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612 orders · Page 12 of 13
The Tribunal found that the tax effect was indeed below the threshold specified in the CBDT circular and no exceptions applied. Therefore, the appeal filed by the Revenue was not maintainable.
The Tribunal restored the issue of business loss to the Commissioner (Appeals) for fresh adjudication after considering additional evidence, referencing a previous order where a similar claim was allowed. For the farmland rental income, the Tribunal also restored the issue to the Commissioner (Appeals) to examine additional documentary evidence.
The Tribunal upheld the CIT(A)'s decision to delete the disallowance. It was held that the loss on revaluation of foreign exchange forward contracts, when booked according to accounting standards and in the course of business, is an allowable expenditure.
The Tribunal held that the failure of the AO to set off the determined business loss against other eligible heads of income, as per law, constituted a mistake apparent from the record. The AO was directed to rectify the assessment order to allow the set-off.
The Tribunal upheld the CIT(A)'s order, confirming the addition of ₹14,31,647. The assessee failed to provide sufficient evidence to prove the identity, creditworthiness, and genuineness of the cash credit transactions.
The Tribunal held that e-connectivity charges are revenue in nature, as they do not result in the acquisition of software or enduring benefit. The disallowance made by the AO was directed to be deleted.
The Tribunal held that if the admitted tax is paid even after the appeal is filed, the appeal should be admitted and decided on merits, following a Karnataka High Court ruling. Therefore, the CIT(A)'s order was set aside.
The Tribunal held that the assessee had provided bonafide and plausible explanations for the omissions and disallowances. The penalty was not sustainable as the assessee had not concealed particulars of income or furnished inaccurate particulars with intent to defraud.
The Tribunal noted that the assessee did not press grounds related to brought forward capital loss and taxing LTCG as part of regular income. The main issue was the computation of LTCG on land transfer.
The Tribunal held that the rectification order was not barred by limitation as the AO's petition was filed within the prescribed time. It also ruled that a subsequent retrospective amendment to the Act can be a basis for rectification of a prior order, as it constitutes a mistake apparent from the record.
The Tribunal held that notional interest on a security deposit paid by an employer for securing rented premises for an employee is not to be treated as a perquisite, following a Bombay High Court judgment. The addition made by the AO was directed to be deleted.
The Tribunal held that no disallowance under Section 14A is warranted when no exempt income has been received or is receivable by the assessee. This decision followed the ratio laid down by the Delhi High Court in the Cheminvest Limited case.
The Tribunal upheld the CIT(A)'s decision, agreeing that for vacant properties, the Municipal Ratable Value should be adopted as the deemed ALV. The primary claim for nil ALV was rightly rejected as vacancy allowance applies to properties let out for part of the year.
For AY 2007-08, the Tribunal deleted the penalty under section 271(1)(b) as the assessee had genuine reasons for non-compliance, and the assessment was restored for denovo assessment. For AY 2008-09, the penalty under section 271(1)(c) was set aside as the original assessment was already set aside.
The ITAT held that the CIT(A) erred in dismissing the appeal without deciding the issues on merits as required by Section 250(6) of the Act. The matter was restored to the CIT(A) for de-novo adjudication.
The tribunal accepted the assessee's request for withdrawal of the appeal. The appeal was dismissed as withdrawn.
The Tribunal found that the CIT(A) had enhanced the assessment without proper notice to the assessee. Therefore, the Tribunal set aside the additions made by the AO and directed a de novo determination of all issues by the AO.
The Tribunal held that a valid claim should not be denied merely because it was not made in the original return or was capitalized. The lower authorities had not examined the claim on its merits.
The Tribunal upheld the order of the CIT(A), treating the amount received by the assessee as a capital receipt. This decision was based on previous judgments in the assessee's own cases and Supreme Court pronouncements.
The tribunal held that the assessee had a reasonable cause for the delay in filing ETDS returns, considering the introduction of e-filing and the assessee's limited setup. Therefore, the penalty levied was deleted.
The Tribunal held that an assessment order passed against a non-existent entity, due to amalgamation and dissolution prior to the order, is a nullity in the eyes of law. The participation of the assessee in the proceedings before the AO does not confer jurisdiction where none exists, and the defect is substantive, not merely procedural.
The Tribunal condoned the delay in filing the appeal due to sufficient cause. It admitted additional evidence and set aside the assessment and appellate orders, restoring the case to the AO for de-novo assessment.
The Tribunal condoned the delay in filing the appeal due to the assessee's ill health. It held that the issue of eligibility for deduction under Section 54F requires further examination and verification of the investment made in the new house.
