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405 orders · Page 2 of 9
The Tribunal held that the issue was squarely covered by its own decision in the assessee's own case for a prior assessment year. The CIT(A) had also relied on this prior decision.
The Tribunal upheld the CIT(A)'s decision, finding no reason to interfere. The ESOP expense claim was allowed as per the Tribunal's own prior ruling, and the Section 14A disallowance was deleted based on the principle that investments yielding exempt income are presumed to be from non-interest bearing funds when own funds exceed such investments.
The Tribunal directed the AO to restrict the addition for suppressed sales to 12.79% of the sustained amount, following a previous order. The issue of disallowance under Section 40(a)(ia) was restored to the AO for fresh examination.
The Tribunal remitted the issue of legal expenses back to the AO for fresh adjudication. The claim for set-off of brought forward losses of a dissolved firm was denied as it belonged to the firm, not the individual partner.
The Tribunal held that while additions were warranted due to doubts on the genuineness of purchases, the estimated profit rate of 15% was on the higher side. The ad-hoc expenditure disallowance was considered reasonable.
The Tribunal upheld the CIT(A)'s decision to delete the disallowance of cross-charges, finding it to be a reimbursement and not subject to TDS. The enhanced disallowance under Section 14A was also deleted as the AO failed to record the necessary satisfaction.
The Tribunal held that the Assessing Officer's enhancement of disallowance under Section 14A by applying Rule 8D(2)(iii) was not merited as the Assessing Officer failed to record the necessary satisfaction as required by Section 14A(2). The suo moto disallowance made by the assessee was not doubted by the lower authorities.
The Tribunal noted that the tax effect in one appeal was below the prescribed limit, leading to its dismissal. For other appeals, the Tribunal considered the applicability of Double Taxation Avoidance Agreements (DTAAs) and the nature of services rendered to determine TDS obligations.
The Tribunal held that the settlement charges paid to SEBI were not an expenditure for an offence or prohibited by law. It was a payment to avoid prolonged litigation, cost, and reputational damage, thus allowable under Section 37(1).
The Tribunal noted that the identical issue for earlier assessment years was remanded to the Assessing Officer for fresh examination. Therefore, the present appeal was also remanded to the Assessing Officer for a similar fresh examination.
The Tribunal held that the Assessing Officer's enhancement of disallowance under Section 14A by applying Rule 8D(2)(iii) was not merited as the Assessing Officer failed to record the necessary satisfaction as required by Section 14A(2). The suo moto disallowance made by the assessee was not doubted by the lower authorities.
The Tribunal restored the appeal to the Assessing Officer for a de novo assessment. This was due to the assessee's consistent failure to provide crucial information and the potential for errors in the previous assessments.
The Tribunal held that the Assessing Officer's enhancement of disallowance under Section 14A by applying Rule 8D(2)(iii) was not merited as the Assessing Officer failed to record the necessary satisfaction as required by Section 14A(2). The suo moto disallowance made by the assessee was not doubted by the lower authorities.
The Tribunal confirmed the order of the CIT(A), upholding the addition made by the AO. The assessee failed to discharge the burden of proof to establish that the expenses were incurred wholly and exclusively for business purposes.
The Tribunal held that the Assessing Officer's enhancement of disallowance under Section 14A by applying Rule 8D(2)(iii) was not merited as the Assessing Officer failed to record the necessary satisfaction as required by Section 14A(2). The suo moto disallowance made by the assessee was not doubted by the lower authorities.
The Tribunal held that the proviso to Section 244A(1)(a) clearly states that no interest is payable if the refund is less than 10% of the total tax determined on regular assessment. The AO correctly applied this provision based on the facts presented.
The Tribunal held that the assessee is entitled to interest under Section 244A on the entire refund amount, including the portion arising from DIT relief. This is because DIT relief is statutorily available and must be considered when computing tax liability and subsequent refunds.
The Tribunal held that the penalty notice issued by the Assessing Officer was bad in law as it did not clearly specify the limb of Section 271(1)(c) under which the penalty was being levied, failing to strike off the irrelevant clause. This violated the principles of natural justice.
The Tribunal held that the Revenue did not provide sufficient material to prove the purchases were bogus. The existence of paintings in the assessee's possession and the flow of funds via account payee cheques were considered, and the statements of suppliers were deemed insufficient to establish the link back to the assessee.
The Tribunal held that no disallowance under Section 14A is permissible if the assessee has earned no exempt income. If the assessee made a suo-moto disallowance, it should be restricted to that extent.
The Tribunal upheld the CIT(A)'s deletion of the addition. The AO's addition was based on suspicion and lacked concrete evidence against the assessee, especially since the assessee had provided documentary proof of purchases and payments through banking channels.
The Tribunal held that penalty under Section 271(1)(c) is not attracted with reference to additions made under normal provisions when the tax liability is finally determined under Section 115JB. The CBDT Circular No. 25/2015 supports this position.
The Tribunal held that the Assessing Officer's enhancement of disallowance under Section 14A by applying Rule 8D(2)(iii) was not merited as the Assessing Officer failed to record the necessary satisfaction as required by Section 14A(2). The suo moto disallowance made by the assessee was not doubted by the lower authorities.
The Tribunal upheld the CIT(A)'s decision, finding that the transactions with the related party were in the normal course of business and that the forward contracts constituted hedging transactions, not speculation. The revenue failed to provide contrary material.
