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548 orders · Page 11 of 11
The Tribunal considered the assessee's request to withdraw the appeal. The Tribunal allowed the request for withdrawal.
The Tribunal noted that while the CIT(A) correctly observed the assessee did not explicitly request a reference to the Departmental Valuation Officer, the assessee was contesting the valuation. Therefore, the matter should have been referred to the DVO.
The Tribunal dismissed the Revenue's appeal in limine. This was due to the tax effect involved being less than Rs. 50.00 lakhs, which precluded the Revenue from pursuing the appeal as per CBDT Circular No. 17/2019.
The Tribunal held that the CIT(A) erred in deleting the additions without providing the AO an opportunity to examine the additional evidence, violating Rule 46A(3). The CIT(A)'s findings were also not categorical, necessitating a remand.
The Tribunal upheld the CIT(A)'s decision to sustain only 12.5% disallowance on bogus purchases. It reasoned that when sales are not doubted, 100% disallowance is not justified, and 12.5% meets the ends of justice given purchases were from the grey market.
The CIT(A) deleted the addition, finding that the assessee had no independent business activity or transactions with M/s. Great International, and the AO had failed to provide evidence to rebut this claim. The Tribunal upheld the CIT(A)'s order.
The Tribunal held that goodwill is an intangible asset eligible for depreciation under Section 32 of the Income Tax Act. The Tribunal followed its own previous decisions and the Supreme Court ruling in CIT vs. Smifs Securities Ltd.
The Tribunal upheld the deletion of the addition, noting that the purchases were of machinery and no depreciation was claimed on it. Therefore, the CIT(A) was correct in deleting the addition.
The Tribunal noted that the CIT(A) decided both issues in favour of the assessee based on jurisdictional High Court decisions. Additionally, the tax effect was below the CBDT's limit for filing appeals.
The Tribunal held that unsold flats held as stock-in-trade by a builder and developer should be assessed under 'income from business' and not 'income from house property'. The addition of notional annual letting value was therefore unjustified.
The Tribunal allowed the appeal concerning royalty adjustment, stating that the AO erred in recomputing royalty without appreciating the assessee's consistent methodology. The issue of Section 14A disallowance was restored to the AO for verification of the assessee's claim of sufficient own funds.
The Tribunal held that when sales are not doubted, a 100% disallowance for bogus purchases is not justified, as sales are impossible without actual purchases. However, considering purchases were made from the grey market, a 12.5% disallowance would meet the ends of justice.
The Tribunal dismissed the revenue's appeal regarding the settlement loss, following previous consistent orders. For Section 14A, the Tribunal held that no interest disallowance was warranted as own funds exceeded investments, and directed recomputation of expense disallowance.
The Tribunal upheld the CIT(A)'s order, finding it reasonable as the Revenue did not dispute the assessee's turnover and the entire alleged bogus purchases could not be added.
The Tribunal upheld the CIT(A)'s decision, finding the CUP method appropriate for transfer pricing and that the trading losses were not speculative. The assessee's business as a stockbroker falls under exceptions to Section 73, making the losses normal business losses.
The Tribunal held that the appeals were covered by the CBDT's low tax effect circular. It reasoned that quantum and penalty proceedings are separate and the circular applies to each independently.
The Tribunal admitted the assessee's additional ground regarding Sales Tax incentives, treating it as a legal issue based on prior Tribunal orders. The issue was remitted to the Assessing Officer for fresh adjudication.
The Tribunal upheld the CIT(A)'s order, stating that since the assessee's sales were not disputed and purchases are necessary for sales, the entire amount of alleged bogus purchases could not be added back. The restriction to 25% was considered fair and justified.
The Tribunal held that a 100% disallowance for bogus purchases is not justified when sales are not doubted, as sales are impossible without purchases. However, purchases from the grey market embed a profit element.
The Tribunal held that assessments under Section 153A cannot be framed without any seized or incriminating material. Since no such material was found, the additions were not sustainable.
The Tribunal held that assessments under Section 153A cannot be framed without any seized or incriminating material. Since no such material was found, the additions were not sustainable.
The Tribunal held that assessments under Section 153A cannot be framed without any seized or incriminating material. Since no such material was found, the additions were not sustainable.
The Tribunal found the CIT(A)'s order to be reasonable. The modification by the CIT(A) was upheld, considering the entirety of the facts.
The Tribunal held that since the assessment orders for both assessment years were quashed by the Tribunal due to jurisdictional issues, the penalties levied under section 271(1)(c) could not survive. Consequently, the penalties were deleted.
