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462 orders · Page 6 of 10
The Tribunal held that the CIT(A) accepted additional evidence without confronting it to the AO, violating principles of natural justice. The issue was restored to the AO for de novo consideration.
The Tribunal held that additions cannot be made solely on the basis of AIR mismatch when the assessee provides reconciliation. It also directed the AO to re-examine the TDS credit issue and granted credit if the assessee reconciles Form 26AS with its books. The levy of interest under Section 234B was upheld.
The Tribunal found that both the AO and DIT (IT) failed to properly examine and apply their minds to the issue of whether the liquidated damages were taxable. Therefore, the matter was restored to the AO for a fresh assessment.
The Tribunal upheld the CIT(A)'s decision, agreeing that the assessee had discharged its primary onus by providing evidence like ledger accounts, bank statements, gate passes, TDS certificates, and PAN. The AO failed to bring on record any cogent evidence to prove the payment was bogus or non-genuine.
The Tribunal upheld the CIT(A)'s decision, finding no cogent evidence to treat the assessee as a dealer in land. The conversion and plotting alone were not sufficient to classify the transaction as business income.
The Tribunal held that the AO did not conduct proper inquiries and lacked sufficient material to conclude the purchases were bogus. The assessee provided evidence like payment by cheque, bills, delivery challans, and VAT credit was allowed.
The Tribunal held that disallowance under Section 14A cannot exceed the exempt income earned. Regarding other expenses, the Tribunal reduced the ad-hoc disallowance from 10% to 5%, deeming the original disallowance to be on the higher side.
The Tribunal held that the assessee was entitled to depreciation on leased assets, following the Supreme Court's decision in ICDS. It also allowed the addition of residual sale price of leased assets as business income and allowed the appeal concerning Section 14A disallowance, relying on its own previous decisions.
The Tribunal held that the deficit of the current year is required to be carried forward to subsequent years for set off, following the jurisdictional High Court's decision. The AO was directed to allow the carry forward after due verification.
The Tribunal upheld the CIT(A)'s order, finding that there was no finding by the AO or Addl. CIT that the repayment was not a bonafide transaction or made to evade tax. The Tribunal considered the cash repayments due to immediate business necessity as a reasonable cause.
The Tribunal found that the lower authorities had not appropriately dealt with the assessee's factual assertions regarding beneficial ownership. The Tribunal admitted new evidence and decided to remand the matter back to the Assessing Officer for a fresh consideration.
The Tribunal upheld the CIT(A)'s decision, following the jurisdictional High Court's ruling in the assessee's own case. The definition of built-up area inserted by the Finance Act, 2004, was held not applicable to projects completed prior to April 1, 2005.
The Tribunal held that the assessee was entitled to depreciation on leased assets, following the Supreme Court's decision in ICDS. It also allowed the addition of residual sale price of leased assets as business income and allowed the appeal concerning Section 14A disallowance, relying on its own previous decisions.
The Tribunal directed the Assessing Officer to take the Gross Profit at 11.23% in the assessee's case, aligning with the decision in the assessee's brother's case for the same assessment year and business.
The Tribunal held that since the payee had already paid tax on the Rs. 5,00,000/- amount, the disallowance under Section 40(a)(ia) was not justified. The provision of Section 40(a)(ia) was also held to be applicable retrospectively.
The Tribunal held that the CIT erred in invoking Section 263 as the assessment order was passed under Section 153A, and the issues raised by the CIT pertained to documents found during a search at a third party's premises, requiring assessment under Section 153C. Furthermore, the CIT failed to conduct the necessary minimal inquiry before revising the order.
The Tribunal dismissed the Revenue's appeal as it was barred by monetary limits as per CBDT circular. The Tribunal allowed the assessee's appeal, holding that the capital gain of Rs. 4,00,000 was already assessed in AY 2007-08 and thus not taxable in AY 2008-09.
The Tribunal found that the assessee had filed additional evidence before the CIT(A), including an affidavit from a broker, but these were not considered. The CIT(A) passed the order without providing a further opportunity for hearing or considering the submitted evidence.
The Tribunal held that the set-off of losses should be allowed as the beneficial ownership of the voting power remained with the same individuals, Mr. Vijay Wadhwa and Mrs. Vinita Wadhwa, through their shareholding in intermediary companies.
The Tribunal held that in identical and similar cases, the penalty was deleted by the ITAT. Following this precedent, the levy of penalty was deleted.
The Tribunal held that the disallowance under Section 14A should not exceed the exempt income earned. It also directed the Assessing Officer to verify and rectify any double disallowance of income.
The Tribunal upheld the CIT(A)'s decision, finding that the advances to subsidiaries and SPVs were made out of commercial expediency. The Tribunal relied on the Supreme Court's decision in S.A. Builders Ltd.
The Tribunal condoned the delay in filing the appeal, adopting a liberal approach based on Supreme Court judgments emphasizing substantial justice over technicalities. The Tribunal directed the Assessing Officer to re-examine the assessee's claim under Section 23(1)(c) considering previous Tribunal and High Court decisions.
The Tribunal held that the reassessment proceedings were invalidly initiated because the AO reviewed information that was already available during the original assessment, constituting a change of opinion. Consequently, the issues on merits did not require adjudication.
