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414 orders · Page 5 of 9
The Tribunal held that Section 43B applies to sums payable by the assessee as tax, duty, etc. In this case, the VAT included in the purchase price was payable by the seller to the government, not the assessee. Therefore, the disallowance under Section 43B was not justified.
The Tribunal held that the reimbursements were on a cost-to-cost basis and not for contract work. Following its own previous decisions for earlier assessment years with identical facts, the Tribunal upheld the deletion of the disallowance.
The Tribunal held that the Assessing Officer violated principles of natural justice and judicial pronouncements by not waiting for four weeks after rejecting the assessee's objections to reopening. The reopening was also found to be invalid as there was no new tangible material and no failure on the part of the assessee to disclose fully and truly all material facts.
The Tribunal held that the AO's reasons for reopening were based on mere suspicion and not a reasonable belief of income escapement. The Tribunal found that the transaction was declared in the assessee's audited accounts, and the AO's concerns about arm's length price and investor creditworthiness did not constitute sufficient grounds for reopening.
The Tribunal noted that the assessee was acquitted in related criminal cases concerning money laundering and corruption. Given this significant development, the Tribunal restored the issue to the Assessing Officer for de novo adjudication, considering the acquittal orders.
The Tribunal held that the Assessing Officer is not expected to re-examine the charitable nature of the trust's objects, which were already accepted at the time of 12A registration. The CIT's revision order was considered erroneous and prejudicial to the revenue as no violation of Section 13 or misuse of funds was pointed out.
The Tribunal held that the PCIT correctly exercised jurisdiction under section 263 as the Assessing Officer (AO) had failed to apply his mind to the claims of write-offs. The revision order was not barred by limitation, and the AO was directed to adjudicate the specific write-off claims on merit.
The Tribunal allowed the withdrawal of the appeal as requested by the assessee. The Revenue did not object to the withdrawal.
The Tribunal held that the assessee was justified in not allocating advertisement expenses to 80IB units as the products were sold without a brand name. It also noted that the difference in net profit rates was due to depreciation and that gross profit rates were comparable, following previous consistent rulings in favour of the assessee.
The Tribunal held that the CIT(A)'s estimation of sales was without basis, especially since the assessee filed under Section 44AD and did not maintain books of accounts. The AO also failed to provide evidence of sales exceeding the declared turnover.
The Tribunal held that the income of the revocable trust is not taxable in the hands of the trust but is to be taxed in the hands of the contributors, following a coordinate bench's decision in the assessee's own case for an earlier assessment year.
The Tribunal upheld the CIT(A)'s order, following the jurisdictional High Court's decision which held that unabsorbed depreciation can be carried forward beyond eight years. The High Court relied on a Gujarat High Court ruling and a CBDT circular clarifying the removal of the eight-year restriction.
The Tribunal held that the addition was solely based on AIR information without proper inquiry or providing requested data to the assessee. The assessee had reconciled a significant portion of transactions and requested further data for the remainder.
The Tribunal allowed the assessee's request for withdrawal of the appeal. The Revenue did not object to the withdrawal.
The Tribunal, following a coordinate bench's decision on identical facts for a prior assessment year, upheld the CIT(A)'s estimation of profit on the disputed purchases. The Tribunal confirmed the addition as estimated by the CIT(A).
The Tribunal, following a coordinate bench's decision on identical facts for a prior assessment year, upheld the CIT(A)'s estimation of profit on the disputed purchases. The Tribunal confirmed the addition as estimated by the CIT(A).
The Tribunal held that the assessee cannot be subjected to penalty under Section 271(1)(c) without being apprised of the specific charge, whether it be concealment or furnishing inaccurate particulars. The AO must clearly state the precise charge against the assessee.
The Tribunal held that the assessee is entitled to the deduction for interest earned on deposits with a cooperative bank, following previous decisions of the Tribunal on identical issues.
The Tribunal held that the AO erred by initiating penalty proceedings for furnishing inaccurate particulars of income and ultimately imposing penalty for concealment of income, violating the principles of natural justice. The CIT(A)'s order deleting the penalty was affirmed.
The Tribunal upheld the CIT(A)'s decision, finding that construction work continued even after the structural completion certificate and occupancy certificate were issued. The Tribunal noted that various consequential works were still pending and accepted the assessee's method of accounting.
The Tribunal held that Data Circuit/Broadband/MPLS charges are not fees for technical services under Section 194J as there was no human intervention. It also ruled that enhancement, customization, and repairs/maintenance expenses are revenue in nature.
The Tribunal held that depreciation on assets, even if their cost was claimed as application of income, is allowable. The amendment to Section 11(6) of the Income Tax Act, which disallowed such depreciation, was prospective and not applicable to the assessment year in question.
The Tribunal held that the transfer of property was complete in AY 2006-07, as per the agreement to sell, receipt of consideration, and handing over of possession. The subsequent registration of the sale deed did not alter the year of transfer.
The Tribunal held that a mere incorrect claim, which is withdrawn during assessment proceedings with a bona fide belief, does not amount to furnishing inaccurate particulars of income warranting penalty. The withdrawal demonstrates an inadvertent mistake rather than an intention to evade taxes.
