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98 orders · Page 2 of 2
The Tribunal, following its previous order and judicial pronouncements, affirmed the CIT(A)'s decision to estimate profit at 12.5% on bogus purchases. The appeals filed by both the Revenue and the assessee were dismissed.
The Tribunal held that the under-invoicing addition was not sustainable as the assessee provided a reasonable explanation for the billing. The Tribunal also found no justification for disallowing the incentive payment to the Managing Director, stating it was not a reimbursement of capital and was commercially expedient.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to 6% of the alleged bogus purchases. It found no reason to deviate from the CIT(A)'s findings, which considered the profit element and the evidence presented by the assessee.
The Tribunal found that the Valuation Officer's report, crucial for the assessment, was submitted after the CIT(A) had passed the order. Therefore, the Tribunal set aside the CIT(A)'s order and restored the matter to the AO for a de novo assessment.
The Tribunal found that the CIT(A) deleted the addition without proper findings. While the assessee failed to prove the genuineness of purchases, the addition was restricted to 5% of the bogus purchases to account for profit element and VAT benefits.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to 7.5% of the bogus purchases, following a consistent view of co-ordinate benches that a reasonable percentage addition is permissible in such cases.
The Tribunal held that the Assessing Officer had applied their mind while treating interest income as business income. The Commissioner's revisional order was found unsustainable as it lacked a definitive finding.
The Tribunal found that while bogus purchases were established, the CIT(A)'s reduction to 3% was unreasonable. The Tribunal directed that additions be restricted to 6% of the bogus purchases to account for the profit element and VAT benefits.
The Tribunal corrected a para in its previous order to clarify that the net profit of 12.50% should be applied to purchases, as affirmed by the CIT(A). The correction aimed to remove ambiguity regarding the deduction of declared GP.
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance to Rs. 8,85,536/-, representing 0.5% of the average investment value, based on established jurisprudence that investments made from interest-free funds do not warrant disallowance of interest expenditure.
The Tribunal held that the expenditure incurred by the assessee towards payment of RoC fees for increasing the authorized capital is in the nature of capital expenditure. Applying the ratio laid down by the Hon'ble Supreme Court in Punjab State Industrial Development Corporation Ltd. v/s CIT and Brooke Bond India Ltd. (supra), the Tribunal reversed the decision of the Commissioner (Appeals) and disallowed the entire amount. Regarding the foreign exchange fluctuation loss, the Tribunal found that the transactions were entered into on a recognized stock exchange in the regular course of business. Therefore, the Assessing Officer's observation that such transactions did not fall within the exception provided under Section 43(5) of the Act was considered misconceived. The Tribunal upheld the decision of the Commissioner (Appeals) on this issue, allowing the loss to be treated as business loss. Consequently, the Revenue's appeal was partly allowed.
The Tribunal held that the issue of carrying forward deficit to be set off against future income is settled in favor of the assessee by the Bombay High Court decision in CIT vs. Institute of Banking Personnel Selection. Therefore, the order of the CIT(A) allowing the claim was confirmed.
The Tribunal held that the issue of carrying forward deficit to be set off against future income is settled in favor of the assessee by the Bombay High Court decision in CIT vs. Institute of Banking Personnel Selection. Therefore, the order of the CIT(A) allowing the claim was confirmed.
The Tribunal upheld the CIT(A)'s decision, agreeing that only real income is taxable and that the addition should be restricted based on GP ratio analysis. The AO failed to provide evidence of cash refund or that the assessee did not receive the goods.
The Tribunal permitted the assessee to withdraw the appeal as it had become infructuous. The Revenue had no objection to the withdrawal.
The Tribunal found that while the assessee showed a higher GP than previous years, adding 12.5% was unreasonable. Considering the AO's addition of 4% for a subsequent year and the assessee's GP, the addition was restricted.
The Tribunal held that the valuation of shares for capital gains computation should be based on the value determined by the approved valuer at the time of restructuring, not the earlier valuation used for the swap ratio. The acquisition date for the new shares was also considered.
The Tribunal held that the disallowance under Section 14A should be restricted to the extent of exempt income earned. Regarding the speculation loss, the Tribunal directed the AO to allow the full verified amount, noting that the discrepancy arose from a clerical error in the return.
The Tribunal held that the 3G spectrum cost qualifies as an intangible asset eligible for depreciation under Section 32 of the Income Tax Act. Consequently, the revision order passed by the PCIT under Section 263 was deemed bad in law.
The Tribunal upheld the CIT(A)'s direction to compute interest for 2 months instead of 3 months, following coordinate bench decisions. For the assessee's appeal, the Tribunal, relying on a previous ITAT decision in the assessee's own case, set aside the CIT(A)'s order and remitted the matter to the AO for fresh adjudication.
The Tribunal allowed the assessee's application for additional evidence, finding the documents material to the dispute. Consequently, the order of the CIT(A) was set aside, and the matter was remitted back to the Assessing Officer for a fresh assessment.
