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746 orders · Page 15 of 15
The Tribunal held that if the employee's contribution to PF is paid before the due date of filing the return of income, it is allowable. The appeal by the revenue was not maintainable based on CBDT instructions.
The Tribunal held that an appellate authority must pass speaking orders, even when proceeding ex-parte. The CIT(A)'s order was quashed for failing to record reasons.
The Tribunal held that the payments made by the assessee to MIAL for X-Ray and PSF charges were not in the nature of rent under Section 194-I of the Income Tax Act. Therefore, the assessee was justified in deducting TDS at the rate of 2% as per Section 194-C.
The Tribunal held that the reopening notice for AY 2007-08 was void as the AO failed to establish the assessee's failure to disclose material facts. For AY 2008-09, the Tribunal partly allowed the deduction, finding that some buildings in the project met the criteria.
The Tribunal found that the cash withdrawals exceeded the cash on hand and that all cash found was duly explained. Therefore, the addition of Rs. 75,000 by the AO was not justified.
The Tribunal found that the cash withdrawals exceeded the cash on hand and that all cash found was duly explained. Therefore, the addition of Rs. 75,000 by the AO was not justified.
The Tribunal held that the CIT(A) was correct in remanding the matter to the AO for verification of documents and appropriate inquiries regarding the genuineness of the share subscribers. The disallowance under Section 14A was also modified.
The Tribunal held that the payments were in the nature of salaries to employees and thus Section 195 was not applicable. Following a previous decision on an identical issue for AY 2009-10, the disallowance was deleted.
The Tribunal held that the CIT(A) was correct in remanding the matter to the AO for verification of documents and appropriate inquiries regarding the genuineness of the share subscribers. The disallowance under Section 14A was also modified.
The Tribunal held that the disallowance under Section 14A was not justifiable as the assessee had not claimed any expenditure against non-shipping business income and had opted for the Tonnage Tax Scheme. Under TTS, no expenditure can be allowed or disallowed, making Section 14A inapplicable.
The Tribunal held that the assessee is eligible for deduction under Section 80IA, following a coordinate bench decision. The disallowance under Section 14A was deleted as the interest expenditure had no nexus with exempt income. The income from house property was upheld.
The Tribunal held that the deduction for bad and doubtful debts should be restricted to the actual provision credited in the books, following previous decisions. It also held that amortization of premium on government securities is allowable as revenue expenditure.
The Tribunal held that the deduction for bad and doubtful debts should be restricted to the actual provision credited in the books, following previous decisions. It also held that amortization of premium on government securities is allowable as revenue expenditure.
The Tribunal granted permission for the withdrawal of the appeal. The appeal filed by the assessee was dismissed as withdrawn.
The Tribunal held that the Director had exceeded his jurisdiction in cancelling the registration. The Tribunal found that the Director's assertion that the activities were not in accordance with the objects was a bald assertion without factual support and that the genuineness of the activities was not adversely found.
The Tribunal held that the penalty for the life insurance policy proceeds was not leviable as it was a debatable issue and the quantum appeal was decided in favour of the assessee. The penalty for the house property income was upheld by the FAA, but the Tribunal's decision on the quantum appeal regarding the life insurance policy rendered the penalty unsustainable.
The Tribunal held that the penalty was not justified as the assessee was not provided with adequate time for compliance, and similar penalties in related group cases were deleted. The Tribunal followed its previous decisions in identical matters.
The Tribunal held that the AO erred in treating the sale of shares as an unexplained cash credit. The Tribunal found that the shares were sold through a recognized stock exchange and security transaction tax was paid, making the gains eligible for exemption.
The Tribunal upheld the CIT(A)'s decision to delete the addition, finding no infirmity in deleting the estimated addition as it did not form part of the assessee's turnover. The Tribunal also agreed that the property was purchased by the firm, not the assessee individually.
The Tribunal held that since the purchases were not from disclosed sources and their genuineness could not be fully verified, it was appropriate to estimate and add only the profit element embedded in such transactions, rather than the entire purchase amount.
The Tribunal held that the AO was correct in disallowing expenses related to speculation and dividend income under Section 14A. However, the matter was restored to the AO for de-novo determination of the disallowance for indirect expenses related to exempt income.
The Tribunal held that the CIT(A) was correct in remanding the matter to the AO for verification of documents and appropriate inquiries regarding the genuineness of the share subscribers. The disallowance under Section 14A was also modified.
The Tribunal held that merely disallowing expenses does not amount to concealment or furnishing inaccurate particulars of income, especially when all particulars were on record and the genuineness was not doubted. The issue was debatable.
