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573 orders · Page 12 of 12
The Tribunal found that the AO's estimation of suppressed receipts was based on conjectures and surmises, not facts, especially since cash receipts were deposited daily. The Tribunal reduced the estimated addition to Rs. 3,00,000/-. However, the Tribunal upheld the disallowance of foreign travel expenses for the wife as no evidence was provided to support the claim.
The Tribunal set aside the additions of Rs. 2,63,782/- and Rs. 1,32,000/- and remanded the matter to the AO for verification, following CBDT instructions. The Tribunal also directed the AO to allow depreciation on software at 60% as claimed by the assessee.
The Tribunal dismissed the appeal filed by the Revenue. The appeal was held to be not maintainable due to the low tax effect, which was below the prescribed monetary limit.
The Tribunal held that the CIT(A) had judiciously and correctly allowed the claim of the assessee, as the AO failed to discredit the assessee's explanation regarding the generation of scrap as a by-product of industrial operations.
The Tribunal noted that in previous assessment years, the matter was restored to the CIT(A) for fresh examination. Following the co-ordinate bench's decision, the Tribunal set aside the CIT(A)'s order and restored the matter to the AO for fresh adjudication.
The Tribunal held that routine disallowance under Section 14A could not be made as no incriminating material was found during the search and the original assessment had attained finality. The addition for undisclosed interest income was upheld due to lack of explanation from the assessee, and interest and penalty were considered consequential or premature.
The Tribunal held that PSF and X-Ray charges cannot be treated as rent under Section 194-I. Following the Supreme Court's judgment in Japan Airlines, the payment was not for the 'use of land' but for services and facilities, making Section 194C applicable.
The Tribunal held that inverter batteries, when used with UPS for power backup in conjunction with computers, are an integral part of the computer system. Therefore, they are eligible for depreciation at the higher rate of 60%.
The Tribunal held that the grounds of appeal raised by the Revenue were covered by a co-ordinate bench's decision in the assessee's group case. The Tribunal found no illegality or infirmity in the CIT(A)'s order.
The tribunal dismissed the appeals as not maintainable due to the tax amount being below the prescribed monetary limit. The appeals filed by the Assessing Officer were therefore dismissed.
The Tribunal held that only expenditure directly relatable to earning exempt income should be reduced for computing net income under Section 10(23G). The Assessing Officer's method of applying gross profit rate was deemed incorrect. The matter was restored to the Assessing Officer for fresh consideration.
The Tribunal restored the issues to the Assessing Officer for fresh adjudication, noting that the assessee was prevented from presenting his case before the Commissioner (Appeals) due to circumstances beyond his control. The assessee was directed to cooperate with the Assessing Officer.
The Tribunal held that income accrues in the hands of the members who actually execute the work, not the SPV. The matter was restored to the AO for fresh decision based on previous tribunal orders.
The Tribunal held that the disallowance under Section 14A should be determined based on the assessee's accounts and not on an ad-hoc basis, especially for assessment years prior to 2008-09 when Rule 8D was not applicable. The matter was set aside to the Assessing Officer for de-novo determination.
The Tribunal partly allowed the appeals. It directed the Assessing Officer to verify a Nil withholding certificate for rent payments and allowed certain transfer pricing adjustments, while dismissing other grounds as not pressed or premature.
The Tribunal held that since no incriminating material was unearthed during the search, the additions made to the assessed income were unsustainable. Consequently, the penalties levied under Section 271(1)(c) were also deleted.
The Tribunal held that since no incriminating material was unearthed during the search, the additions made to the assessed income were unsustainable. Consequently, the penalties levied under Section 271(1)(c) were also deleted.
The Tribunal held that the assessee's role in loan syndication was crucial and not merely facilitative. However, the TPO's adjustment was made without comparable data. The Tribunal directed the AO/TPO to re-determine the adjustment based on fees and charges (excluding interest) received by foreign branches, applying a 20% rate.
The Tribunal dismissed the assessee's appeal, directing the AO to apply the decision of the Bombay High Court once it is pronounced, even though the assessee did not prefer an appeal for this specific assessment year.
The Tribunal held that there was no concrete evidence to establish that the assessee provided marketing support services to its AE for turbine sales. Information from customers indicated direct dealings with the AE for turbine purchases and separate contracts with the assessee for installation and maintenance.
The Tribunal partly allowed the appeals. It directed the Assessing Officer to verify a Nil withholding certificate for rent payments and allowed certain transfer pricing adjustments, while dismissing other grounds as not pressed or premature.
The Tribunal held that the assessee had discharged the initial onus by providing necessary documents, and the revenue failed to produce cogent material to disprove the transactions. The Tribunal also noted that shares were indeed allotted to the parties and that a similar issue for a prior assessment year was decided in favor of the assessee.
The Tribunal held that expenditure incurred on keyman insurance premium is to be allowed as business expenditure, following its own previous orders and a Delhi High Court judgment.