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277 orders · Page 5 of 6
The Tribunal admitted additional evidence regarding the demolished 19th floor and unassigned FSI/TDR rights. It held that these areas must be excluded from saleable area for income calculation and restored the matter to the AO for re-adjudication.
The Tribunal held that the assessee was not entitled to depreciation on the revalued trademark due to the 5th proviso to section 32(1) of the Act. This proviso restricts depreciation to what would have been allowable to the predecessor if the transfer had not occurred.
The Tribunal upheld the Commissioner (Appeals)'s decision to restrict the disallowance on non-genuine purchases to 12.5%. This was because the Assessing Officer had not doubted the assessee's sales, implying only the profit element in the purchases should be considered.
The Tribunal held that while the purchases might not be fully substantiated, the sales effected by the assessee were not disputed. Therefore, only the profit element embedded in such purchases should be added back, and the CIT(A)'s decision to restrict the addition to 12.5% was justified.
The Tribunal held that interest income earned by a co-operative society from its investments with any other co-operative society is eligible for deduction under Section 80P(2)(d), even after the insertion of Section 80P(4). A co-operative bank remains a co-operative society.
The Tribunal held that the recognition of the R&D facility by the competent authority is sufficient for claiming weighted deduction under Section 35(2AB), even if Form 3CM was not explicitly obtained for the specific assessment year, provided the recognition was in force. Consequently, the denial of deduction was considered erroneous.
The Tribunal held that the CIT(A) did not violate Rule 46A as no additional evidence was admitted. The commission income was properly accounted for in the books of accounts by reducing it from purchases, and thus the addition made by the AO was rightly deleted.
The Tribunal admitted the revised transfer pricing study report as additional evidence, considering it crucial for the disputed issue. However, since the revenue authorities had not examined this revised report, the matter was restored to the Assessing Officer/TPO for fresh adjudication.
The Tribunal held that expenditure incurred for the purpose of business should be allowed irrespective of income generation, citing a Supreme Court judgment. Considering past precedents where similar disallowances were reduced and the assessee's suo-moto disallowances, the Tribunal directed the AO to delete additions beyond the assessee's own disallowances.
The Tribunal held that the Assessing Officer and CIT(A) erred in levying penalty. Since the interest income was offered to tax in the subsequent year and the assessee provided reasons for the timing difference, it did not constitute concealment or furnishing inaccurate particulars of income.
The Tribunal held that the AO was incorrect in denying the deduction as the main objects of the society were to develop thrift and self-help among members, and business with nominal members was insignificant. The case was distinguished from the Supreme Court's Citizen Co-operative Society judgment.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to 12.5% of the non-genuine purchases, considering it a reasonable profit element. The Tribunal found the CIT(A)'s order fair and reasonable.
The Tribunal held that the assessee is an investor and the profits from share transactions should be assessed as capital gains. This decision was based on previous rulings in the assessee's own case and the consistent treatment of such income by the revenue in earlier and subsequent assessment years.
The Tribunal set aside the CIT(A)'s order and restored the issue to the CIT(A)'s file for fresh adjudication. The assessee was granted one more opportunity to prove the genuineness of the purchases, provided they acted diligently.
The Tribunal upheld the Commissioner (Appeals)'s decision, finding that a 7% disallowance was reasonable and sufficient to account for any potential revenue leakage from undeclared sources, given the assessee's declared gross profit rate.
The Tribunal held that penalty under Section 271(1)(c) cannot be levied solely on the basis of a disallowance due to lack of substantiation, especially when the return was filed before the disallowance in the preceding year. The assessee's bonafides were established as there was no intention to conceal income.
The Tribunal rejected the assessee's application for condonation of delay due to unsubstantiated reasons and the assessee's lackadaisical conduct. Consequently, the appeal was dismissed as not maintainable.
The Tribunal upheld the CIT(A)'s order, following the Bombay High Court's decision in the assessee's own case. The delayed deposit of employee contributions to PF and ESIC, made before the due date of filing the return of income, is allowable as a deduction.
The Tribunal held that the Assessing Officer had properly examined the issues of share premium and Section 14A disallowances. The CIT erred in assuming jurisdiction under Section 263 as the Assessing Officer had taken a plausible view based on the law prevailing at that time.
The Tribunal condoned the delay in filing the appeal due to the assessee's medical conditions. It set aside the CIT(A)'s findings on the GP addition and cash credit additions, remanding these issues back to the AO for fresh adjudication with an opportunity for the assessee to be heard.
The Tribunal held that the penalty proceedings were vitiated because the AO issued a notice under Section 274 without striking off the inapplicable parts, indicating a lack of proper satisfaction. Therefore, the penalty levied was void ab initio.
The Tribunal upheld the disallowance of interest expenses, agreeing with the lower authorities that the assessee failed to provide documentary evidence to substantiate the nexus between the interest payment and income from house property.
The Tribunal held that the AO failed to refer the property valuation to the DVO as required by Section 50C(2) of the Income Tax Act, 1961, irrespective of the assessee's objection. The Tribunal admitted the assessee's registered valuer's report as additional evidence and restored the issue to the AO for fresh adjudication.
