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405 orders · Page 8 of 9
The Tribunal held that duty drawback receipts are part of an export promotion scheme and not a direct reimbursement of duty paid. Therefore, the assessee's claim for deduction under Section 80IB was rejected.
The Tribunal held that a co-operative society is eligible for deduction under Section 80P, even if it receives interest from co-operative banks. The distinction between a co-operative society and a co-operative bank for the purpose of Section 80P(4) was clarified, and reliance was placed on various judicial pronouncements.
Following the coordinate bench's order for AY 2011-12, the Tribunal directed the Assessing Officer to restrict the addition for bogus purchases to 8% of the alleged amount. A similar ad-hoc disallowance of 20% against various expenses was also upheld.
Following the coordinate bench's order for AY 2011-12, the Tribunal directed the Assessing Officer to restrict the addition for bogus purchases to 8% of the alleged amount. A similar ad-hoc disallowance of 20% against various expenses was also upheld.
The Tribunal held that the notice issued under Section 274 read with Section 271(1)(c) was bad in law as it did not specify the exact charge against the assessee. This lack of specificity violated the principles of natural justice, as the assessee was not clearly informed of the allegations to defend themselves.
The CIT(A) allowed the assessee's claim for exemption, finding that the nature of activities was the same as in preceding years where similar claims were upheld by the High Court and ITAT. The Tribunal upheld the CIT(A)'s order, following its own precedents.
The Tribunal upheld the CIT(A)'s decision to delete the addition. It found that the Assessing Officer failed to provide positive evidence that the assessee had indeed carried out the transactions, despite the assessee denying them and providing supporting bank statements.
The Tribunal restored the issue of capital gains computation to the Assessing Officer for a de novo consideration, allowing the assessee to raise objections on the DVO's valuation. The Tribunal upheld the denial of set-off of business loss against short-term capital gains, relying on a Special Bench decision.
The Tribunal held that the diminution in the value of current investment, charged to the profit and loss account, is an actual loss and not a provision. Therefore, it should not be added back to the book profit under Section 115JB of the Income Tax Act.
The Tribunal noted that the issue was covered by a previous decision for AY 2010-11. The CIT(A)'s deletion of the disallowance was upheld, considering the provision for slow-moving stock as a recognized method of valuation.
The Tribunal held that the penalty notice was bad in law because it did not strike off the irrelevant limb of Section 271(1)(c) and failed to specify the exact charge against the assessee. This demonstrated a non-application of mind by the Assessing Officer and a violation of the principles of natural justice.
The Tribunal held that no disallowance under Section 14A is required for investments held as stock-in-trade, following the jurisdictional High Court's decision in CIT v. India Advantage Securities Ltd. and its own prior orders.
The Tribunal held that the AO's reliance on website data without independent verification and without making inquiries with purchasers was inadequate to reject books of account. The Tribunal also found that the addition for bogus purchases was made without giving the assessee an opportunity to explain, violating natural justice.
The Tribunal held that the Assessing Officer had made adequate inquiry and accepted the assessee's explanation based on Accounting Standard 16. Since the Assessing Officer adopted a possible view, the revisionary powers under Section 263 could not be invoked.
The Tribunal upheld the CIT(A)'s decision to restrict bogus purchase additions to 12.5% as the sales were accepted. It also accepted the assessee's contention that no further disallowance under Section 40(a)(i) should be made if books of accounts are rejected and income is estimated.
The Tribunal upheld the CIT(A)'s decision to restrict bogus purchase additions to 12.5% as the sales were accepted. It also accepted the assessee's contention that no further disallowance under Section 40(a)(i) should be made if books of accounts are rejected and income is estimated.
The Tribunal held that the disallowance was due to a difference of opinion regarding TDS applicability and statutory provisions, not due to concealment of income or furnishing inaccurate particulars. Therefore, the penalty was not leviable.
The Tribunal held that since substantial questions of law were admitted by the High Court and the additions on which penalty was levied were substantially reduced, the matter needed fresh consideration. Therefore, the issue was remitted to the Assessing Officer.
The Tribunal held that the High Court judgment constituted sufficient cause for the delay in filing the appeal. The Tribunal emphasized a liberal interpretation of 'sufficient cause' to advance substantial justice and restore the matter for a decision on merits.
The Tribunal held that the Assessing Officer did not conduct proper inquiries regarding the bogus purchases and relied solely on Sales Tax Department information. Similarly, for land filling expenses, proper inquiries were deemed necessary.
The Tribunal held that payments made for acquiring leasehold land and additional built-up area are capital in nature and not 'rent' as defined under Section 194-I. Therefore, TDS was not required to be deducted on these payments.
The Tribunal held that neither the AO nor the CIT(A) properly considered the evidence submitted by the assessee regarding travelling and conveyance expenses. The matter was set aside and restored to the AO for fresh adjudication.
The Tribunal held that the assessee's activities, including running a music school and providing medical services, were charitable in nature. It found that the predominant object of the trust was charitable, and any commercial activities were incidental to furthering these charitable purposes.
