, following judicial pronouncements. Regarding Section 14A, the issue was remanded to the AO for recomputation, excluding shares held as stock-in-trade from the average investment.
The Tribunal noted that the assessee sought to withdraw the appeals and the revenue had no objection. Accordingly, the Tribunal allowed the assessee to withdraw the appeals.
The Tribunal upheld the First Appellate Authority's decision, finding that the payments were not covered by Section 9 of the Act and the non-residents had no business presence in India. Therefore, the assessee was not liable for TDS.
The Tribunal held that Section 50 of the Income Tax Act, dealing with depreciable assets, overrides Section 55(2)(ab). Therefore, the WDV of the membership card, not its original cost, should be taken as the cost of acquisition for the shares. Indexation was allowed from the year the BSE became a company.
The Tribunal held that the penalty under Section 271(1)(c) cannot be imposed when there is no intentional concealment or furnishing of inaccurate particulars. The addition was made due to non-confirmation by creditors, and the element of intentional concealment was missing.
The Tribunal held that the reopening of assessment was not justified as there was no reason to believe that income had escaped assessment, especially since the income was already taxed in the hands of the firm. The protective addition was also deemed unsustainable.
The Tribunal held that the AO failed to discharge the onus to prove that raw materials were not purchased or that the contract works were of inferior quality. However, the addition of Rs. 1,00,86,929/- related to a survey admission requires fresh adjudication.
The Tribunal held that since the revenue had consistently accepted STCG and LTCG as capital gains in previous assessment years, the same principle should apply. However, the disallowance of brokerage was upheld as it was not a permissible deduction under the head 'Income from House Property'.
The Tribunal held that 'Mawa' is a milk product, falling within the assessee's declared business of manufacturing dairy products. The expenses were revenue in nature and allowable as they were not for acquiring capital assets and were under common management.
The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that Section 73's explanation was inapplicable. The assessee's appeal was allowed for statistical purposes, remanding the Section 14A issue for fresh adjudication.
The Tribunal held that the AO did not properly examine the purchase bills provided by the assessee and made the addition based on suspicion without finding any fault with the documents. Therefore, the addition was not sustainable.
The Tribunal upheld the CIT(A)'s decision, stating that mere non-payment to creditors does not amount to cessation of liability under Section 41(1). Similarly, the decrease in stock was accepted as a genuine loss due to damage and subsequent sale at a low price, supported by evidence.
The Tribunal held that the CIT(A)'s original order in the assessee's case was based on a debatable point of law, and therefore, it did not constitute a mistake apparent from the record. Rectification under Section 154 was not permissible for such debatable issues.
The Tribunal confirmed the disallowance of interest expenses and the addition for the unexplained loan. However, the addition under Section 41(1) for advances received for flat bookings was restored to the AO for fresh adjudication. Certain other disallowances were also directed to be deleted or allowed.