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523 orders · Page 9 of 11
The Tribunal held that no disallowance under Section 14A can be made if the assessee has not earned any exempt income during the relevant assessment year. This decision was based on previous rulings, including a Delhi High Court judgment.
The Tribunal held that allowing software expenditure as revenue is a debatable issue, especially since the Hon'ble High Court admitted substantial questions of law on similar disallowances in earlier years. Therefore, no penalty should be imposed.
The Tribunal held that assessment proceedings under section 153A are invalid in the absence of any incriminating material found during the search, especially when the issue sought to be re-examined was already concluded in prior assessment proceedings. The letter of intent was not considered incriminating as it was a public document and already on record.
The Tribunal upheld the CIT(A)'s decision, finding that the pre-mixed concrete purchase did not fall under Section 194C for TDS and that the labour charges were sufficiently substantiated. The Tribunal found no contrary evidence to interfere with the CIT(A)'s findings.
The Tribunal held that no disallowance under Section 14A can be made if the assessee has not earned any exempt income during the relevant assessment year. This decision was based on previous rulings, including a Delhi High Court judgment.
The Tribunal held that interest expenditure incurred for acquiring shares should be considered as the cost of acquisition or improvement and is allowable while computing capital gains under Section 48 of the Income Tax Act. The AO was directed to allow the assessee's claim accordingly.
The Tribunal admitted the documents produced by the assessee as additional evidence, setting aside the AO's order. The case was remanded back to the AO for verification and fresh assessment.
The Tribunal held that re-opening the assessment after four years was invalid as the assessee had disclosed all material facts during the original assessment. Furthermore, the expenditure was found to be validly claimed by the assessee.
The Tribunal held that the rental income from the leased hotel premises, including movable properties, should be treated as business income. This was based on the fact that the assessee was previously operating the hotel as a business and the leasing was a commercial decision due to market conditions.
The Tribunal held that the rental income from the leased hotel premises, including movable properties, should be treated as business income. This was based on the fact that the assessee was previously operating the hotel as a business and the leasing was a commercial decision due to market conditions.
The Tribunal upheld the CIT(A)'s order deleting the penalty. Since the underlying addition under section 69C was deleted by a previous ITAT order, the penalty levied on it could not survive.
The Tribunal held that while the sale of jewellery by the assessee himself was not substantiated, the sale of jewellery by other family members could be considered. The AO was directed to allow the source of funds from jewellery possessed by family members, subject to limits prescribed by CBDT Circular No. 1916/1994.
The CIT(A) admitted the additional evidence, finding that TDS was deducted and paid, and the payee had filed its return of income. The Tribunal upheld the CIT(A)'s decision, finding no reason to doubt the evidence provided by the assessee.
The Tribunal partly allowed the appeal regarding retainership fees, confirming the disallowance for parties without PAN. For commission paid, the Tribunal found that the CIT(A) erred in calculating the disallowance based on sales amount instead of commission paid, and thus restored the issue to the Assessing Officer for fresh adjudication.
The Tribunal held that the assessee's explanation for the omission was bonafide, as he had not claimed credit for the TDS on the omitted income. Since there was no loss to the revenue and no evasion of tax, the penalty under Section 271(1)(c) was deleted.
The Tribunal upheld the CIT(A)'s decision that the assessee did not carry on any business activity of rendering professional services to its parent company, and thus the business loss and related expenses were not allowable. However, other grounds related to TDS credit and interest were treated as allowed for statistical purposes.
The Tribunal noted that the agreements indicated the assessee was providing business services, not just letting out property. Therefore, the income should be re-examined as potentially business income or income from other sources.
The Tribunal held that the deposit in the joint account was out of the father's investments, as evidenced by the father's statement and documentation. However, it confirmed the disallowance of 10% of motor car and telephone expenses due to the possibility of personal use.
The Tribunal held that the payment made by the assessee was not in the nature of 'rent' as contemplated under Section 194I of the Income Tax Act. Therefore, the assessee was not in default for non-deduction of TDS.
The Tribunal held that portfolio management fees are not deductible under Section 48 of the Income Tax Act as they are not incurred wholly and exclusively in connection with the transfer of the capital asset, nor are they part of the cost of acquisition or improvement. The theory of real income cannot be used to allow deductions not permitted by the Act.
The Tribunal held that portfolio management fees are not deductible under Section 48 of the Income Tax Act as they are not incurred wholly and exclusively in connection with the transfer of the capital asset, nor are they part of the cost of acquisition or improvement. The theory of real income cannot be used to allow deductions not permitted by the Act.
The Tribunal held that commission paid to agents outside India, for whom no part of their income arises in India, is not taxable in India. Therefore, the assessee was not required to deduct tax at source.
The Tribunal held that portfolio management fees are not deductible under Section 48 of the Income Tax Act as they are not incurred wholly and exclusively in connection with the transfer of the capital asset, nor are they part of the cost of acquisition or improvement. The theory of real income cannot be used to allow deductions not permitted by the Act.
The Tribunal found that the trust deed's objects were charitable and for the public at large. It set aside the DIT(E)'s order and remanded the case for fresh consideration, directing verification of whether the trust's activities were indeed charitable and for public benefit.