The Tribunal rejected the assessee's plea that a reasonable disallowance was approved in previous years, stating Rule 8D is applicable. However, it accepted the alternative plea that only investments yielding exempt income should be considered for computing the average value of investment.
The Tribunal held that the AO erred in confirming the addition under section 56(2)(vii)(b) without referring the matter to the Departmental Valuation Officer. The matter was set aside to the AO for fresh adjudication.
The Tribunal affirmed the order of the CIT(A) confirming the penalty. The assessee failed to provide any reasonable explanation or documentary evidence to justify not offering the income for taxation or to contest the penalty.
The Tribunal held that disallowances made under Section 14A cannot be added back to the book profit computed under Section 115JB. This decision was based on ITAT Special Bench and Bombay High Court precedents.
The Tribunal noted that the TPO's method of determining ALP as Nil without resorting to prescribed methods was previously set aside. However, for the current assessment year, the TPO applied the Benefit Test, which is not as per the rules. Therefore, the Tribunal remitted the issue back to the TPO/AO for fresh determination of ALP as per Rule 10B & 10AB of the Income Tax Rules.
The Tribunal, following its own order for AY 2011-12, directed the AO to restrict the addition on account of bogus purchases to 5%. Additionally, the AO was instructed to verify and reduce this addition by the amount of MVAT paid by the assessee.
The Tribunal held that the recognition of the R&D facility by the competent authority is sufficient for claiming weighted deduction under Section 35(2AB), even if Form 3CM was not explicitly obtained for the specific assessment year, provided the recognition was in force. Consequently, the denial of deduction was considered erroneous.
The Tribunal, following its own order for AY 2011-12, directed the AO to restrict the addition on account of bogus purchases to 5%. Additionally, the AO was instructed to verify and reduce this addition by the amount of MVAT paid by the assessee.
The Tribunal found that the CIT(A) took a narrow and technical stand without considering the full facts. The Tribunal set aside the CIT(A)'s order and restored the matter for fresh decision on merit.
The Tribunal held that the Assessing Officer and CIT(A) erred in setting off losses of non-eligible units against profits of eligible units before allowing deduction under Section 10AA. The deduction under Section 10AA should be allowed without such set-off, following established judicial precedents.
The Tribunal noted that the addition on which the penalty was imposed no longer existed, as a previous Tribunal order had deleted the enhancement and restricted the Assessing Officer's disallowance. Therefore, the penalty could not survive.
The Tribunal held that for the assessment year in question, electronic filing of Form 10 was not mandatory. Manual filing before the due date was sufficient, and the exemption could not be denied solely for not filing electronically.
The Tribunal held that penalty under Section 271(1)(c) cannot be levied with reference to additions made under normal provisions when the tax payable under normal provisions is less than the tax payable under Section 115JB. The CIT(A)'s deletion of penalties was upheld.
The Tribunal held that VGSIPL was an independent entity and not a PE of Audi AG in India. Consequently, income earned by Audi AG from sales to VGSIPL was not taxable in India.
The Tribunal held that penalty is not leviable on additions made on an estimated basis. Therefore, the order of the CIT(A) deleting the penalty was affirmed.
The Tribunal upheld the validity of assessments under Section 153A in cases of abated proceedings, but allowed the deduction under Section 80IA. Disallowances under Section 14A were restricted to exempt income, and depreciation on the right to collect annuity was allowed.
The Tribunal held that in cases of bogus purchases where sales are accepted and supported by documentation, additions should be restricted to the differential profit rate between bogus and genuine purchases. Since the assessee's declared gross profit on alleged bogus purchases was higher than on normal purchases, no addition was warranted.
The Tribunal held that in cases of bogus purchases where sales are accepted and supported by documentation, additions should be restricted to the differential profit rate between bogus and genuine purchases. Since the assessee's declared gross profit on alleged bogus purchases was higher than on normal purchases, no addition was warranted.
The Tribunal held that the disallowance of Rs. 6,24,658/- (10% of investment in partnership firm from borrowed funds) was sustainable as it was used for earning exempt income. However, the Tribunal noted that the issue was not the availability of own funds but the utilization of borrowed funds for earning interest income.
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 restricted to 12.5% of bogus purchases minus the gross profit rate already declared by the assessee to avoid double taxation.
The Tribunal considered the assessee's application for withdrawal and the lack of opposition from the respondent. Consequently, the Tribunal decided to dismiss the appeal as withdrawn.
The Tribunal held that the CIT(A) should have decided the appeal on merits rather than dismissing it for non-prosecution. The Tribunal relied on case laws to support this view.
The Tribunal upheld the CIT(A)'s decision to delete the penalty. It found that the assessee's conduct was not contumacious enough to warrant a penalty, especially since purchase bills and banking channel payments were produced.
The Tribunal affirmed the order of the CIT(A), holding that the revenue is entitled to tax only the profit element of a transaction, not the entire transaction. The Tribunal found the addition made by the AO to be on the higher side.
The Tribunal upheld the CIT(A)'s order, agreeing that the purchases were not genuine. The addition of 12.5% was considered a fair estimation of the profit embedded in the bogus purchase transactions.
The Tribunal dismissed the appeal filed by the Revenue as not maintainable due to the low tax effect, following the CBDT circular. The Revenue was granted liberty to file a miscellaneous application if exceptions applied.