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573 orders · Page 7 of 12
The Tribunal held that the AO's disallowance was based on assumptions without independent inquiry, especially when the assessee provided supporting documents like affidavits and supplier confirmations. The Tribunal deleted the addition.
The ITAT held that the CIT(A) correctly directed the AO to pass an assessment order giving effect to the ITAT's previous order, computing income under various heads and allowing expenses as per the P&L account and brought forward losses. The Tribunal upheld the CIT(A)'s decision that the assessee had not discontinued its business.
The Tribunal held that the penalty notice issued by the AO was defective as it did not specify the limb under which penalty was being levied (concealment or inaccurate particulars) and was issued without application of mind. Therefore, the penalty order was invalid.
The Tribunal upheld the CIT(A)'s order, finding that the CIT(A) had judiciously considered the contentions of the assessee and the AO's findings. The Tribunal found no material to prove the CIT(A)'s findings incorrect or perverse.
The Tribunal remanded the issue of trading loss classification to the CIT(A) to consider CBDT Circular 6/2016. The disallowance of interest was also remanded to the CIT(A) for fresh consideration in light of subsequent Board Circulars and Tribunal decisions. The disallowance under Section 14A was allowed in principle, directing the AO to re-calculate the disallowance.
The Tribunal upheld the CIT(A)'s decision, finding that the income from subletting was correctly treated as income from house property. It also confirmed the allowance of deduction u/s 54F and the deletion of the addition for jewellery, deeming the AO's reasoning to be based on suspicion.
The Tribunal held that the Assessing Officer did not conduct independent inquiries and failed to follow principles of natural justice. The purchases were made through account payee cheques, and payments received from the contractee were also through banking channels, with no evidence of cash repayment.
The ITAT held that the CIT(A) correctly directed the AO to pass an assessment order giving effect to the ITAT's previous order, computing income under various heads and allowing expenses as per the P&L account and brought forward losses. The Tribunal upheld the CIT(A)'s decision that the assessee had not discontinued its business.
The Tribunal held that the penalty under Section 271AAA could not be levied as it was not initiated during the assessment proceedings and the conditions for its levy were not met. The Tribunal found that the assessee had specified the manner of deriving income and substantiated it.
The Tribunal held that the sales tax refund received by the assessee, a trader, effectively reduced the cost of purchases. Following the Bombay High Court's decision in Valiant Glass Works Pvt Ltd, the Tribunal confirmed the CIT(A)'s order.
The Tribunal remanded the bad debt claim to the AO for verification based on Supreme Court judgments. The disallowance for advertisement expenses was also remanded to the AO to examine the applicability of a newly inserted proviso. The claim for price/rate difference was allowed as it was a regular business practice accepted in prior years.
The Tribunal dismissed the Revenue's appeal. For the assessee's appeal, the ground regarding closing stock was not pressed, the disallowance of loss was remanded to the AO for verification, and the disallowance of interest was upheld.
The Tribunal held that the issue was covered by its own earlier decision in the assessee's own case for a prior assessment year, which was also confirmed by the Bombay High Court. Therefore, the CIT(A)'s order was not disturbed.
The Tribunal held that the AO's disallowance was based on assumptions without independent inquiry, especially when the assessee provided supporting documents like affidavits and supplier confirmations. The Tribunal deleted the addition.
The Tribunal held that for the purpose of Section 54 deduction, ownership cannot be divorced from investment. Since the flats were purchased jointly, the assessee's ownership was restricted to 50%, thus rightly limiting the deduction to 50% of the investment.
The Tribunal condoned the delay in filing the appeal. It held that while transactions with two parties were admitted as accommodation bills, the payment to the third party for labour charges was also not proven to be genuine. However, only the profit element of these transactions should be taxed.
The Tribunal held that the AO's disallowance was based on assumptions without independent inquiry, especially when the assessee provided supporting documents like affidavits and supplier confirmations. The Tribunal deleted the addition.
The Tribunal held that the Assessing Officer cannot arbitrarily substitute the agreed consideration for share sales. It also considered the cost of acquisition of a property and the utilization of funds by a related company, referencing a previous Tribunal order.
The Tribunal held that the amounts received from the sale of flats were not capital gains as they were part of a financial arrangement to adjust construction costs. It also held that contractor's profit cannot be determined before the completion of construction work.
The Tribunal held that the Assessing Officer cannot arbitrarily substitute the agreed consideration for share sales. It also considered the cost of acquisition of a property and the utilization of funds by a related company, referencing a previous Tribunal order.
The Tribunal held that the Assessing Officer cannot arbitrarily substitute the agreed consideration for share sales. It also considered the cost of acquisition of a property and the utilization of funds by a related company, referencing a previous Tribunal order.
The Tribunal held that the CIT(A) rightly deleted the penalty as the disallowance was ad-hoc and there was no concealment of income or furnishing of inaccurate particulars. The case was a matter of opinion and not supported by incriminating material.
The Tribunal held that the TPO cannot re-characterize a transaction based on whims and fancies. The CIT(A) correctly deleted the addition as the transaction was an investment in shares and not a loan, and the share valuation was not disputed.
The Tribunal held that the assessee had made substantial payments towards the new property before the deadline and the delay in registration was beyond her control due to the builder's unavailability. Therefore, the conditions for Section 54 exemption were met.
