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673 orders · Page 13 of 14
The Tribunal found that confirmations from the parties were considered by the CIT(A) and were found to be in order. The Tribunal held that the appeal of the Revenue had no merit.
The assessee filed an application to withdraw the appeal without assigning any reason. The Department had no objection to the withdrawal.
The Tribunal upheld the decision of the CIT(A) to restrict the addition to 12.5% of the bogus purchases, considering that the consumption/sales of the goods were not doubted. The Tribunal found no infirmity in the CIT(A)'s order.
The Tribunal held that disallowing the entire purchase amount was not warranted. However, it modified the CIT(A)'s decision, directing the AO to sustain additions to the extent of 6% of the value of alleged bogus purchases.
The Tribunal restored the appeals to the file of the CIT(A) for fresh adjudication. This was done in the interest of natural justice, subject to the assessee paying a cost of Rs. 2000/-.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to 3% of the disputed purchases, finding that the AO's reliance on a specific instruction was misplaced. The Tribunal agreed that a profit element embedded in non-genuine purchases should be taxed.
The Tribunal upheld the validity of the reopening of assessment. However, it remanded the issue of the quantum of purchases from M/s R.K. Traders back to the AO for re-examination.
The Tribunal held that since the addition on the basis of which the penalty was levied had been deleted by a co-ordinate bench, the penalty order would not survive. Therefore, the penalty order was set aside.
The Tribunal held that while the suppliers were suspicious, the assessee had made payments by account payee cheques and the sales were accepted by the AO. Therefore, the entire purchase amount could not be treated as bogus.
The Tribunal, following its previous decisions in similar cases involving the assessee and its group concerns, upheld the net profit rate of commission at 0.15%. Additionally, the Tribunal allowed a further 25% of the expenses that were disallowed by the CIT(A).
The Tribunal permitted the assessee to withdraw the appeals as requested. The appeals were subsequently dismissed for want of prosecution.
The Tribunal held that the Assessing Officer did not provide justification for the methodology of computing expenses attributable to earning exempt income. The assessee's own interest-free funds were significantly more than its investments.
The Tribunal held that since the partnership firm M/s. Rajesh Builders had accepted and offered the amounts to taxation in response to notices, the additions made in the hands of the assessee were not sustainable. The CIT(A) was justified in deleting the same.
The Tribunal held that penalty proceedings under Section 271D are independent of assessment proceedings and can be initiated even if assessment proceedings are completed. Following the decisions of the Hon'ble Delhi High Court and Rajasthan High Court (affirmed by the Apex Court), the Tribunal found no infringement of Section 269SS.
The Tribunal held that the advance, though not a trade receivable, was a business loss as no capital asset was acquired and no enduring benefit resulted. Therefore, the amount was allowable as a deduction.
The Tribunal held that a penalty under Section 271(1)(c) is not leviable on additions made solely based on the deeming provisions of Section 50C, as it does not amount to concealment of income or furnishing inaccurate particulars. The penalty was deleted following a coordinate bench's decision.
The Tribunal upheld the disallowance of expenses restricted to the exempt income earned, finding the CIT(A)'s decision fair. The interest disallowance was deleted by the CIT(A) as investments were made from own interest-free funds.
The Tribunal held that the issue was covered by previous decisions in the assessee's own case and by the Bombay High Court. The disallowance under Section 14A was deleted.
The Tribunal upheld the CIT(A)'s decision, finding that the compensation received was for an impairment of the right to more beneficial enjoyment of a capital asset, and thus was a capital receipt. The deduction for CAM charges was also implicitly upheld by dismissing the revenue's appeal.
The Tribunal held that the CIT(A) should have adjudicated all grounds of appeal. Following a precedent, the issue of whether the expenses were incurred wholly and exclusively for business purposes was remitted back to the CIT(A).
The Tribunal upheld the CIT(A)'s decision to estimate profit at 12.5% of the bogus purchases. This decision was based on previous orders for other assessment years where the same issue was decided similarly.
The Tribunal held that while the purchases were not entirely genuine, the profit element embedded in such transactions should be taxed. The Tribunal enhanced the addition to 8% of the alleged bogus purchases, considering the profit element and potential benefits.
The Tribunal held that while the assessee could not fully substantiate the purchases, the addition should account for the profit element. Therefore, the additions were further restricted to 10% of the alleged bogus purchases.
The Tribunal held that the 'initial Assessment Year' for Section 80IA deduction is the first year of claim, not the year of commencement of business. Prior year losses already set off against other income cannot be notionally brought forward.