The Tribunal upheld the CIT(A)'s decision to sustain a 25% disallowance on bogus purchases. It reasoned that when sales are not doubted, a 100% disallowance is not justified, as sales are impossible without purchases, but acknowledged that grey market purchases provide savings at the expense of the exchequer.
The Tribunal held that since the assessment orders for both assessment years were quashed by the Tribunal due to jurisdictional issues, the penalties levied under section 271(1)(c) could not survive. Consequently, the penalties were deleted.
The Tribunal restored the issue to the Assessing Officer for fresh adjudication, considering the assessee's contention to restrict the addition to the difference in gross profit. This was done in light of a jurisdictional High Court decision.
The Tribunal held that transfer pricing provisions are excluded when income is computed under the tonnage tax scheme. Therefore, adjustments related to ship acquisition interest and ship management income were vacated.
The Tribunal held that the assessee should be given another opportunity to present its case and furnish the necessary documents to the CIT(Exemptions). The matter was set aside for fresh adjudication.
The Tribunal held that the arm's length price computed by adopting Indian bank lending rates was not sustainable. Following jurisdictional High Court decisions, it directed that interest should be charged at LIBOR + 200 bps.
The Tribunal allowed the assessee's application to withdraw the appeal. The appeal filed by the assessee was dismissed as withdrawn.
The Tribunal held that the entire alleged bogus purchases could not be added back as the contract work performed was not disputed. It directed that the addition should be restricted to the undisclosed profit element, specifically 8% of the alleged bogus purchases over the declared gross profit.
The Tribunal held that when sales are not doubted, a 100% disallowance for bogus purchases is not permissible. The addition for bogus purchases should be limited to the extent of bringing the gross profit rate on such purchases to the same level as other genuine purchases.
The Tribunal agreed with the assessee that interest rates in the market ranged from 18% to 21%, and even bank finance was available at 15%. Therefore, the disallowance of interest paid to related parties under Section 40A(2)(b) was not justified.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to the difference between the net profit declared and the gross profit estimated by the Assessing Officer. The CIT(A)'s order was found to be reasonable and justified.
The Tribunal noted that the Revenue was precluded from pursuing the appeal due to the low tax effect, as per CBDT Circular No. 17/2019. Therefore, the appeal was dismissed in limine.
The Tribunal upheld the CIT(A)'s decision to sustain only 25% disallowance on bogus purchases. It reasoned that 100% disallowance is not justified when sales are not doubted, as sales are impossible without purchases. However, purchases from the grey market warrant some disallowance.
The Tribunal held that when sales are not doubted, a 100% disallowance for bogus purchases is not justified, as sales imply actual purchases. However, considering purchases were made from the grey market, a 12.5% disallowance was deemed just.
The Tribunal held that the donation was eligible for deduction as the institution had valid approval at the time of donation. The retrospective withdrawal of approval does not negate the deduction, as per statutory explanation and judicial precedents.
The Tribunal permitted the appellant to withdraw their appeal. The appeal was dismissed as withdrawn.
The Tribunal held that the Assessing Officer had made detailed inquiries and arrived at a possible view regarding the treatment of interest income. Since the AO's view was not demonstrably erroneous or unsustainable in law, the revisional powers under Section 263 could not be validly invoked.
The Tribunal held that there was a complete nexus between the borrowings and advances, and therefore, the interest expenditure was allowable against the interest income. However, interest on tax refunds was to be assessed as 'Income from Other Sources', not business income.
The Tribunal held that depreciation on assets given on lease is allowable, citing a previous decision in the assessee's own case. The Tribunal also directed the Assessing Officer to allow deduction under Section 36(1)(viia) for provision for bad and doubtful debts.
The Tribunal held that the revisional jurisdiction was validly invoked due to a lack of inquiry by the Assessing Officer. However, the blanket set-aside of the assessment order was modified to exclude issues that had already attained finality or were not applicable.
The Tribunal held that the assessee was a deemed owner of the property as the lease extended beyond 12 years, making the rental income taxable under the head 'Income From House Property'. The assessee's claim of monthly tenancy was not substantiated by evidence.
The Tribunal held that the non-compete fee amortization is deductible as it is a deferred revenue expenditure. It also ruled that miscellaneous receipts like provisions written back and recoveries should be treated as business income for Section 80HHE purposes.
The Tribunal held that the revenue failed to provide evidence to counter the assessee's claim that the fees were received for services rendered as per the agreement. The Tribunal concurred with the CIT(A)'s decision, dismissing the revenue's appeal.