The Tribunal held that the issuance of a notice under section 143(2) is a mandatory requirement, even in reassessment proceedings, as established by various High Court and Supreme Court judgments. The omission to issue this notice is not a curable procedural irregularity.
The Tribunal agreed with the assessee that the CIT(A) failed to provide a reasonable opportunity of show-cause before making an enhancement. Therefore, the appeal was remanded back to the CIT(A) for a fresh adjudication.
The Tribunal noted that the addition was made for Rs. 2,45,340/-, while the debit note mentioned Rs. 2,28,000/-. Since the Revenue did not controvert the assessee's claim that the payee offered income and paid taxes, the matter was remanded for examination.
The Tribunal held that the assessee failed to discharge the onus of proving the creditworthiness of the investor. Mere identification of the source and movement of funds through banking channels was insufficient.
The Tribunal upheld the CIT(A)'s decision, finding that the advances made to subsidiaries and SPVs were for commercial expediency and directly related to the assessee's port construction business. The Tribunal followed the Supreme Court's decision in S.A. Builders Ltd.
The Tribunal held that the reopening of assessment was invalid as the facts regarding transportation expenses were already considered during the original assessment. The Tribunal also noted that the payments were on a truck-to-truck basis, not attracting Section 194C.
The Tribunal upheld the CIT(A)'s order, finding that the assessee failed to provide substantiating evidence for their claims and that the CIT(A) had considered all contentions. Therefore, no interference with the CIT(A)'s decision was warranted.
The Tribunal held that the reassessment proceedings were invalidly initiated because the AO reviewed information that was already available during the original assessment, constituting a change of opinion. Consequently, the issues on merits did not require adjudication.
The Tribunal found that the CIT(A) had deleted the addition without controverting the AO's specific findings. Therefore, the matter was restored back to the CIT(A) for a fresh decision.
The Tribunal remanded the issue of interest income to the Assessing Officer for fresh examination, considering the principle of parity and the need to verify if facts in the current year were identical to earlier years where such income was accepted as business income.
The Tribunal held that the self-imposed clause in the Articles of Association was a colourable device for tax avoidance, not a genuine diversion of income by overriding title. The payment was considered an application of income, not a diversion.
The Tribunal held that the proceedings under Section 153C were invalid because the AO of the searched party did not record proper satisfaction before forwarding the documents. The Tribunal quashed the assessment proceedings and the consequent assessment order.
The Tribunal held that the proceedings under Section 153C were invalid because the AO of the searched party did not record proper satisfaction before forwarding the documents. The Tribunal quashed the assessment proceedings and the consequent assessment order.
The Tribunal held that cutting and polishing of diamonds amounts to manufacturing or production of an article or thing. Therefore, the assessee is eligible for additional depreciation.
The Tribunal held that the interest in the property is created upon entering into the purchase agreement, making the gain long-term. The date of possession is not material for determining the holding period for capital gains.
The Tribunal held that the assessee was entitled to claim depreciation at 30% on plastic moulds, following its own consistent previous orders. The CIT(A)'s decision was found to be in line with these precedents.
The Tribunal held that the proceedings under Section 153C were invalid because the AO of the searched party did not record proper satisfaction before forwarding the documents. The Tribunal quashed the assessment proceedings and the consequent assessment order.
The Tribunal held that the payment of self-assessment tax before filing an appeal is a directory, not mandatory, requirement. Since the tax was paid later, the defect was cured, and the appeal should be decided on merits.
The Tribunal held that the proceedings under Section 153C were invalid because the AO of the searched party did not record proper satisfaction before forwarding the documents. The Tribunal quashed the assessment proceedings and the consequent assessment order.
The Tribunal upheld an addition to the extent of 2% of the alleged bogus purchases for the Assessment Year 2012-13. The Tribunal found that the assessee had provided sufficient evidence of material consumption and payments, and that the project completion method followed by the assessee was accepted by the revenue.
The Tribunal noted that the assessee is a manufacturer and has maintained a consistent Gross Profit (GP) rate. Considering the facts, the Tribunal restricted the addition on account of bogus purchases to 12.5%.
The Tribunal found that the assessee failed to explain the deposits in the undisclosed bank account and did not provide any supporting documentary evidence. Therefore, the addition sustained by the CIT(A) was upheld.
The Tribunal held that an item of loss which is neither claimed for set off in the current year nor carried forward for set off in subsequent years cannot be disallowed. Therefore, the disallowance made by the lower authorities was incorrect.
The Tribunal directed the AO to restrict the disallowance under Section 14A to the extent of exempt income earned by the assessee. The Tribunal noted that the disallowance should not exceed the exempt income and that the AO had not recorded reasons for disregarding the assessee's voluntary disallowance.
The Tribunal held that the CIT(A) does not have the power to direct the Assessing Officer for verification on a substantive issue, as this amounts to restoring the issue to the Assessing Officer. The CIT(A) should have adjudicated the issue on merits.
The Tribunal held that the cash payments were made in earlier assessment years (AY 2005-06 and 2006-07) based on documentary evidence, including a diary counter-signed by the developer's director. Therefore, the addition for AY 2007-08 was not justified.