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668 orders · Page 4 of 14
The Tribunal held that the Assessing Officer exceeded their jurisdiction by levying fees under Section 234E while processing TDS statements under Section 200A for periods prior to June 1, 2015. Such levies could only be made through separate orders.
The Tribunal held that the Assessing Officer (AO) was duty-bound to refer the matter to the valuation officer when the assessee objected to the stamp duty valuation. It also held that the claim for deduction under Section 54F should not be denied solely due to omission in the original return, especially when the AO had enhanced income.
The Tribunal held that once the Memorandum of Understanding (MoU) was not found to be non-genuine, it could not be considered a colorable device. The fact that the recipient offered the income for taxation and paid taxes on it further supported the assessee's claim.
The Tribunal held that levying penalty on the basis of an estimated addition is not justified, especially when there is a difference of opinion on the estimation rate. Penalty and assessment proceedings are distinct.
The Tribunal held that the disallowance of unascertained expenditure for reward points was not justified, following previous consistent rulings in favour of the assessee. Regarding Section 14A, the Tribunal found that the assessee had sufficient own funds and no exempt income was earned, thus no disallowance was warranted.
The Tribunal decided some grounds in favour of the assessee and others against it, following its own previous orders for similar issues in earlier assessment years. The Tribunal confirmed disallowance of commission paid and the addition for slump sale, but allowed deductions for welfare fund contributions and interest/commitment charges.
The Tribunal held that the additional premium paid for acquiring leasehold rights and additional built-up area is in the nature of capital expenditure and not rent. Therefore, the assessee was not liable to deduct tax at source under Section 194-I.
The tribunal held that a penalty under section 271(1)(c) cannot be imposed solely on the basis of an addition made under section 50C, especially when it's not a case of concealment or furnishing inaccurate particulars.
The Tribunal found that while the AO had established the existence of cash components from impounded documents, the assessee had not been given a proper opportunity to rebut this. Therefore, the issue was remanded to the AO for fresh adjudication.
The Tribunal held that the Assessing Officer exceeded their jurisdiction by levying fees under Section 234E while processing TDS statements under Section 200A for periods prior to June 1, 2015. Such levies could only be made through separate orders.
The Tribunal held that the AO's addition under Section 45(4) was not sustainable as the transaction was a retirement of a partner and not a dissolution of the firm. The issue of disallowance of interest on loans was set aside for de-novo assessment.
The Tribunal held that the ESOP expense reimbursement was not a capital expenditure and should be allowed as a deduction. Regarding Section 14A, the Tribunal found that the assessee's own funds exceeded its investments in tax-free securities, thus no disallowance was warranted beyond the suo motu amount.
The Tribunal found that while the impounded documents indicated cash receipts, the assessee had not been given a proper opportunity to rebut the evidence. Therefore, the matter was remanded to the AO for fresh adjudication.
The Tribunal held that income from an IT park, which involves complex commercial activities and provision of specialized facilities, should be assessed as business income, not income from house property. Consequently, related expenses should be considered for allowability under business income.
The Tribunal held that interest on overdraft taken for purchasing a vehicle used for business should be allowed. For depreciation, while the vehicle was used for business, a portion was disallowed due to personal use.
The Tribunal held that the assessee is entitled to the deduction under Section 80HHC irrespective of whether the main exporter was allowed the deduction. This was based on the fact that the main exporter's assessment was quashed and the deduction was ultimately found allowable to them.
The Tribunal upheld the CIT(A)'s order, finding that the assessee had fulfilled the conditions for deduction under Section 35AC. The Tribunal noted that the Chairperson of MUS later confirmed the donation, and any discrepancies or alleged forgery by the donee institution did not negate the assessee's claim.
The Tribunal held that while no interest is payable up to the date of the Section 143(1) order if the refund is less than 10% of the gross tax, the assessee is entitled to interest for the period the refund was withheld beyond that date. The AO was directed to grant interest for the delay in issuing the refund after the 143(1) order.
The Tribunal held that expenses incurred to maintain the company's status and comply with statutory requirements are for the purpose of business and thus allowable as a deduction. The disallowance made by the AO and confirmed by the CIT(A) was deleted.
The Tribunal held that Rs. 11,60,000/- was received as director's remuneration and Rs. 9,50,000/- was paid from funds deposited by the assessee. Since the total of these amounts (Rs. 21,10,000/-) exceeded the payment received by the assessee (Rs. 20,00,000/-), the provisions of Section 2(22)(e) were not attracted.
The Tribunal held that the assessee is entitled to the deduction under Section 80HHC irrespective of whether the main exporter was allowed the deduction. This was based on the fact that the main exporter's assessment was quashed and the deduction was ultimately found allowable to them.
The ITAT held that a delay of up to 180 days in filing TDS returns could be considered reasonable due to the circumstances explained by the bank. However, delays beyond 180 days were not considered reasonable.
The Tribunal held that the department cannot dictate the nature of the assessee's activity in shares as trading in one year while accepting it as investment in other years. The Tribunal also relied on CBDT Circular No. 6 of 2016.
The Tribunal held that the assessee is entitled to the deduction under Section 80HHC irrespective of whether the main exporter was allowed the deduction. This was based on the fact that the main exporter's assessment was quashed and the deduction was ultimately found allowable to them.
