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498 orders · Page 5 of 10
The Tribunal agreed with the assessee's argument and remanded the matter to the Assessing Officer (AO). The AO was directed to apply the ratio from the assessee's own case for AY 2008-2009 and other relevant judgments.
The Tribunal held that since the sales were accepted and payments were made through banking channels, the purchases could not be treated as entirely bogus. The addition sustained by the CIT(A) was also deemed unjustified.
The Tribunal held that the Department had consistently accepted the assessee's classification of share transactions as investments in earlier years. Following the principle of consistency and citing previous judgments, the Tribunal ruled that the gains should be treated as capital gains.
The Tribunal held that the appeal was filed in contravention of the CBDT circular and therefore, it was deemed to be withdrawn or not pressed. The appeal was dismissed on this basis without going into the merits of the case.
The Tribunal remanded the issue of undisclosed investment to the CIT(A) for re-examination. For the Section 14A disallowance, the Tribunal held that it cannot be made more than the exempt income and allowed the assessee's appeal.
The Tribunal found merit in the assessee's argument and remanded the case back to the CIT(A). The CIT(A) was directed to pass a speaking order after providing the assessee a reasonable opportunity of being heard.
The Tribunal held that the appeals were decided ex-parte by the CIT(A) without affording a reasonable opportunity of being heard. For fair play and justice, the impugned orders of the CIT(A) were set aside.
The Tribunal held that since the assessee's interest-free funds were more than the investment amount, disallowance of interest under Section 14A was uncalled for. Investments made for strategic reasons and not for earning tax-free income should not be considered for disallowance.
The Tribunal held that the issue of plot size had already been decided in favour of the assessee up to the High Court level in earlier assessment years. Regarding the unit size, the Tribunal found that the restriction on unit size was introduced later and the units were sold as separate entities.
The Tribunal held that following an amendment to section 246A by the Finance Act, 2012, intimations under section 200A are appealable. The appeal filed after July 1, 2012, was therefore maintainable.
The Tribunal found that the AO's remand report was factually incorrect and misleading as it failed to consider details submitted by the assessee. The CIT(A)'s order was passed without affording a proper opportunity to be heard.
The Tribunal held that the appeal filed by the Revenue was not maintainable as the tax effect was below the revised monetary limit of Rs. 10 lakhs stipulated by CBDT Circular No. 21/2015. The circular was also clarified to apply retrospectively to pending appeals.
The Tribunal found that the AO had wrongly applied Rule 8D despite specific directions from the Tribunal. The FAA's decision to restrict the disallowance to 5% of exempt income was considered reasonable, as the assessee had also agreed to some disallowance.
The tribunal noted that an application for withdrawal of the appeal was filed by the assessee. The Departmental Representative had no objection to the withdrawal.
The ITAT upheld the CIT(A)'s order, finding that the assessee failed to provide sufficient evidence to explain the source of the deposits. The tribunal found no reason to interfere with the CIT(A)'s judicious order.
The Tribunal held that the appeal filed by the Revenue was not maintainable as the tax effect was below the revised monetary limit of Rs. 10 lakhs as per CBDT Circular No. 21/2015. Therefore, the appeal was dismissed.
The Tribunal held that payments made for acquiring leasehold rights are capital in nature and not rent liable for TDS under Section 194-I of the Income Tax Act.
The Tribunal held that merely raising a claim that is later found inadmissible does not amount to furnishing inaccurate particulars or concealment of income. The penalty on the Section 80IB(10) claim was therefore not leviable.
The Tribunal held that the CIT(A) erred in dismissing the appeals on procedural grounds and that the issue of tax liability borne by the appellant needed re-examination. The appeals were remanded to the CIT(A) for fresh adjudication.
The Tribunal held that the CIT(A) erred in dismissing the appeals on procedural grounds and that the issue of tax liability borne by the appellant needed re-examination. The appeals were remanded to the CIT(A) for fresh adjudication.
The Tribunal found that the case required re-examination by the Assessing Officer. The issue was sent back to the AO to re-examine all facts and evidence and provide the assessee with an adequate opportunity to present their case.
The Tribunal held that the sustained addition was due to accounting mistakes that were rectified by the assessee. Since these were corrections of errors and not concealment or furnishing of inaccurate particulars, penalty was not leviable.
The Tribunal upheld the disallowance of agricultural income due to lack of evidence and the disallowance of interest on delayed TDS as penal in nature. However, it reduced the disallowance of labour charges.
The Tribunal upheld the CIT(A)'s decision to delete the addition. It held that Section 45(4) was not applicable as there was no retirement of partners during the assessment year and no transfer of leasehold rights by the firm to retiring partners.
The Tribunal held that the provision made by the assessee was for a reasonable and ascertained liability, and the AO had correctly allowed it after examining the details. Therefore, the Pr. CIT's invocation of Section 263 was not justified.
The Tribunal allowed the claim for bad debts by considering the opening balance of provisions. It also upheld the disallowance of 1% of dividend income as per previous orders and decided other grounds based on earlier pronouncements.
The Tribunal held that additions cannot be made solely on the basis of diary entries without corroborative evidence. Since the assessee denied making any cash payment and the AO failed to provide evidence to the contrary, the addition was not justified.