The Tribunal held that the Assessing Officer cannot arbitrarily substitute the agreed consideration for share sales. It also considered the cost of acquisition of a property and the utilization of funds by a related company, referencing a previous Tribunal order.
The Tribunal held that the assessee's unit qualified for deduction under Section 80IC as it constituted substantial expansion and was not a reconstruction of a business already in existence. The Tribunal followed its own prior decision for the assessment year 2008-09.
The Tribunal held that the Assessing Officer should rework the eligible brought forward losses by adjusting for deferred tax assets credited in earlier years to avoid double jeopardy. The book profit should then be computed based on this correctly adjusted loss.
The Tribunal dismissed the Revenue's appeal. For the assessee's appeal, the ground regarding closing stock was not pressed, the disallowance of loss was remanded to the AO for verification, and the disallowance of interest was upheld.
The Tribunal upheld the CIT(A)'s order, finding that the payments were reimbursements of actual expenses incurred by the C&F agent on behalf of foreign shipping companies. Since these reimbursements were separately billed and supported by evidence, tax deduction at source was not required.
The ITAT held that the CIT(A) correctly directed the AO to pass an assessment order giving effect to the ITAT's previous order, computing income under various heads and allowing expenses as per the P&L account and brought forward losses. The Tribunal upheld the CIT(A)'s decision that the assessee had not discontinued its business.
The Tribunal held that the waiver of loans utilized for acquiring capital assets does not constitute taxable income, as it is a capital receipt and not revenue. Provisions like Section 41(1) and Section 28(iv) are not attracted in such cases.
The ITAT held that the CIT(A) correctly directed the AO to pass an assessment order giving effect to the ITAT's previous order, computing income under various heads and allowing expenses as per the P&L account and brought forward losses. The Tribunal upheld the CIT(A)'s decision that the assessee had not discontinued its business.
The Tribunal held that the CIT's order was not warranted because the assessee had already paid the applicable taxes and the Assessing Officer had made a detailed examination. Therefore, the order was not prejudicial to the interest of the revenue.
The Tribunal upheld the CIT(A)'s decision, finding that the commission paid to foreign agents was not taxable in India, the disallowance of freight and insurance was ad-hoc, and the Section 80IA deduction was permissible. Therefore, the Revenue's appeal was dismissed.
The Tribunal found it appropriate to remand the issue back to the CIT(A) for fresh adjudication. The CIT(A) is to consider the company's main objects and the circumstances of renting out assets, along with relevant Supreme Court judgments.
The Tribunal held that the transaction between husband and wife, for urgent personal obligations and with a bona fide belief that Section 269T was not attracted, constituted a reasonable cause. Therefore, penalty under Section 271E was not imposable.
The Tribunal held that the AO erred in estimating the turnover and profit due to a discrepancy in one certificate, especially when the assessee was a public company and provided reconciliation. The Tribunal also followed a High Court judgment to delete interest levied under Section 234B.
The Tribunal noted that the tax effect of the Revenue's appeal was below the prescribed monetary limit for filing an appeal. Therefore, the Revenue's appeal was dismissed as withdrawn.
The Tribunal upheld the CIT(A)'s decision to delete the additions related to the rejection of books of account and excess commission, finding the AO's reasoning to be ad-hoc and not supported by evidence. For TDS on interest, the Tribunal directed verification of whether recipients included the interest income in their returns.
The Tribunal held that the MCI guidelines are primarily for medical practitioners and do not explicitly prohibit pharmaceutical companies from conducting seminars or sponsoring doctors. The Tribunal also noted that the CBDT circular clarifying these guidelines cannot have retrospective effect.
The Tribunal, following its own previous decisions, held that the payment made for effluent treatment charges to VWEMCL was not a 'fee for technical services' and therefore, TDS was not required. Consequently, the disallowance under Section 40(a)(ia) was deleted.
The Tribunal held that the unutilized portion of capital gains could be deposited before the due date of filing the return under Section 139(4) of the Act, which includes delayed filing. Therefore, the assessee was entitled to the deduction.
The Tribunal upheld the deletion of the addition, following its own earlier decision for the assessee's own case for a prior assessment year. The Tribunal found that the assessee had provided documentary evidence for purchases and the AO had not conducted sufficient investigation.
The Tribunal held that in view of CBDT Circular No. 21/2015, appeals with a tax effect of Rs. 10 lacs or less should not be filed or should be withdrawn. This circular is applicable retrospectively to pending appeals.
The Tribunal considered the statement of the assessee's Authorized Representative and decided not to press the grounds of appeal. Consequently, the appeal was treated as dismissed.
The Tribunal held that Section 14A of the Income Tax Act requires actual receipt of exempt income for disallowance of related expenditure. Since the assessee earned no exempt income and made no new investments, no disallowance under Section 14A was warranted.
The Tribunal held that the assessee had sufficient interest-free funds available from its operations and reserves. Therefore, the disallowance of interest on the grounds that borrowed funds were used for CWIP was not justified.
The Tribunal held that no interest disallowance was warranted for capital work-in-progress as the assessee had sufficient own funds. It also held that bidding expenses incurred in furtherance of business objects are revenue expenses and allowable, even if the bid was unsuccessful.
The Tribunal held that the assessee is a cooperative credit society and not a cooperative bank. Therefore, the prohibition under Section 80P(4) is not applicable, and the assessee is eligible for deduction under Section 80P(2)(a)(i).