The Tribunal held that the assessee's activities of preparing and selling vegetarian food items were incidental to its charitable object of promoting vegetarianism and spreading Krishna consciousness. Therefore, the assessee was eligible for exemption under Section 11.
The Tribunal held that the Assessing Officer failed to make necessary inquiries with the parties when the assessee denied the transactions. The addition was made solely on AIR information without sufficient verification.
The CIT(A) deleted the addition, holding that the transaction was a normal sale, duly accounted for, and accepted by both the seller and the purchaser. The tribunal upheld the CIT(A)'s decision, finding no error in the deletion of the addition.
The Tribunal held that the Assessing Officer failed to make necessary inquiries with the parties when the assessee denied the transactions. The addition was made solely on AIR information without sufficient verification.
The Tribunal held that premium paid on HTM securities should be amortized over the remaining life of the investment. For AFS securities, losses on valuation and premium on sale were directed to be allowed. The provision for leave encashment was restored to the AO for adjudication based on a Supreme Court decision.
The Tribunal restored the issue of bogus purchases to the CIT(A) for fresh adjudication, allowing the assessee an opportunity to prove the genuineness of purchases. The disallowance under Section 14A was restricted to the amount of exempt income.
The Tribunal admitted the assessee's application under Rule 27, holding that the CIT(A)'s addition of 15% on bogus purchases was on the higher side. The Tribunal directed the AO to apply a Gross Profit (GP) of 10% on such purchases.
The Tribunal upheld the addition of loans as unexplained cash credit and disallowed the interest paid on these loans. It noted that the genuineness of the transactions and the creditworthiness of the lenders could not be established by the assessee.
The ITAT held that the AO was not justified in imposing the penalty as there was neither concealment of income nor furnishing of inaccurate particulars. The revised return filed after receiving the reopening notice, without any independent inquiry by the AO, did not warrant a penalty.
The appeal was found to be time-barred by seven days. Since the assessee did not file a petition for condonation of delay, the appeal was dismissed.
The Tribunal found that the assessee's segmental results and allocation basis were not fully appreciated by the lower authorities. It also noted that the revenue accepted the assessee's methodology in subsequent years.
The Tribunal held that the 'loaner' sets should be treated as inventory, following the principle of consistency and Supreme Court judgments. It also found that the TPO's adjustment for AMP expenses was not sustainable.
The Tribunal found that the Assessing Officer relied on an irrelevant sample contract. It directed the Assessing Officer to re-examine the nature of payments based on contracts relevant to the assessment years in question.
The Tribunal dismissed the assessee's appeal regarding Section 14A as infructuous due to a pending appeal. For the Revenue's appeal, the Tribunal dismissed the grounds related to warranty expenses and FCCB expenses, following previous consistent rulings in favor of the assessee. The assessee's appeal on Section 14A was partly allowed, restricting the disallowance to 1% of dividend income.
The Tribunal condoned the delay in filing the appeal. While acknowledging that the assessee could not conclusively prove the genuineness of the purchases, it noted that the corresponding sales were not doubted. Therefore, the addition was restricted to 12.5% of the disputed purchases.
The Tribunal found that the Assessing Officer relied on an irrelevant sample contract. It directed the Assessing Officer to re-examine the nature of payments based on contracts relevant to the assessment years in question.
The Tribunal found that the Assessing Officer relied on an irrelevant sample contract. It directed the Assessing Officer to re-examine the nature of payments based on contracts relevant to the assessment years in question.
The Tribunal held that lease rentals paid on leasehold land are revenue expenditure, even if the lease period exceeds 12 years, as long as they are periodical payments and not for acquiring ownership. The IT expenses require re-examination by the AO to distinguish between revenue (AMC) and capital (purchase of assets) expenditure.
The Tribunal held that only 20% of the agency fee should be attributed to the assessee, and interest income should be deleted, following its own prior decisions. For the Revenue's appeal, the Tribunal upheld the deletion of additions related to derivatives, finding that the assessee's transactions were within the tolerance limit when aggregated.
The Tribunal held that only 20% of the agency fee should be attributed to the assessee, and interest income should be deleted, following its own prior decisions. For the Revenue's appeal, the Tribunal upheld the deletion of additions related to derivatives, finding that the assessee's transactions were within the tolerance limit when aggregated.
The Tribunal held that Section 80IA(10) read with Section 80IB(13) could not be invoked as there was no close connection established between the assessee and the seller of development rights. Therefore, the addition made by the CIT(A) was set aside.
The Tribunal held that only 20% of the agency fee should be attributed to the assessee, and interest income should be deleted, following its own prior decisions. For the Revenue's appeal, the Tribunal upheld the deletion of additions related to derivatives, finding that the assessee's transactions were within the tolerance limit when aggregated.
The Tribunal held that while the purchases were not entirely genuine, disallowing the entire amount was incorrect, especially when sales were accepted. Following precedents, the disallowance was restricted to an estimated profit element.
The Tribunal held that the share application money written back could not be taxed in the current year as it was a capital receipt and not yet realized. Regarding Section 10A, the Tribunal directed the AO to consider future realisations from unrealised export sales as part of export turnover for deduction calculation.
The Tribunal held that while the assessee was a beneficiary of bogus purchases, the disallowance sustained by the CIT(A) was excessive. It directed that the addition be restricted to 6% of the total purchases to cover potential revenue leakage.