The Tribunal admitted additional evidence filed by the assessee, which included a confirmation letter from the buyer. The matter was remitted back to the AO to consider this new evidence and decide the issue afresh.
The Tribunal held that the bad debt arose from the share broking business and was covered by judicial precedents, including a decision by the Bombay High Court. Therefore, the bad debt claim should be allowed.
The Tribunal upheld the CIT(A)'s order, finding no infirmity in the deletion of the interest expenditure disallowance. The Tribunal agreed that a nexus existed and that the CIT(A)'s reasoning was sound.
The Tribunal noted that the assessee had formally requested to withdraw the appeal and the Revenue had no objection. Therefore, the appeal was treated as withdrawn.
The Tribunal held that a lease for more than 12 years makes the lessee a deemed owner under Section 27(iiib) of the Income Tax Act. Therefore, income from subletting such a property is assessable under the head 'income from house property'.
The Tribunal held that the property card clearly showed the assessee as the owner of the roads, even though possession was with the Municipal Corporation for maintenance. Following the jurisdictional High Court's decision, the Tribunal ruled that the sale of TDR rights related to a capital asset, where the owner has incurred no cost of acquisition, is not taxable as capital gains.
The Tribunal noted that the applicability of Section 194C of the Act, particularly concerning individuals and the amendment effective from June 1, 2007, was not adequately adjudicated by the lower authorities. Therefore, the matter was remanded for de-novo determination.
The Tribunal held that since similar claims for interest on the same loans were allowed by the AO in earlier years after verification, the rejection in the impugned year was unfair. Consistency in assessment should be maintained.
The Tribunal held that disallowances under Section 40A(2)(b) and double claim expenses do not necessarily constitute concealment of income or furnishing inaccurate particulars. Similarly, disallowance of legal and professional fees due to non-deduction of TDS was also not a valid ground for penalty.
The Tribunal held that while there was a technical violation of Section 79, the assessee had a bona fide belief regarding shareholding control. Therefore, it was not a case of concealment or inaccurate particulars, and penalty was not leviable.
The Tribunal held that the reassessment proceedings were invalid due to procedural lapses in obtaining approval under Section 151. On merits, the Tribunal found the assessee eligible for deduction under Section 80RR as a 'sportsman' for his commentary and presenter services.
The Tribunal held that the issue of disallowance under Section 14A was decided in favour of the assessee in a previous assessment year, and since the facts are the same, the disallowance should be deleted. The Tribunal also noted that the assessee argued for either all transactions to be speculative or all to be non-speculative.
The Tribunal dismissed the appeal by following the CBDT's Circular No. 21/2015, which stipulated monetary limits for filing departmental appeals. The tax effect in this case was below the prescribed limit.
The Tribunal held that the transfer of the property was not completed in the year under consideration. This was based on the fact that the assessee continued to receive rent from the property and the full sale consideration was received only in the subsequent financial year, with possession also handed over then.
The Tribunal held that the CIT(A) erred in dismissing the appeals on procedural grounds and that the issue of tax liability borne by the appellant needed re-examination. The appeals were remanded to the CIT(A) for fresh adjudication.
The Tribunal held that the penalty under Section 271(1)(c) was not leviable as the transfer pricing adjustment arose from a difference in opinion on the calculation methodology, not from concealment or furnishing of inaccurate particulars. The assessee had acted in good faith and with due diligence, especially considering similar issues in prior years where penalties were not imposed.
The Tribunal remanded the issue of allocation of head office expenses and disallowance under Section 14A (expenses) back to the AO for fresh adjudication. The disallowance of interest under Section 14A was upheld as deleted by the CIT(A).
The Tribunal remanded the issue of allocation of head office expenses and disallowance under Section 14A (expenses) back to the AO for fresh adjudication. The disallowance of interest under Section 14A was upheld as deleted by the CIT(A).
The Tribunal remanded the issue of allocation of head office expenses and disallowance under Section 14A (expenses) back to the AO for fresh adjudication. The disallowance of interest under Section 14A was upheld as deleted by the CIT(A).
The Tribunal held that Section 50C of the Income Tax Act is not applicable to the transfer of leasehold rights in land. Therefore, the capital gains should be computed based on the consideration declared by the assessee.
The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision. The issue had already been decided in favor of the assessee by the ITAT and the Bombay High Court in the assessee's own case.
The Tribunal held that the non-resident status of the directors of the company is not a valid ground for refusing registration under Section 12A of the Income Tax Act, 1961. The Tribunal reasoned that the company itself is an Indian resident, being incorporated under the Indian Companies Act, 1956, and it is the company that is seeking registration. The Tribunal further noted that the DIT(E) failed to examine the primary conditions for registration under Section 12AA, namely, the charitable nature of the assessee's objects and the genuineness of its activities. The DIT(E) had not made any observations on these crucial aspects. Consequently, the Tribunal set aside the impugned order of the DIT(E) and restored the matter to his file for fresh adjudication. The DIT(E) was directed to decide the application afresh after providing the assessee with due opportunity of being heard and after verifying the charitable nature of the objects and the genuineness of the activities. The Tribunal clarified that if these conditions are met, registration must be granted.
The Tribunal held that filing a revised return is a right recognized by the Act and does not automatically imply inaccurate particulars. Mere making a claim, if it is as per the provisions of the Act, does not warrant a concealment penalty.