The tribunal allowed the assessee's request to withdraw the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.
The Tribunal held that the assessee is entitled to the deduction under Section 80HHC irrespective of whether the main exporter was allowed the deduction. This was based on the fact that the main exporter's assessment was quashed and the deduction was ultimately found allowable to them.
The Tribunal held that the surplus on prepayment of deferred sales tax was not taxable as revenue or a benefit. It also directed the AO to allow depreciation on intangible assets. Regarding Section 14A disallowances, the Tribunal restricted the disallowance to 2% of dividend income for one assessment year and directed deletion of interest disallowance for another, considering the assessee's own funds.
The Tribunal held that the Assessing Officer exceeded their jurisdiction by levying fees under Section 234E while processing TDS statements under Section 200A for periods prior to June 1, 2015. Such levies could only be made through separate orders.
The Tribunal held that the Assessing Officer exceeded their jurisdiction by levying fees under Section 234E while processing TDS statements under Section 200A for periods prior to June 1, 2015. Such levies could only be made through separate orders.
The Tribunal held that the assessee had fully disclosed all material facts regarding the income. Merely changing the head of income, when all particulars were disclosed, does not amount to filing inaccurate particulars or concealment of income. Therefore, penalty under Section 271(1)(c) was not leviable.
The Tribunal held that the expenditure is not allowable as the assessee had stopped its business completely since AY 2001-02, and this cannot be considered a temporary lull. Therefore, the decision of the lower authorities was confirmed.
The Tribunal held that only the undisclosed income (profit) embedded in the gross receipts should be taxed, not the entire gross receipts. Following a coordinate bench decision, it directed the Assessing Officer to re-compute the undisclosed income by taking 8% as the net profit on the unaccounted receipts.
The Tribunal held that the assessee had fully disclosed all material facts regarding the income. Merely changing the head of income, when all particulars were disclosed, does not amount to filing inaccurate particulars or concealment of income. Therefore, penalty under Section 271(1)(c) was not leviable.
The Tribunal held that the agricultural income claim was not fully substantiated but could not be entirely rejected, estimating it at Rs. 1,50,000. Similarly, the cash credit from the mother's estate was not fully accepted but partially allowed at Rs. 5,00,000, considering the will.
The Tribunal held that the cash credits for the loans did not fall within the current assessment year (2007-08) but pertained to earlier years (2004-05 and 2006-07). Therefore, the additions made by the Assessing Officer were deleted.
The Tribunal directed the AO to verify if certain expenditures were incurred post-incorporation and to check for any double disallowance of expenses incurred prior to business setup. The matter was remanded for these verifications.
The Tribunal held that the reassessment proceedings were initiated beyond the prescribed four-year period without any failure on the part of the assessee to disclose material facts. The AO's reasons for reopening were based on a change of opinion, not on new tangible material.
The Tribunal held that the assessee made a bonafide and inadvertent error in claiming the deduction, which was corrected by the assessee itself. Relying on Supreme Court judgments, the Tribunal found no concealment of income or furnishing of inaccurate particulars.
The tribunal held that in the interest of natural justice, the assessee should be given another opportunity to present its case. The CIT(A)'s ex-parte order was set aside.
The Tribunal directed the Assessing Officer to prepare a consolidated cash flow statement to justify the availability of cash at the time of deposit. The addition should be restricted to the peak amount of credit in the bank account.
The Tribunal held that if an amount is disallowed under Section 40(a)/40(a)(ia) for non-deduction of tax, the AO cannot simultaneously invoke TDS provisions to treat the assessee as being in default. However, interest can be charged for the period TDS was not paid.
The Tribunal found that the notices for assessment were served after the fixed dates, indicating a lack of proper opportunity for the assessees. Consequently, the assessment orders were set aside.
The Tribunal held that as per the CBDT circular, appeals with a tax effect below Rs. 10 Lacs are not maintainable. Therefore, the appeal filed by the Revenue was dismissed.
The Tribunal held that strategic investments made in subsidiary/sister concerns should be excluded when calculating disallowance under Rule 8D(iii). The AO was directed to recalculate the disallowance accordingly.
The Tribunal found that the notices for assessment were served after the fixed dates, indicating a lack of proper opportunity for the assessees. Consequently, the assessment orders were set aside.
The Tribunal found merit in the assessee's submission that an identical issue was restored to the AO in the assessee's own case by a co-ordinate bench. Therefore, the Tribunal restored the issue back to the AO for fresh adjudication.
The Tribunal held that if an amount is disallowed under Section 40(a)/40(a)(ia) for non-deduction of tax, the AO cannot simultaneously invoke TDS provisions to treat the assessee as being in default. However, interest can be charged for the period TDS was not paid.
The assessee's counsel stated that the assessee was not interested in pursuing the appeal. The Tribunal permitted the withdrawal of the appeal.
The Tribunal upheld the CIT(A)'s decision, agreeing that the gains should be treated as short-term capital gains. They found no reason to interfere with the CIT(A)'s analysis and the principle of consistency applied.
The Tribunal held that if interest-free funds are available and sufficient to meet interest-free advances, a presumption arises that the advances were made from such funds, and no disallowance of interest expenses is warranted.