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433 orders · Page 8 of 9
The Tribunal held that when sales are not doubted, a 100% disallowance for bogus purchases is not justified. However, considering the purchases were made from the grey market, a disallowance of 12.5% was deemed appropriate. This disallowance was to be reduced by the gross profit rate already declared by the assessee on these transactions to avoid double jeopardy.
The Tribunal dismissed the revenue's appeal due to low tax effect. The assessee's appeal was allowed as the provision for foreseeable losses was written back as income in the subsequent year, adhering to accounting standards.
The Tribunal held that the assessee's activities qualified as 'education' and allowed exemption under Section 11. It also directed the Assessing Officer to allow the cost of acquisition of fixed assets as application of income, rather than just depreciation.
The Tribunal held that the issue of whether payments for software constituted royalty required further examination with additional evidence, leading to a remand. The Tribunal allowed the claim for foreign exchange loss on restatement of trade receivables/payables.
The Tribunal agreed with the Departmental Representative's submission that the appeal should be dismissed as withdrawn, while granting liberty to the appellant to seek recall if exceptions apply.
The Tribunal held that when sales are not doubted, a 100% disallowance for bogus purchases is not justified, as sales are impossible without purchases. However, given the purchases were from the grey market, a 12.5% disallowance was deemed appropriate.
The Tribunal held that while 100% disallowance for bogus purchases is not permissible when sales are not doubted, a partial disallowance is justified. The disallowance was further modified to exclude the gross profit already declared by the assessee on these transactions to avoid double taxation.
The Tribunal upheld the CIT(A)'s decision, finding that the reassessment was initiated on a mere change of opinion without any tangible material suggesting escapement of income. Furthermore, the reassessment was made after four years without any allegation of the assessee's failure to disclose material facts.
The Tribunal upheld the CIT(A)'s decision to estimate profit at 12% of receipts, considering that the assessee had indeed executed contract work. The Tribunal noted that a co-ordinate bench had already confirmed a similar estimation for the assessee.
The Tribunal held that the exercise of power under Section 263 was invalid as the MAT credit of the amalgamating company was indeed allowable to the amalgamated company. The Tribunal found no restriction in Section 115JAA of the Act to disallow such credit.
The Tribunal found that the tax effect was below the prescribed monetary limit of Rs. 50 Lacs for appeals before the Appellate Tribunal. Therefore, the appeal was not maintainable.
The Tribunal held that the Assessing Officer had indeed inquired into the source of cash deposits by issuing notices and receiving supporting evidence from the assessee. Therefore, the PCIT's conclusion that the assessment order was erroneous and prejudicial to revenue due to lack of inquiry was factually incorrect.
The Tribunal noted that the tax effect was below the prescribed limit of ₹50 lacs as per CBDT Circular No. 17 of 2019. The Revenue's appeal was dismissed as withdrawn in view of the circular.
The Tribunal held that the adjustment of sale proceeds towards the loan principal was an application of sale proceeds, not a diversion of income by overriding title. Therefore, it was not deductible for computing capital gains.
The Tribunal partly allowed the Revenue's appeal on the issue of crane purchases, directing a re-computation of ALP after allowing depreciation. The Tribunal dismissed the Revenue's appeal on the issue of Section 80IA(4) deduction as it was covered by a Special Bench decision. The assessee's cross-objection was dismissed as infructuous.
The Tribunal held that assessments framed in the name of a non-existent company after amalgamation are void ab initio. Consequently, any subsequent rectification orders passed under Section 154 would also not survive.
The Tribunal held that since the expenditure was genuine and the reallocation was done by the AO, there was no concealment or furnishing of inaccurate particulars of income. Therefore, the penalty under Section 271(1)(c) was not sustainable.
The Tribunal held that assessments framed in the name of a non-existent company after amalgamation are void ab initio. Consequently, any subsequent rectification orders passed under Section 154 would also not survive.
The Tribunal held that assessments framed in the name of a non-existent company after amalgamation are void ab initio. Consequently, any subsequent rectification orders passed under Section 154 would also not survive.
The Tribunal held that assessments framed in the name of a non-existent company after amalgamation are void ab initio. Consequently, any subsequent rectification orders passed under Section 154 would also not survive.
The ITAT dismissed the Revenue's appeal as withdrawn due to the low tax effect, citing the CBDT circular. The assessee's cross-objection was also dismissed as not pressed.
The Tribunal held that the tax effect in the appeal was below the prescribed monetary limit of Rs. 50 Lacs for appeals before the Appellate Tribunal. Therefore, the appeal was not maintainable.
The Tribunal held that the management service fees did not constitute 'royalty' as defined in the DTAA because the services rendered did not involve imparting of know-how or transfer of knowledge, skill, or experience. Therefore, the addition made by the Assessing Officer was set aside.
The Tribunal held that the appeal was not maintainable as it did not meet the revised monetary limits for filing appeals by the department as per CBDT Circular No. 17/2019.