The Tribunal held that the AO and CIT(A) failed to examine the proviso to section 13(1)(c)(ii) concerning the trust deed's mandatory terms. Consequently, the case was restored to the AO for a fresh examination of the trust deed and rules.
The Tribunal held that the reopening of assessment was not justified as the assessee had made a full and true disclosure, and the AO failed to prove otherwise. Furthermore, the reopening was time-barred and the issue was covered in favour of the assessee by a CBDT circular.
The Tribunal held that as per CBDT Circular No. 21/2015, appeals with a tax effect below Rs. 10 lakhs should not be filed before the Tribunal. The circular is binding on tax authorities and applies retrospectively.
The Tribunal agreed with the assessee's contention that the appeal was not maintainable due to the tax effect being below the revised monetary limit. The Tribunal noted that the CBDT circular applied retrospectively to pending appeals.
The Tribunal held that properties forming part of the block of assets and used for business purposes cannot be taxed under the head 'Income from House Property'. It also upheld the deletion of additions related to commission refunds, finding that these were normal business transactions.
The Tribunal held that the amenities provided were integral to the rented property and not separate services. Therefore, the income from amenities should be assessed under the head 'Income from House Property' along with the rent.
The Tribunal, following its own earlier decision in the assessee's case for a different assessment year, held that the issue was covered in favour of the assessee. The matter was restored to the AO for fresh decision.
The Tribunal followed its own earlier decisions and the jurisdictional High Court's order in the assessee's own case. It was held that when there is a common pool of funds, there is a presumption that investments yielding tax-free returns are made from own funds, and disallowance under Section 14A should be deleted.
The Tribunal held that the CBDT circular prescribing monetary limits for appeals is binding on the Revenue. Since the tax effect was below the prescribed limit, the Revenue's appeals were not maintainable.
The Tribunal held that properties forming part of the block of assets and used for business purposes cannot be taxed under the head 'Income from House Property'. It also upheld the deletion of additions related to commission refunds, finding that these were normal business transactions.
The Tribunal held that properties forming part of the block of assets and used for business purposes cannot be taxed under the head 'Income from House Property'. It also upheld the deletion of additions related to commission refunds, finding that these were normal business transactions.
The Tribunal allowed the assessee to withdraw the present appeal as the issue had already been decided in their favor in a prior appeal. The Departmental Representative did not object to the withdrawal.
The Tribunal held that the additional evidence was not considered by the AO and its reliability was debatable due to retraction. Therefore, it should not be admitted at this stage.
The Tribunal held that the appeal was not maintainable as it did not meet the monetary limit prescribed by the CBDT for appeals to the Appellate Tribunal. Therefore, the appeal was dismissed as incompetent.
The Tribunal decided most grounds by following its own earlier orders. For AY 2007-08, the appeal by the AO and the cross-objection by the assessee were partly allowed. For AY 2009-10, the appeal by the AO was dismissed.
The Tribunal held that no disallowance of interest should be made as the assessee had sufficient surplus funds. For indirect expenses, certain investments were to be excluded from the calculation. The disallowance for cash expenses was restricted to 5% of the total cash expenditure.
The Tribunal held that for determining a PE, the duration of each contract should be considered separately, not aggregated. It also directed the Assessing Officer to follow previous orders for deciding the grounds raised in the current assessment year.
The Tribunal upheld the CIT(Appeals)'s decision, finding that the services rendered by the non-resident entities were either independent personal services or business profits not creating a permanent establishment in India. Therefore, they were not chargeable to tax in India, and no TDS was required.
The Tribunal held that the Assessing Officer incorrectly added the disallowed rebate amount to the assessed income instead of recalculating the income tax payable. The matter was set aside for recomputation.
The Tribunal held that for determining a PE, the duration of each contract should be considered separately, not aggregated. It also directed the Assessing Officer to follow previous orders for deciding the grounds raised in the current assessment year.
The Tribunal held that the issue regarding the annual value of the property was covered by its own previous decisions in favour of the assessee. Similarly, the Tribunal upheld the Commissioner (Appeals)'s decision to allow the claimed establishment expenses, following prior consistent rulings.
The Tribunal held that the assessee's claim that commission income was reduced from purchases needs to be examined with additional evidence. To ensure justice and avoid potential double taxation, the matter was set aside to the AO for de novo determination.
The Tribunal held that for determining a PE, the duration of each contract should be considered separately, not aggregated. It also directed the Assessing Officer to follow previous orders for deciding the grounds raised in the current assessment year.
The Tribunal held that the assessee's explanation for the cash deposit was factually indeterminate and required further substantiation. The matter was restored to the Assessing Officer for reconsideration of the explanation regarding medical treatment.
The Tribunal restored the issue to the file of the AO for fresh assessment. The AO was directed to give the assessee a proper opportunity to explain the source of funds and consider the evidence furnished.
The Tribunal held that the assessee is entitled to choose the method of calculating long-term capital gains tax, either at 20% with indexation or 10% without indexation, as per Section 112 of the Income Tax Act, irrespective of whether the gain was declared in the return. The AO was directed to allow this option to the assessee after verifying other conditions.