The Tribunal held that the disallowance under Section 14A should be restricted to the extent of exempt income earned. Regarding the speculation loss, the Tribunal directed the AO to allow the full verified amount, noting that the discrepancy arose from a clerical error in the return.
The Tribunal held that since the assessment framed under Section 153C was quashed for want of jurisdiction due to the absence of a satisfaction note, the penalty imposed under Section 271(1)(c) cannot be sustained.
The Tribunal dismissed the Revenue's appeal. This was based on the agreement between both parties that the tax effect of the appeal was below the monetary limit prescribed by the CBDT.
The Tribunal held that the interest expenditure was not laid out wholly and exclusively for earning interest income, and the foreign exchange loss was on capital account and not allowable as revenue expenditure. Therefore, both disallowances were upheld.
The Tribunal held that the CIT(A)'s decision regarding the disallowance under Section 14A was judicious and well-reasoned, relying on previous orders in the assessee's own case. The Tribunal also upheld the CIT(A)'s decision allowing the expenditure as cost of improvement.
The Tribunal held that the assessee made a bona fide and tenable claim for deduction under section 80IB. Following its own previous order for a different assessment year, the Tribunal deleted the penalty.
The Tribunal, considering the principle of natural justice and the fact that the assessee was not heard, decided to remand the appeals back to the First Appellate Authority for fresh adjudication.
The tribunal allowed the assessee's request to withdraw the appeal. As a result, the appeal was dismissed.
The Tribunal, considering the principle of natural justice and the fact that the assessee was not heard, decided to remand the appeals back to the First Appellate Authority for fresh adjudication.
The Tribunal held that the amounts received by the assessee society from its members as TDR premium and transfer fees are not taxable on the principle of mutuality. The Tribunal upheld the CIT(A)'s decision to delete the additions made by the AO.
The Tribunal found no infirmity in the reopening of the assessment. However, considering the assessee's declared GP rate and the nature of the business, the Tribunal restricted the addition to 10% of the GP on the alleged bogus purchases.
The Tribunal found no cogency in the reasons provided for the delay and noted the assessee's lack of cooperation at the lower appellate level. Therefore, the Tribunal declined to condone the delay.
The Tribunal upheld the Commissioner (Appeals)'s deletion of the addition. It found that the cash deposits were indeed from the assessee's business, a fact accepted in a prior assessment year. However, it cautioned the assessee to comply with Section 44AD provisions in the future.
The High Court directed that the annual value must be determined independently for each assessment year, considering rent received and municipal rateable value. This exercise was not done, and factual materials were lacking.
The Tribunal held that the Pr. CIT erred in invoking section 263 as the AO had already considered the material on record during the scrutiny assessment. The Pr. CIT's order was set aside as it was passed without proper examination and merely directed the AO to re-examine the issue.
The Tribunal held that while Rule 8D was not retrospectively applicable, the AO could disallow expenses on a reasonable basis. It deleted a part of the Section 14A disallowance but sustained another part. The disallowances on travelling, telephone, and motorcar expenses were deleted as the assessee had filed fringe benefit returns.
The Tribunal held that the assessee's activities of providing warehousing facilities are complex commercial activities. Therefore, the income derived from such commercial exploitation of property should be treated as business income, not income from house property.
The Tribunal held that the assessee was not liable to deduct tax at source under Section 194A as their turnover did not exceed the specified limits under Section 44AB. Therefore, the penalty levied under Section 271(1)(c) was wrongly confirmed.
The ITAT condoned the two-day delay in filing objections before the DRP and directed the DRP to pass directions on the objections. The appeal was allowed for statistical purposes.
The Tribunal held that the Assessing Officer was justified in re-opening the assessment under Section 147 based on credible information from the Investigation Wing. However, the deletion of the addition by the CIT(A) was based on the assessee providing documentary evidence, including bank statements and director affidavits.
The Tribunal held that the disallowance under Section 14A read with Rule 8D(2)(iii) cannot exceed the exempt income. It also directed the AO to give credit for the suo moto disallowance and to reconsider the computation of book profit under Section 115JB.
The Tribunal upheld the CIT(A)'s order, following a previous decision in the assessee's own case for AY 2010-11. The Tribunal found the AO's estimation of 3% commission to be on the higher side.
The Tribunal upheld the CIT(A)'s decision to disallow 12.5% of the alleged bogus purchases, considering the assessee's failure to prove the genuineness of the transactions.
The Tribunal upheld the CIT(A)'s decision, agreeing that income from letting out a shopping mall with amenities should be assessed as business income, not income from house property. The assessee is entitled to deductions for expenses and depreciation.
The Tribunal upheld the CIT(A)'s decision to treat short-term capital gains as business income, citing the extensive nature of share trading activities. However, it agreed that long-term capital gains should be treated as such, as these transactions lacked the characteristics of trading.
The Tribunal deleted the disallowance under Section 14A as no exempt income was earned. The provision for leave encashment was allowed to be claimed in the year of actual payment. The issues related to bad debts, tax credit, and interest were restored to the Assessing Officer for verification.