The Tribunal decided that transport subsidy and other similar income should be considered for Section 80IC deduction, restoring the issue to the AO. Regarding transfer pricing, the Tribunal held that interest on loans to associated enterprises should be benchmarked based on rates prevailing in the country where the loan was consumed, favoring the assessee.
The Tribunal held that the receipts from the hotel business should be treated as business income, following a consistent view in the assessee's own case for multiple assessment years. The Tribunal relied on Supreme Court decisions emphasizing exploitation of commercial assets for business purposes.
The Tribunal held that the assessee's omission to declare additional salary was a bonafide error, not an attempt to conceal income or furnish inaccurate particulars. Therefore, the penalty levied was deleted.
The Tribunal held that the appeal was not maintainable as the tax effect was below the prescribed monetary limit. The revenue's appeal was dismissed on this ground.
The Tribunal held that assessments framed in the name of a non-existent company after amalgamation are void ab initio. Consequently, any subsequent rectification orders passed under Section 154 would also not survive.
The Tribunal found that the CIT(A) decided the appeal without subjective satisfaction on whether the assessee had shown reasonable cause for seeking adjournments. Therefore, the appeal was restored to the CIT(A) for a fresh decision.
The Tribunal held that income from ship chandling and bunker supply charges are inextricably linked to the assessee's main activity of operating a jetty. Therefore, these incomes are eligible for deduction under Section 80IA of the Income Tax Act.
The Tribunal held that crucial documents were not properly translated or placed on record, preventing a fair adjudication. Therefore, the case was remanded to the Assessing Officer for fresh consideration.
The Tribunal held that the beneficiaries' shares were determinable in proportion to their investment. Therefore, the income should be taxed in the hands of the beneficiaries and not the trust as an AOP. The Revenue's grounds regarding taxation as an AOP were dismissed.
The Tribunal upheld the deletion of the addition on account of broken period interest, relying on previous decisions in the assessee's own case. For disallowances under Section 14A, the Tribunal sustained the disallowance related to indirect expenses (third limb of Rule 8D(2)) as it was not pressed by the assessee.
The Tribunal noted that the tax effect was below the monetary limit specified in CBDT Circular No. 17/2019. Therefore, the appeal was dismissed as not maintainable.
The Tribunal allowed the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn.
The Tribunal dismissed the Revenue's appeal as not maintainable. This was based on a CBDT circular directing withdrawal of appeals where the tax effect is below a certain threshold.
The Tribunal held that the sale of paintings should be treated as capital receipt for AY 2007-08 as they were personal effects. For AY 2008-09, the gain from paintings was treated as long-term capital gain. The enhancement of income on share sale was set aside due to violation of natural justice.
The Tribunal dismissed the appeal filed by the Revenue. This was based on the CBDT circular which sets monetary limits for filing appeals.
The Tribunal rejected the concession made before the CIT(A) regarding a 10% profit rate. It held that the undisclosed deposits likely included both textile and cheque discounting business, and a 2% profit rate on the total deposits would be just.
The Tribunal dismissed the Revenue's appeal as not maintainable due to the low tax effect, aligning with the CBDT circular. The Revenue was granted liberty to file a miscellaneous application if exceptions applied.
The Tribunal found that the AO's recomputation and disallowances might lead to double taxation and that the first appellate authority had not independently examined the issues. Therefore, the matter was restored to the AO for de-novo adjudication.
The Tribunal reduced the commission income estimation to 0.5% of bogus sales, agreeing with the assessee's AR. It also directed the deletion of the disallowance of indirect expenses, stating they are not directly attributable to bogus sales.
The Tribunal held that the exclusion of a specific comparable (Excel Infoways Ltd.) was justified due to significant differences in employee cost and lack of segmental data. The revenue's appeals for AY 2010-11 and 2011-12 were dismissed, and the assessee's cross-objections were partly allowed.
The Tribunal dismissed the Revenue's appeal as not maintainable, following a CBDT circular regarding tax effect thresholds for appeals.
The Tribunal dismissed the Revenue's appeal as not maintainable. This decision was made in accordance with the binding CBDT circular regarding tax effect thresholds for appeals.
The Tribunal held that lease rental income from an IT park, which is operated and maintained as an infrastructure facility, should be treated as business income. This was supported by CBDT circulars and the principle of consistency in past assessments.
The Tribunal held that the Principal Commissioner erred in invoking revisionary jurisdiction under Section 263 as the prerequisites were not satisfied. The Tribunal found that the change in shareholding did not violate Section 79 and the Pr. CIT had not made proper inquiries.
The Tribunal held that penalty proceedings are separate from quantum proceedings. The assessee's conduct was not found to be contumacious, and the submitted reconciliations, though at a later stage, showed an honest attempt to explain the differences.
The Tribunal found that the AO had previously accepted deferred tax assets as accumulated book losses for AY 2007-08. Therefore, the issue was remanded back to the AO to decide in light of the earlier order.