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554 orders · Page 11 of 12
The Tribunal proceeded ex-parte due to the assessees' non-appearance and failure to prosecute their appeals. The appeals were dismissed for non-prosecution.
The Tribunal held that penalty cannot be levied solely on an addition made on an estimated basis, especially when there is a difference of opinion or two possible views. Mere estimation does not conclusively establish concealment of income.
The Tribunal proceeded ex-parte due to the assessees' non-appearance and failure to prosecute their appeals. The appeals were dismissed for non-prosecution.
The Tribunal proceeded ex-parte due to the assessees' non-appearance and failure to prosecute their appeals. The appeals were dismissed for non-prosecution.
The Tribunal held that the write-off of investments on conversion of loan arrears could be allowed as a business loss, following earlier decisions. For interest expenses, the matter was set aside to the AO for fresh adjudication based on previous Tribunal orders.
The Tribunal held that due to the low tax effect below Rs. 10 lakhs, the appeals filed by the Revenue were not maintainable. Therefore, the appeals were dismissed.
The Tribunal held that the assessee is the best judge of the commission percentage and that the payment was duly made through cheque with supporting documentation. The addition was considered excessive on a presumptive basis.
The Tribunal held that while non-deduction or non-deposit of TDS constitutes a default, the situation changes if the payees have paid the taxes. Relying on judicial precedents, the Tribunal directed the Assessing Officer to examine this aspect.
The Tribunal held that while non-deduction or non-deposit of TDS constitutes a default, the situation changes if the payees have paid the taxes. Relying on judicial precedents, the Tribunal directed the Assessing Officer to examine this aspect.
The Tribunal directed the Assessing Officer to examine the new evidence presented by the assessee, keeping in view the principle of natural justice. The assessee was given an opportunity to substantiate their claim.
The Tribunal restored the issues related to interest expenditure and book profit calculation to the CIT(A) for fresh adjudication. Similarly, issues concerning interest charged under sections 234A, 234B, and 234C were restored to the AO for fresh adjudication.
The Tribunal held that the assessee is entitled to a proportionate deduction under Section 80IB(10) for flats that meet the specified area criteria, following the precedent set by the Madras High Court.
The Tribunal held that the assessee had discharged its initial burden by providing all necessary details. The Tribunal noted that there was no specific allegation of the share applicants being entry operators and that the companies were incorporated long ago and filed regular returns. Therefore, the addition was not justified.
The Tribunal found merit in the assessee's contention that interest on a housing loan, if linked to construction, should not be included in the disallowance calculation under Rule 8D(2)(ii). The matter was restored to the Assessing Officer for re-examination.
The Tribunal held that no disallowance under Rule 8D(2)(ii) was warranted as interest-free funds exceeded investments. Service charges were deemed part of rental income, and notional rent for a vacant period was deleted, as actual rent received is to be considered in such cases.
The Tribunal upheld the CIT(A)'s order, confirming the penalty on the unexplained diamonds. The Tribunal found that the assessee failed to provide corroborative evidence for the diamonds and distinguished the cited judgments as not applicable to the facts of the case.
The Tribunal, following a co-ordinate bench's decision on identical facts and grounds for a group concern, set aside the CIT(Appeals)'s order. The matter was restored to the CIT(Appeals) for fresh consideration on merits regarding the applicability of Section 271AAA.
The Tribunal held that Rule 8D is applicable only from AY 2008-09 onwards. For earlier years, disallowance under Section 14A must be computed on a reasonable basis.
The Tribunal restored the issue of the consultation fee paid to the director's wife back to the AO for fresh examination, as the nature of services and reasonableness of the fee were not adequately substantiated. The sponsorship expenses were also restored to the AO for a fresh examination, with an opportunity for the assessee to provide evidence.
The Tribunal held that Section 50C was not applicable as the sale consideration (including the value of flats) exceeded the stamp duty valuation. It also ruled that the assessees were entitled to deduction under Section 54 for the cost of the new flats acquired as part of the sale consideration.
The Tribunal held that the addition of opening balance of unsecured loans was incorrect as it should have been assessed in the year it was taken. Corresponding interest disallowance was also set aside. For other expenses, the ad-hoc disallowance was reduced, with a specific direction regarding road tax payments.
The Tribunal held that no disallowance under Rule 8D(2)(ii) was warranted as interest-free funds exceeded investments. Service charges were deemed part of rental income, and notional rent for a vacant period was deleted, as actual rent received is to be considered in such cases.
The Tribunal upheld the penalty levied under section 271(1)(c) concerning the transfer pricing adjustment, finding that the assessee failed to prove the price was computed in good faith and with due diligence as per Explanation 7 to section 271(1)(c).
The ITAT found that the CIT(A)'s decision was based on a factual error, as the assessee was taxed under normal provisions and not under section 115JB. Therefore, the ITAT set aside the CIT(A)'s order.
