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545 orders · Page 11 of 11
The Tribunal held that the CIT(A) was justified in not allowing the entire addition, following the Gujarat High Court's decision in Simit P. Sheth. The Tribunal concluded that only the profit element embedded in such purchases should be added, not the entire purchase price.
The Tribunal held that the assessee is entitled to raise additional claims before appellate authorities, even if not made in the original or revised return. Therefore, the rejection of the claim solely on this ground was incorrect.
The Tribunal held that the property could be considered developed vacant land, allowing the assessee to use the higher ready reckoner rate for calculation. This resulted in a negative capital gain, making tax liability nil.
The Tribunal held that the assessee fulfilled the conditions for deduction under Section 80IA(4) by shouldering investment and technical risks, employing qualified personnel, and being liable for liquidated damages. The disallowance made by the AO was deleted.
The Tribunal held that since the quantum additions, which formed the basis for the penalty, were significantly altered by the Tribunal in the assessee's group cases, the penalty under Section 271(1)(c) could not be sustained. The Tribunal deleted the penalty.
The Tribunal held that penalty under Section 271(1)(c) was not attracted for the disallowance under Rule 8D(ii) as the assessee had sufficient own funds. For disallowance under Rule 8D(iii) and short-term capital gains, the Tribunal found the assessee's explanation of inadvertent error to be bonafide, thus deleting the penalty.
The Tribunal held that since the quantum additions, which formed the basis for the penalty, were significantly altered by the Tribunal in the assessee's group cases, the penalty under Section 271(1)(c) could not be sustained. The Tribunal deleted the penalty.
The Tribunal held that since the quantum additions, which formed the basis for the penalty, were significantly altered by the Tribunal in the assessee's group cases, the penalty under Section 271(1)(c) could not be sustained. The Tribunal deleted the penalty.
The Tribunal held that penalty under Section 271(1)(c) is not exigible on the disallowance under Section 14A as it was a debatable issue. Similarly, penalties for disallowances under Section 40(a)(ia) and legal/professional fees were deleted as they did not constitute furnishing inaccurate particulars or concealment of income.
The Tribunal held that the CIT was not justified in invoking Section 263 for any of the three issues. The issue of CAF contribution was decided in favour of the assessee based on previous tribunal rulings. Interest under Section 234C was also directed to be levied only on the returned income.
The Tribunal held that the genuineness of the transaction and the source of funds were explained. Biometrix had obtained a loan from ICICI Bank, Singapore, which was secured by a put and call option agreement with an Indian group company. The Tribunal found that Biometrix met the conditions under the India-Singapore DTAA to be considered a genuine entity.
The Tribunal held that since the quantum additions, which formed the basis for the penalty, were significantly altered by the Tribunal in the assessee's group cases, the penalty under Section 271(1)(c) could not be sustained. The Tribunal deleted the penalty.
The Tribunal agreed that the assessee deliberately made a false claim for excess interest deduction. However, it found that a 300% penalty was not appropriate and directed the Assessing Officer to levy the minimum penalty of 100% of the income sought to be evaded.
The Tribunal allowed the claim for disallowance under Section 14A, following a High Court decision that no disallowance can be made if no exempt income is earned. For the sundry balances written off, the issue was restored to the Assessing Officer for verification, following a previous tribunal order.
The Tribunal held that the CIT(A) should have called for the assessment records to verify the validity of the reassessment proceedings and the assessee's objections. The case was set aside and restored to the CIT(A) for a fresh decision.
The Tribunal held that the assessee fulfilled the conditions for deduction under Section 80IA(4) by shouldering investment and technical risks, employing qualified personnel, and being liable for liquidated damages. The disallowance made by the AO was deleted.
The Tribunal respectfully followed its own previous judgments in the assessee's own case, which had allowed the carry forward of deficits for trusts. These decisions had relied on the Bombay High Court's ruling in the case of CIT vs. Institute of Banking Personnel Selection.
The Tribunal respectfully followed its own previous judgments in the assessee's own case, which had allowed the carry forward of deficits for trusts. These decisions had relied on the Bombay High Court's ruling in the case of CIT vs. Institute of Banking Personnel Selection.
The Tribunal held that the addition was made merely on suspicion that the purchase parties were on a suspicious list of the Sales Tax Department and were not traceable. Since the assessee provided necessary details and payments were made through cheques, the purchases could not be treated as non-genuine.
The Tribunal held that there is a clear distinction between a cooperative bank governed by the RBI Act and a members' credit cooperative society governed by the Cooperative Societies Act. The assessee was not functioning as a bank.
The Tribunal held that the Revenue's appeals were not maintainable as the tax effect was below the prescribed monetary limit of Rs. 10 lakhs. The cross-objections were dismissed as they supported the CIT(A)'s order.
The Tribunal held that the CIT(A) had followed later decisions of the Tribunal and the Gujarat High Court, which allowed carry forward of unabsorbed depreciation without a time limit. Therefore, the appeal of the Revenue was dismissed.
