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457 orders · Page 8 of 10
The Tribunal held that FMO is not an Associated Enterprise of the assessee. Consequently, transfer pricing provisions are not applicable, and the adjustments made by the AO/DRP are invalid. Issues related to benchmarking analysis became academic.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Commissioner (Appeals) deleted the penalty imposed under Section 271(1)(c) because the addition on which it was based had been deleted by the Tribunal. The Tribunal upheld this decision.
The Tribunal held that since the addition on which the penalty was based was subsequently deleted by the Tribunal in the quantum appeal, the penalty cannot survive. Therefore, the deletion of penalty by the CIT(A) was upheld.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Tribunal held that the condition under Section 80IB(10)(e) was not applicable as it does not apply to individuals. However, Section 80IB(10)(f) was applicable. Following its own precedent and High Court decisions, the Tribunal ruled that violations of conditions under Section 80IB(10) should lead to pro-rata disallowance, not a total denial of deduction.
The Tribunal held that the CIT(A) should not have passed an ex-parte order given the circumstances of adjournments. On merits, it was held that only the profit element of non-genuine purchases should be added, not the entire purchase amount.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Tribunal held that in cases of unabated assessments, additions under Section 153A can only be made based on incriminating material found during the search. Additions not supported by such material are unsustainable.
The Tribunal upheld the CIT(A)'s decision, following its own prior rulings in the assessee's own case. It held that interest on advances to contractors and lease rental income from SEZ were part of the assessee's business activities and eligible for deduction under Section 80IAB.
The Tribunal found that the CIT(A)'s observation that the assessee neither appeared nor sought adjournments was contradicted by the CIT(A)'s own records. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that certain companies were not comparable to the assessee's BPO services due to functional differences and acquisitions made during the year. It also directed the Assessing Officer to allow depreciation on goodwill, as it is an intangible asset and tax had been paid on its transfer.
The Tribunal held that the assessee failed to provide evidence of demarcation of land or exclusive ownership of the farmhouse by her husband. Therefore, the ownership of the property should be determined based on respective investments in land and construction.
The Tribunal held that the CIT(A) did not violate Rule 46A as the deduction was made subject to verification by the Assessing Officer, which was subsequently done. The Tribunal also upheld the allowance of the remaining expenditure as business expenditure.
The Tribunal held that since the substantive addition in Shri Mangilal Pukhraj Jain's case was accepted and no appeal was filed by him, the protective addition in the assessee's hands was not justified and amounted to double addition. The Assessing Officer was directed to delete the protective addition.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Tribunal held that the reopening of assessment was beyond four years and the proviso to section 147 squarely applied, as there was no failure on the part of the assessee to disclose material facts. Therefore, the reassessment notices were barred by limitation.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Tribunal held that the assessee had discharged the onus of proving the identity, genuineness, and creditworthiness of the loan creditors. Therefore, the addition of Rs. 70,00,000/- as unexplained cash credits and the disallowance of interest were not justified.
The Tribunal held that amenity charges are part of income from house property as they are inseparable from the letting of the property. The Tribunal also directed the AO to re-adjudicate the disallowance under Section 14A considering the assessee's substantial self-owned funds.
The tribunal held that refunds should be adjusted first against the interest component and any remaining balance should be adjusted against the tax component, following previous decisions and High Court judgments.
The Tribunal upheld the CIT(A)'s decision to tax only the profit element in the bogus purchases, citing various High Court decisions. The addition of gross profit of ₹.57,55,045/- on non-proven purchases was deleted.
The Tribunal upheld the CIT(A)'s decision to tax only the profit element in the bogus purchases, citing various High Court decisions. The addition of gross profit of ₹.57,55,045/- on non-proven purchases was deleted.
The Tribunal held that the AO erred in passing the assessment order in the name of a non-existent entity after a merger. According to Section 170(2) of the Income Tax Act, the assessment should have been made in the name of the successor entity.
The Tribunal held that since the assessment order on which the penalty was based was annulled by a previous Tribunal order, the penalty order would not survive. Therefore, the revenue's appeal was dismissed.
The Tribunal acknowledged the mistake and issued a corrigendum to rectify the figure of income determined by the AO. The correct figure was substituted in the order.
The Tribunal upheld the CIT(A)'s decision to delete the additions for unexplained cash credits, finding that the assessee had discharged its onus to prove the identity, creditworthiness, and genuineness of the loan transactions. The disallowance of interest was also deleted as consequential. The disallowance under Section 14A was partly allowed, restricting it to investments yielding exempt income.
The Tribunal held that the transfer pricing issue regarding royalty receipts should be remitted back to the TPO for further consideration of the assessee's contentions. The ad-hoc disallowance on miscellaneous expenses was restricted to 10%, and the disallowance on credit card payments was upheld.