The Tribunal upheld the CIT(A)'s decision to allow advertisement expenses, citing consistent rulings in the assessee's favor from earlier years, including High Court confirmations. For other issues related to Section 14A and disallowance of purchases, the matter was either remanded or confirmed.
The Tribunal held that service tax collected by the assessee does not form part of gross receipts for computing presumptive income under Section 44B, as it has no element of profit. The AO was directed to verify the assessee's claim for short credit of advance tax and TDS.
The Tribunal held that the Assessing Officer cannot levy penalty for a different limb of Section 271(1)(c) than the one under which proceedings were initiated. Therefore, the penalty order was not sustainable.
The Tribunal dismissed the Revenue's appeal due to low tax effect. For the assessee's appeal, the issue was restored to the Assessing Officer for fresh examination of the cash book.
The Tribunal held that the mistake in disallowing agricultural expenses occurred due to inadvertence. Since the assessee provided all material details and offered a bona fide explanation, the penalty was not justified.
The Tribunal restored the issue of the consultation fee paid to the director's wife back to the AO for fresh examination, as the nature of services and reasonableness of the fee were not adequately substantiated. The sponsorship expenses were also restored to the AO for a fresh examination, with an opportunity for the assessee to provide evidence.
The Tribunal held that the assessee is entitled to a proportionate deduction under Section 80IB(10) for flats that meet the specified area criteria, following the precedent set by the Madras High Court.
The Tribunal found that the assessee had suo motu disallowed certain amounts in earlier years and paid the remaining amounts before the assessment proceedings. Therefore, the disallowance under Section 43B was not justified.
The Tribunal held that the assessee consciously concealed income or furnished inaccurate particulars by not disclosing the bank accounts and the cash deposits therein. Therefore, the penalty imposed under Section 271(1)(c) was rightly confirmed.
The Tribunal held that the source of the seized cash was duly explained, considering the availability of cash with the group companies and family members. The addition made by the Assessing Officer was deleted.
The Tribunal considered the request of the assessee and the lack of objection from the Revenue. Consequently, the appeal was dismissed as withdrawn.
The Tribunal held that the appeal was not maintainable as the tax effect was below the revised monetary limit of Rs. 10 lakhs prescribed by the CBDT circular. The circular was applicable retrospectively to pending appeals.
The Tribunal held that in view of CBDT Circular No. 21/2015, appeals with a tax effect of Rs. 10 lakhs or less should not be filed or pressed. This circular is applicable retrospectively to pending appeals.
The Tribunal held that making a wrong claim in itself does not amount to concealment or furnishing inaccurate particulars. Relying on Supreme Court decisions, it was concluded that penalty under Section 271(1)(c) is not leviable in such cases.
The Tribunal held that the charges deducted by banks for credit card services are on a principal-to-principal basis and do not involve an element of agency. Therefore, these charges do not fall under the definition of 'commission' as per Section 194H.
The Tribunal noted that appeals with a tax effect of Rs. 10 lakhs and below are to be dismissed or not pressed as per CBDT Circular No. 21/2015. Therefore, the appeal filed by the Revenue was dismissed as not maintainable.
The Tribunal held that the Assessing Officer's disallowance was mechanically made without proper satisfaction and consideration of the assessee's suo-moto disallowance and the nature of its business. The Tribunal found that the assessee had sufficient interest-free funds for investments.
The Tribunal found that the CIT(A) passed a non-speaking order without affording the assessee an opportunity to be heard. The CIT(A) also failed to adjudicate on all the issues raised.
The Tribunal held that Section 50, which treats capital gains from depreciable assets as short-term, does not restrict the availability of exemption under Section 54EC. The benefit of Section 54EC is available irrespective of how capital gains are computed.
The Tribunal upheld the CIT(A)'s decision, finding that the expenses incurred were for running the business and linked to its commencement. The Tribunal also rejected the Revenue's argument regarding a violation of Rule 46A as no such ground was raised.
The Tribunal held that the addition was made merely on the basis of the loans not being mentioned in the auditor's report, despite loan confirmations and an admission of inadvertent error by the auditor. The Tribunal found no infirmity in the order of the First Appellate Authority.
The Tribunal held that the addition of 12.5% gross profit on alleged bogus purchases, as enhanced by the CIT(A), was improper. The Tribunal decided to estimate the gross profit on bogus purchases at 12.5%, which was agreed upon by the assessee's counsel.
The Tribunal held that the charges deducted by banks for credit card services are on a principal-to-principal basis and do not involve an element of agency. Therefore, these charges do not fall under the definition of 'commission' as per Section 194H.
The Tribunal held that the assessee was able to prove the genuineness of the loan from M/s. Kshipra Enterprises, as supporting documentary evidence like bank statements and confirmations were produced. The Tribunal also found that the stamp duty was paid by the seller, as confirmed by the seller and recorded in the sale deed.
The Tribunal found that the CIT(A) admitted new evidence without proper verification or remand to the AO, which was improper given the ex-parte assessment. Therefore, the matter needs fresh verification.