The Tribunal held that the evidence on record, including certificates from MSEDCL and MEDA, clearly indicated the wind mill was commissioned on 30.09.2009. Therefore, the assessee was entitled to full depreciation.
The Tribunal held that the Revenue's appeals were not maintainable as the tax effect was below the prescribed monetary limit of Rs. 10 lakhs. The cross-objections were dismissed as they supported the CIT(A)'s order.
The Tribunal set aside the ex-parte order of the CIT(A) due to non-compliance with the principles of natural justice and the ITAT's prior directions for cross-examination. The assessee was directed to pay a cost of Rs. 5,000/-.
The Tribunal restored the matter to the AO to verify if the complete income from the 'Vruksh' project was offered in AY 2011-2012 & 2012-2013. If confirmed, the revenue's appeal would be dismissed.
The Tribunal found that the assessee failed to satisfactorily answer queries raised by the authorities and the Tribunal, and could not produce relevant documents. Therefore, the matter was restored to the AO for fresh adjudication.
The Tribunal found that the lower authorities' findings were incorrect, noting that the STCG was earned from investments held for a short period, using proceeds from matured mutual funds. The Tribunal directed the AO to treat the income as STCG and not business income.
The Tribunal held that the delay was a conscious decision by the assessee, not caused by reasons beyond their control. Relying on Supreme Court judgments, the Tribunal found the assessee's explanation to be a self-serving narrative and not sufficient for condonation.
The Tribunal held that the partnership deed only needs to authorize the payment of remuneration, not necessarily quantify it, as long as it does not exceed the limits prescribed by Section 40(b)(v). The CIT(A) was justified in allowing the remuneration.
The Tribunal held that the AO failed to conduct independent inquiries or afford the assessee an opportunity to cross-examine parties, making the addition unsustainable. The CIT(A)'s deletion of the addition was upheld.
The Tribunal held that the assessee society is not a 'cooperative bank' as defined under the Banking Regulation Act, 1949, and therefore, Section 80P(4) is not applicable. The deduction under Section 80P is allowable.
The Tribunal held that the addition for service tax was not sustainable based on the Bombay High Court's ruling in CIT Vs Knight Frank (India). Regarding interest expenses, the Tribunal found the CIT(A)'s order unsustainable and restored the issue to the AO for fresh examination.
The Tribunal condoned the delay in filing the appeal. It held that carried forward business losses can be set off against capital gains computed under Section 50, as Section 50 is a deeming fiction limited to computation and does not alter the nature of the income.
The Tribunal held that the addition was unjustified as the architect's bill contained an inadvertent clerical error, which was later clarified and rectified. The Tribunal found no reason to reject the assessee's capitalized building cost and the audited accounts.
The Tribunal held that since the earlier Tribunal order had been set aside by the High Court, the Revenue's appeal had become infructuous. Therefore, the appeal filed by the Revenue was dismissed.
The Tribunal held that the evidence, including the PNB Assets profile showing Amit Agarwal as a sub-broker with a specific code and the recipient offering the income in his return, proved the genuineness of the commission payment. The AO had not brought on record any evidence to suggest the payment was bogus or capital in nature.
The Tribunal held that the LER does not represent income that has accrued or been received by the assessee, but rather a notional book entry. Therefore, such entries should not be considered for taxability purposes. The Tribunal also noted that a relevant clause (g) introduced retrospectively was not considered by the lower authorities.
The Tribunal held that merely obtaining possession of the new flat within the prescribed time window does not equate to 'purchased' as required by Section 54. The term 'purchased' encompasses multiple events including payment and registration, which all fell outside the stipulated period.
The Tribunal held that the assessee is entitled to the same indexation benefits as the previous owner, following the Bombay High Court's decision. The AO was directed to re-compute the capital gains accordingly.
The Tribunal held that only the taxable income component, not the entire transaction, should be taxed even if the transaction is not verifiable. The addition was restricted to 12% of the total impugned purchases.
The Tribunal held that penalty under Section 271(1)(c) is not leviable when the tax payable under normal provisions is less than the tax payable under MAT provisions (Section 115JB), following the Delhi High Court ruling and CBDT circular. The penalty on scrap sale was not contested.
The Tribunal held that while the expenses were disallowed, there was no concealment of income or furnishing of inaccurate particulars. Penalty proceedings are distinct from assessment proceedings, and a mere disallowance of a claim does not automatically lead to a penalty.
The Tribunal admitted additional evidence, finding it crucial for adjudication. It restored the issue of depreciation and investment allowance to the CIT(A) for fresh consideration, along with related issues concerning short-term investments.
The Tribunal restored the issue of service tax deduction on rent to the Assessing Officer for verification. It also remanded the disallowance of expenses for fresh examination by the Assessing Officer. The disallowance under Section 14A was restricted to the amount self-disallowed by the assessee.