The Tribunal noted that the assessee's own case for subsequent assessment years had been dismissed by a co-ordinate bench on similar grounds. The Tribunal found no merit in the assessee's grounds of appeal.
The Tribunal held that licence fees paid for the use of a brand name, linked to sales, constitute revenue expenditure. It also held that employees' PF/ESIC contributions paid before the due date of filing the return of income are allowable, even if paid after the due date under the respective Acts.
The Tribunal held that Section 80P(4) does not apply to credit societies that are not co-operative banks. Following its own coordinate bench's decision and High Court pronouncements, the Tribunal confirmed the CIT(A)'s order.
The Tribunal held that the CIT(A)'s finding that the performance guarantee was not an international transaction was justified. Therefore, the adjustment made by the TPO was deleted.
The Tribunal held that penalty under section 271(1)(c) cannot be levied on additions made purely on an estimation basis, as it does not automatically imply concealment of income. The penalty confirmed by the CIT(A) was set aside.
The Tribunal held that the assessee was not given a proper opportunity to cross-examine the parties whose statements were relied upon by the AO. Following precedents, the Tribunal set aside the CIT(A)'s order and restored the matter to the AO for fresh adjudication.
The Tribunal found that the assessee had provided substantial documentary evidence for purchases, including purchase and sale invoices, airway bills, and customs confirmations, which the AO had failed to appreciate. The Tribunal also noted that the assessee's cross-objection was not pressed.
The Tribunal, following its own order for AY 2010-11, decided to remit the issues back to the AO. The AO is directed to re-examine the matter after providing the assessee with a reasonable opportunity to be heard.
The Tribunal held that the property belonged to a partnership firm in which the assessee was a partner, not to the individual partners. Therefore, the income from the sale of the property should be assessed in the hands of the firm, not the assessee.
The Tribunal held that the delay in e-filing was a technical default, especially since the appeal was subsequently rectified and filed electronically. Following its co-ordinate bench decisions, the Tribunal directed the CIT(A) to admit the appeal and decide on merits.
The Tribunal upheld the CIT(A)'s decision, following its own consistent view in the assessee's own case for previous assessment years. The Tribunal affirmed that income from share transactions should be treated as capital gains and not business income.
The Tribunal held that the assessee had discharged its onus by providing sufficient evidence regarding the identity, creditworthiness of investors, and genuineness of transactions. The addition under Section 68 was therefore unsustainable.
The Tribunal held that the AO's assessment order was in violation of the principles of natural justice. The AO relied on statements from third parties without providing copies to the assessee or allowing cross-examination, making the order null and void.
The Tribunal held that TCS E-serve Ltd. was functionally not comparable to the assessee due to significant differences in scale, brand intangibles, and the nature of services provided. The Tribunal also directed the exclusion of Infosys Ltd. and Wipro Technologies Ltd. as comparables for the IT segment.
The Tribunal held that since the revisional order under Section 263 was quashed, the subsequent assessment order and the CIT(A)'s order confirming it do not survive. The grounds raised by the assessee were allowed on this technical aspect.
The Tribunal held that the AO's addition was based on suspicion and conjecture, lacking material evidence. The CIT(A) had rightly deleted the addition as the revenue failed to prove understatement of consideration.
The Tribunal held that the bad debt written off was allowable under Section 36(1)(vii) as it was properly debited to the P&L account and supported by evidence. The gratuity payment was also allowable as it was paid before the due date of filing the return and crystallized in the relevant previous year.
The Tribunal directed the Assessing Officer/TPO to recompute the ALP based on specific observations regarding the comparability of certain companies. The Tribunal excluded several companies from the comparable set due to various reasons like being under indictment for fraud, lack of segmental data, or functional incomparability.
The Tribunal held that the expenses incurred by the assessee were for its own business purposes and not necessarily for the benefit of the AE. It further noted that the CBDT circular attempting to extend the MCI regulations to pharmaceutical companies was without legal sanction and could not create a new burden on the assessee.
The Tribunal held that additions under Section 68 of the Income Tax Act cannot be made when the amounts are not credited in the assessee's books of account. Therefore, only the peak credit balance in the bank account could be added as income.
The Tribunal held that software and EDP expenses are revenue expenditure, not capital, based on a previous decision in the assessee's own case. It also ruled that reimbursement of demurrage and license charges to non-residents did not constitute fees for technical services (FTS) under the relevant tax treaty and Act provisions, thus disallowance under Section 40(a)(i) was not warranted.
The Tribunal held that software and EDP expenses are revenue expenditure, not capital, based on a previous decision in the assessee's own case. It also ruled that reimbursement of demurrage and license charges to non-residents did not constitute fees for technical services (FTS) under the relevant tax treaty and Act provisions, thus disallowance under Section 40(a)(i) was not warranted.