The Tribunal held that while sales were not doubted, 100% disallowance for bogus purchases was not appropriate. A disallowance of 12.5% of the bogus purchases was deemed to meet the ends of justice.
The tribunal held that the CIT(A) failed to provide the AO with a reasonable opportunity to be heard before admitting additional evidence, as required by Rule 46A. Therefore, the issue was remitted back to the CIT(A).
The Tribunal held that the assessee had good and sufficient reasons for not paying the demand, considering the High Court's decision and the subsequent ITAT order which sustained only a small portion of the addition. The assessee's conduct was not contumacious.
The Tribunal held that if the Municipal Council amended its plan and issued an occupancy certificate treating amalgamated flats as a single unit, there would be no violation of Section 80IB(10)(f). The issue was restored to the Assessing Officer for verification of the occupancy certificate.
The Tribunal, following its previous order on a similar issue for an earlier assessment year, found that the CIT(A) had correctly directed the AO to verify and allow the administrative and operative expenses. The Tribunal noted that the assessee had provided details and that the Revenue had not brought any material to controvert the factual findings.
The Tribunal held that the Assessing Officer failed to establish the relationship of the second seller to the assessee or partner and did not prove the payment was excessive and unreasonable. Therefore, the addition made by the AO was not justified.
The Tribunal held that the share premium was not to be treated as income. It found that the valuation report was obtained from a professional and that the identity, genuineness, and capacity of the subscribers were established, making Section 68 inapplicable.
The Tribunal upheld the CIT(A)'s decision that the income from the sale of shares should be treated as capital gains. The Tribunal noted that the assessee consistently treated shares as investments in the balance sheet and followed CBDT guidelines.
The Tribunal held that since the assessments under Section 153A were made without reference to any seized material and prior assessments under Section 143(3) had already been completed, the additions were not sustainable. The jurisdictional High Court's decision in CIT vs. Continental Warehousing Corporation was followed.
The Tribunal upheld the order of the CIT(A) confirming the disallowance of depreciation on the Bombay Stock Exchange membership card. This was based on the ITAT's previous decision against the assessee on the same issue.
The Tribunal held that the assessment order was not based on any seized material. Following a previous decision on similar facts, the Tribunal allowed the assessee's appeal.
The Tribunal found that the CIT(A) had not adjudicated the issue of the validity of the reopening due to lack of proper sanction. Therefore, the Tribunal remitted this specific issue back to the CIT(A) for fresh adjudication.
The Tribunal held that if the Municipal Council amended its plan and issued an occupancy certificate treating amalgamated flats as a single unit, there would be no violation of Section 80IB(10)(f). The issue was restored to the Assessing Officer for verification of the occupancy certificate.
The Tribunal held that the appeal before the CIT(A) was not maintainable as per Section 249(4)(a) of the Act, as the assessee had not paid the tax due on the returned income. Therefore, the CIT(A)'s order was upheld.
The Tribunal found substance in the assessee's claim regarding certain creditors and directed the Assessing Officer to allow the claim for those specific creditors. For the remaining amount, the assessee failed to provide sufficient details, and the CIT(A)'s observation was upheld.
The Tribunal held that the payments made by the assessee to UEEL for work contract fell under Section 194C of the Act, not Section 194J. Mere use of machinery or human intervention by the sub-contractor does not automatically classify the contract as for technical services.
The Tribunal upheld the CIT(A)'s order, agreeing that the penalty was not attracted. The claim was not fraudulent, and the disallowance was based on statutory interpretation, supported by Apex Court and High Court decisions.
The Tribunal held that since the quantum additions related to these provisions were either deleted or restored to the Assessing Officer, the penalties levied thereon do not survive. Therefore, the CIT(A)'s order deleting the penalties was upheld or the matter was remitted.
The First Appellate Authority restored the issue to the Assessing Officer for fresh adjudication. Subsequently, the Assessing Officer allowed the assessee's claim while giving appeal effect, rendering the appeal before the Tribunal infructuous.
The Tribunal held that expenses excluded from export turnover in the numerator should also be excluded from total turnover in the denominator for calculating exemption under Section 10A. It also directed the exclusion of certain companies from the list of comparables due to functional dissimilarity.
The Tribunal held that property used by a partnership firm in which the assessee is a partner should be treated as used for the assessee's business and thus excluded from income under the head 'house property'. Therefore, the addition made by the AO was deleted.
The Tribunal held that interest under Section 234B is not chargeable, respectfully following the Bombay High Court's decision in DIT(IT) vs. Ngc Network Asia LLC.
The Tribunal held that broken period interest expenses are allowable as a business deduction for a banking company. This was based on the decisions of the Bombay High Court in CIT vs. HDFC Bank Ltd. and the Supreme Court in CIT vs. Citi Bank.
The Tribunal held that the FAA's approach of allowing proportionate relief for purchases in WIP was reasonable and based on sound accounting principles. The assessee was entitled to this proportionate relief.
The Tribunal held that treating business loss as speculative loss by departmental authorities does not automatically amount to furnishing inaccurate particulars of income. Relying on previous judgments, the Tribunal confirmed the deletion of the penalty.