The Tribunal held that since the quantum addition, which formed the basis for the penalty, had been deleted by a previous order of the Tribunal, the penalty could not survive. Consequently, the penalty order was set aside.
The Tribunal held that since the assessee had provided evidence of actual delivery of goods, sale of goods, and reflected these transactions in its books, the addition of gross profit was not justified. The Tribunal found that the purchases were from disclosed sources and sales were effected, with gross profit already factored in.
The Tribunal held that Section 2(22)(e) applies only when a loan is advanced by a company to its shareholder. Since the assessee was not a shareholder of the lending company, the provisions of Section 2(22)(e) were not applicable.
The Tribunal held that the income from the exploitation of the premises should be treated as business income, following the principle of consistency and the company's main objects. The department's earlier consistent stand was not justified to be departed from without a change in facts.
The Tribunal held that the lease premium paid for acquiring leasehold rights for a period of 60 years is a capital expenditure and not 'rent' as defined under Section 194I. Therefore, TDS was not deductible on such payments.
The Tribunal held that the lower authorities had not examined the assessee's Memorandum of Association (MOA) and the main objects of the company regarding the classification of rental income. The disallowance of liquidated damages was also not properly adjudicated.
The Tribunal held that the lease premium paid for acquiring leasehold rights for a period of 60 years is a capital expenditure and not 'rent' as defined under Section 194I. Therefore, TDS was not deductible on such payments.
The Tribunal held that Section 40(a)(ia) is not attracted if the amount has been paid during the year and is not outstanding. Following various judicial precedents, the disallowance made by the AO was not justified.
The Tribunal held that the disallowance of the leave encashment provision under Section 154 was incorrect. It reasoned that the issue was debatable and not a mistake apparent from the record, especially since similar issues were pending before higher courts.
The Tribunal held that since the assessee had provided evidence of actual delivery of goods, sale of goods, and reflected these transactions in its books, the addition of gross profit was not justified. The Tribunal found that the purchases were from disclosed sources and sales were effected, with gross profit already factored in.
The Tribunal held that since the assessee had provided evidence of actual delivery of goods, sale of goods, and reflected these transactions in its books, the addition of gross profit was not justified. The Tribunal found that the purchases were from disclosed sources and sales were effected, with gross profit already factored in.
The Tribunal restored the issue of loan addition back to the AO for fresh verification, allowing the assessee an opportunity to substantiate the claim. Similarly, claims for LIP payment under Section 80C and interest deduction under Section 24 were also restored to the AO for verification of additional evidence.
The Tribunal held that payments for internet charges do not fall under Section 194J, as they are for standard facilities and not technical services. Similarly, the purchase of computer software does not constitute 'Fees for Technical Services' as defined in Section 9(1)(vii).
The Tribunal held that the explanation for the cash credits was not satisfactory and unsubstantiated, making it a case of no explanation attracting penalty. The CIT(A)'s decision to delete the penalty was set aside.
The Tribunal held that the assessee was not entitled to the benefit of the first proviso to Section 234C(1)(b) as the advance tax was paid only as self-assessment tax. The decision of the Apex Court in Rolta India Ltd. was applicable.
The Tribunal held that the income from the exploitation of the premises should be treated as business income, following the principle of consistency and the company's main objects. The department's earlier consistent stand was not justified to be departed from without a change in facts.
The Tribunal dismissed the appeal in limine. It was acknowledged that the tax effect was below the threshold specified in the CBDT circular, and the issue did not fall under any exceptions.
The Tribunal held that penalty cannot be imposed when the assessee has disclosed all facts and the issue is debatable. Since the assessee had disclosed information regarding the deferred maintenance reserve, the penalty was deleted.
The Tribunal held that the CIT(A) erred in dismissing the appeal without providing an opportunity of being heard and without issuing a speaking order as required by Section 250(6) of the Income Tax Act. Therefore, the order of the CIT(A) was set aside.
The Tribunal held that no disallowance of interest should be made if own funds exceeded investments. For indirect expenses, a 10% disallowance of dividend income was deemed reasonable. The transaction charges paid to the stock exchange were not considered 'technical services' requiring TDS deduction.
The Tribunal held that the appeal filed by the revenue was not maintainable as the tax effect was below the monetary limit prescribed by CBDT's Circular No. 21 of 2015. This circular also applies to pending appeals.
The Tribunal noted that the total demand in the case was below the monetary limit prescribed by the CBDT for filing appeals. Therefore, following the CBDT circular, the appeal was dismissed.
The Tribunal held that following the Supreme Court's decision in T.R.F. Limited, it is sufficient for bad debts to be written off in the books of account for them to be allowed as a deduction. The disallowance made by the Assessing Officer was directed to be deleted.