The Tribunal restored the issue of disallowance under Section 40A(3) to the CIT(A) for de novo consideration. It also restored the issue of disallowance under Section 40(a)(ia) to the CIT(A) for de novo examination. The disallowance of clearing and forwarding expenses was upheld.
The Tribunal dismissed the Revenue's appeal in limine. It was held that the appeal was not maintainable as the tax effect was below Rs. 10,00,000 and did not fall under any exceptions mentioned in the relevant CBDT circular.
The Tribunal held that income from letting out the terrace for a telecommunication tower should be assessed under the head 'income from house property' and not as business income, following a coordinate bench's decision. Penalty appeals were also allowed as the quantum addition was deleted.
The Tribunal held that income from letting out the terrace for a telecommunication tower should be assessed under the head 'income from house property' and not as business income, following a coordinate bench's decision. Penalty appeals were also allowed as the quantum addition was deleted.
The Tribunal decided to restore the quantum appeal to the AO for verification of whether the payee had included the receipts in their income. Consequently, the penalty appeal became infructuous.
The Tribunal held that the AO failed to record the necessary satisfaction for invoking Section 14A and that Rule 8D was not applicable for the assessment years prior to 2008-09. Consequently, the disallowance made by the AO was deleted.
The Tribunal upheld the CIT(A)'s order, allowing the indexed cost of acquisition from the year the previous owner held the asset and permitting the deduction under Section 54. The Tribunal found no merit in the revenue's contentions.
The Tribunal held that the AO failed to record the necessary satisfaction for invoking Section 14A and that Rule 8D was not applicable for the assessment years prior to 2008-09. Consequently, the disallowance made by the AO was deleted.
The Tribunal dismissed the Revenue's appeal in limine due to the low tax effect, making the assessee's cross-objection infructuous. Therefore, both the appeal and the cross-objection were dismissed.
The Tribunal held that income from letting out the terrace for a telecommunication tower should be assessed under the head 'income from house property' and not as business income, following a coordinate bench's decision. Penalty appeals were also allowed as the quantum addition was deleted.
The Tribunal held that the AO failed to record the necessary satisfaction for invoking Section 14A and that Rule 8D was not applicable for the assessment years prior to 2008-09. Consequently, the disallowance made by the AO was deleted.
The Tribunal noted that the tax effect was below the threshold and did not fall under any exceptions. Therefore, the appeal was not maintainable as per the CBDT circular.
The Tribunal held that income from letting out the terrace for a telecommunication tower should be assessed under the head 'income from house property' and not as business income, following a coordinate bench's decision. Penalty appeals were also allowed as the quantum addition was deleted.
The Tribunal restored the quantum appeal to the AO for verification of whether the payee had included the receipts in their income. Consequently, the penalty appeal became infructuous.
The Tribunal noted that the tax effect in the appeal was below Rs. 10,00,000/-. As per CBDT Circular No. 21 of 2015, the appeal was not maintainable, and the Revenue's appeal was dismissed in limine.
The Tribunal held that the assessee is entitled to deduction under Section 80IA(4) by following its own previous orders and the decision of the Bombay High Court in CIT vs. ABG Heavy Industries Ltd.
The Tribunal held that if shares are held as stock-in-trade and dividend income is part of operating activities, Section 14A read with Rule 8D is not applicable. Therefore, the disallowance made by the AO and confirmed by the CIT(A) was deleted.
The Tribunal held that the CIT(A) rightly restricted the addition to the peak credit. However, it directed the AO to re-examine the peak credit calculation based on the details submitted by the assessee.
The Tribunal held that the appeal was not maintainable due to the low tax effect, as per the Board's instructions regarding monetary limits for appeals.
The Tribunal held that the tax effect involved in the appeal was below Rs. 10 lakhs. Following a CBDT circular, the Tribunal found the appeal not maintainable due to the low tax effect.
The Tribunal held that the penalty proceedings were not barred by limitation as they were initiated within the prescribed time. However, due to fresh contentions raised by the assessee, the issue on merits required a fresh examination.
The Tribunal noted that the addition on which the penalty was levied had been deleted by the CIT(A) in the quantum appeal. Therefore, the penalty was also liable to be deleted.
The Tribunal dismissed the appeal in limine because the tax effect was below the threshold specified in the CBDT Circular and did not fall under any exceptions. The circular was also applicable retrospectively to pending appeals.
The Tribunal held that since the issue of disallowance under Section 14A was restored to the Assessing Officer for a fresh examination, the Revenue's appeal would be covered by this direction.