The Tribunal noted that a similar disallowance of guarantee commission was deleted in a prior assessment year by the ITAT, which is a binding precedent. The Tribunal also restored the issue of Section 14A disallowance to the Assessing Officer for fresh consideration, directing him to consider the assessee's claim regarding exempt income and re-compute the disallowance.
The Tribunal found that the assessee's documentary evidence might not have been properly appreciated by the lower authorities. Therefore, the matter was restored to the AO for re-adjudication to allow the assessee an opportunity to substantiate their case.
The Tribunal held that since the credit card payment was made by the assessee's wife from her duly accounted sources, no adverse inference could be drawn in the hands of the assessee. Therefore, the addition sustained by the CIT(A) was deleted.
The Tribunal held that a bank pass book or statement is not a 'book' for the purpose of Section 68. Furthermore, considering the assessee's disability and dependence on family, the addition was not sustainable on merits.
The Tribunal found that the CIT(A) did not properly appreciate the assessee's explanation regarding business receipts and ad-hoc disallowance of expenses. Therefore, the matter was remanded for fresh verification and the ad-hoc addition was deleted.
The Tribunal held that an assessment order passed in the name of a non-existent entity is invalid and goes to the root of the Assessing Officer's jurisdiction. Therefore, the assessment order was quashed.
The Tribunal noted that crucial documents like creditor confirmations were filed for the first time before it. Since these were not presented to the lower authorities, the Tribunal set aside the CIT(A)'s order and restored the matter to the AO for a de novo assessment.
The Tribunal held that the CIT(A) correctly analyzed the facts and that the assessee was an investor, not a trader in shares. Therefore, gains from share transactions should be treated as capital gains.
The Tribunal found that the assessee's primary intention was to be heard on the merits of the disallowances. Since a co-ordinate bench had already restored the matter to the CIT(A) for a fresh speaking order, the present appeal was rendered infructuous.
The Tribunal held that the deduction under Section 80IB(11A) should be allowed to the extent of the assessed gross total income, not just the business income. The CIT(A)'s reliance on Section 80AB was interpreted to support this view.
The Tribunal held that since the ITAT had already taken a view on the merits of the case in a previous order, it would refrain from delving into the matter further. The Assessing Officer was directed to re-compute the income in terms of the cited ITAT order.
The Tribunal held that the CIT(A) correctly analyzed the facts and that the assessee was an investor, not a trader in shares. Therefore, gains from share transactions should be treated as capital gains.
The Tribunal upheld the CIT(A)'s decision to restrict the gross profit addition to 8.06%, considering the assessee's own past GP rates accepted by the department. The Tribunal also agreed with the deletion of the separate addition for purchases, as the GP addition already accounted for potential issues.
The Tribunal allowed depreciation on computer software at 60% based on a High Court judgment. However, it upheld the disallowance of depreciation related to prior year's fixed asset additions and the disallowance of provisions for legal, professional, and power/fuel expenses, as the assessee failed to provide sufficient evidence for these claims.
The Tribunal held that while purchases were disputed, the assessee could not produce parties for confirmation and notices u/s 133(6) were unserved. However, additions for one party were deleted as no purchases were made from them. The profit element was considered reasonable.
The Tribunal noted the assessee's request for withdrawal of the appeal as adequate relief had already been granted. The Revenue did not object to this request.
The Tribunal held that the limitation period for imposing penalty must be calculated with reference to the first ITAT order, not the subsequent miscellaneous application order. The issue was restored to the CIT(A) to determine the service date of the first order and decide the penalty's validity.
The Tribunal held that the penalty orders do not survive due to the substantial relief granted in the quantum appeals. The issue of penalty levy was remitted back to the Assessing Officer for fresh consideration.
The Tribunal held that while the purchases were indeed bogus, a 100% disallowance was not permissible as the sales were not doubted. Following jurisdictional High Court and ITAT precedents, a disallowance of 12.5% of the bogus purchases was deemed appropriate.
The Tribunal held that the AO failed to conduct adequate investigation to prove the purchases were bogus, despite the assessee providing documentary evidence. The Tribunal, following precedents, restricted the additions to 2% of such purchases.
The Tribunal held that the patents and copyrights were utilized for manufacturing in India, establishing a business connection with India. Therefore, the royalty payment was not covered by the exception clause in Section 9(1)(vi)(b) and the disallowance was justified.
The Tribunal held that merely making a claim not sustainable in law does not amount to furnishing inaccurate particulars or concealment of income. Following a co-ordinate bench's decision in the assessee's own case for an earlier year, the penalty was deleted.
The Tribunal restored the issue of interest disallowance to the Assessing Officer for verification of whether the recipients offered the interest income in their returns and paid taxes. For the Section 14A disallowance, the Tribunal directed the Assessing Officer to verify if the assessee earned any exempt income.
The Tribunal held that the assessee's activities, such as conducting seminars and selling publications, were in furtherance of its charitable object of advancing the Fragrance and Flavours industry. These activities were not commercial in nature and the surplus generated was incidental.
The Tribunal held that the assessee is entitled to the full deduction of ₹.1,00,00,000/- as the investment was made within the prescribed time limit and before the amendment restricting the limit to ₹.50 Lakhs. The amendment was held to be prospective.