The Tribunal confirmed the order of the CIT(A) by following its own previous order in a similar case for AY 2010-11. The facts and circumstances were found to be the same.
The Tribunal held that the 'initial Assessment Year' for Section 80IA deduction is the first year of claiming the deduction, not the year of commencement of business. Consequently, prior year losses already set off against other income cannot be notionally brought forward.
The Tribunal held that penalty under Section 271(1)(c) was not leviable for a mere change in the head of income, especially when the loss figures remained the same and no inaccurate particulars were furnished.
The Tribunal noted that the CIT(A) had not dealt with the assessee's contention regarding the availability of sufficient non-interest bearing funds for investments. Therefore, the issue was remitted back to the CIT(A) for a fresh adjudication.
The Tribunal held that the Assessing Officer failed to specify under which limb of Section 271(1)(c) the penalty was initiated and levied. The lack of clarity on whether it was for concealment of income or furnishing inaccurate particulars rendered the penalty unsustainable.
The Tribunal upheld the validity of the reopening of assessment. It also confirmed the addition of profit on bogus purchases, as estimated by the AO and restricted by the CIT(A), finding that the assessee failed to prove the purchases beyond doubt.
The Tribunal, following its own precedent in the assessee's own case, held that the interest rates paid were not excessive or unreasonable. Therefore, the disallowance made by the lower authorities was set aside.
The Tribunal held that the CIT(A) was correct in allowing the deduction. It followed High Court and ITAT judgments stating that the 'initial assessment year' for Section 80IA can be the year of claim, not necessarily the year of commencement, especially if prior losses were set off against other income.
The Tribunal held that while the purchases were not entirely genuine, the profit element embedded in such transactions should be taxed. The Tribunal enhanced the addition to 8% of the alleged bogus purchases, considering the profit element and potential benefits.
The Tribunal upheld the CIT(A)'s order, stating that the jurisdictional High Court's decision is binding. The Assessing Officer was directed to allow the carry forward of the deficit after verification.
The Tribunal upheld the reopening of the assessment as valid. However, following a precedent in an identical case of the individual to whom the HUF belongs, the issue of the addition on merits was remitted back to the Assessing Officer for fresh consideration.
The Tribunal upheld the reopening of the assessment as valid. However, following a precedent in an identical case of the individual to whom the HUF belongs, the issue of the addition on merits was remitted back to the Assessing Officer for fresh consideration.
The Tribunal held that the penalty was not validly initiated as the AO failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal confirmed the deletion of the penalty by the CIT(A).
The Tribunal held that the assessee was involved in sham transactions to route unaccounted income and convert it into alleged capital gains. The documentary evidence and statements indicated that the share transactions were mere paper transactions.
The Tribunal held that while the purchases were not entirely genuine, an addition to account for the profit element was justified. The estimation made by the CIT(A) was considered high, and the addition was further restricted.
The Tribunal held that the penalty was not validly initiated as the AO failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal confirmed the deletion of the penalty by the CIT(A).
The Tribunal held that the penalty was not validly initiated as the AO failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal confirmed the deletion of the penalty by the CIT(A).
The Tribunal held that the penalty was not validly initiated as the AO failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal confirmed the deletion of the penalty by the CIT(A).
The Tribunal held that lower appellate authorities should decide both jurisdictional and merit aspects of a case. Therefore, the matter was remitted back to the CIT(A) to decide the appeal on merits.
The Tribunal found no illegality in reopening the assessment or in making additions for violations of Section 194C and Section 194J. The assessee's failure to substantiate claims regarding TDS non-deduction was noted.
The Tribunal upheld the CIT(A)'s order, agreeing that the AO was justified in rejecting the assessee's books of account due to unverifiable purchases. The disallowance of 12.5% of purchases was considered reasonable.
The Tribunal held that the assessee had obtained bogus accommodation entries, camouflaged by paperwork from the Mukesh Choksi group. The CIT(A)'s order upholding the additions made by the Assessing Officer was confirmed.
The Tribunal held that the CIT(A) was correct in allowing the carry forward of deficit. The decision followed the binding judgments of the Hon'ble Bombay High Court in similar cases, even though the department had not accepted the earlier decision on merits.
The Tribunal upheld the lower authorities' decision, agreeing that the assessee failed to discharge the onus of proving the donor's capacity and the genuineness of the cash gift transaction.
The Tribunal held that the assessee had only received the actual amount reflected in Form 26AS, thus deleting the AO's enhancement. It also held that amenity charges were part of the house property income, not 'Income from Other Sources'.