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197 orders · Page 4 of 4
The Tribunal held that appellate authorities can admit new claims. However, since the AO had not verified the goodwill valuation, the matter was remitted back to the AO for verification.
The Tribunal held that exhibition expenses paid to Idea House Pvt. Ltd. were allowable as the payee had disclosed the income in its returns, making the disallowance invalid under the second proviso to Section 40(a)(ia). However, advertisement expenses paid to Harsha Agencies were confirmed as disallowable due to non-deduction of TDS.
The Tribunal held that the provision for taxing notional rent on unsold stock-in-trade was introduced from AY 2018-19, making it inapplicable to AY 2014-15. Furthermore, even if debatable, the AO's order cannot be considered erroneous and prejudicial to revenue if there is a judicial precedent in favour of the assessee.
The Tribunal held that the addition for bogus purchases was made solely because the suppliers could not be produced, without pointing out any deficiency in the documents. The Tribunal found no case for concealment or furnishing inaccurate particulars, as the assessee's conduct was bona fide, and confirmed the deletion of the penalty.
The CIT(A) deleted the addition, holding that Section 56(2)(viib) was not applicable for the assessment year 2012-13 as it was introduced later. The CIT(A) also found that the assessee had satisfied the conditions of Section 68 by providing necessary documentation for the share applicants.
The Tribunal upheld the CIT(A)'s deletion of additions and disallowances, following its own co-ordinate bench's decision in the assessee's own case for earlier years. The Tribunal found that the assessee had discharged its onus by providing sufficient documentation to prove the identity, creditworthiness, and genuineness of the loan transactions.
The Tribunal held that the tax authorities cannot dictate business decisions and that since the assessee had sufficient interest-free funds, the investment could be presumed to be from those funds.
The Tribunal set aside the order of the CIT(A) and remitted the matter back for adjudication de novo, giving the assessee another opportunity for a hearing. The Tribunal also addressed the procedural issue of the delay in pronouncement of its order due to the lockdown.
The Tribunal found that the CIT(A) erred in dismissing the appeal ex parte without adjudicating on the merits. The matter was remitted back to the CIT(A) for a fresh adjudication after providing the assessee with another opportunity of hearing.
The Tribunal, in light of the CIT(A)'s rationale that only a part of such purchases can be disallowed when corresponding sales are not questioned, upheld the restriction of the addition. The Tribunal also addressed the delay in pronouncement due to COVID-19 lockdowns, excluding the lockdown period from the 90-day rule.
The Tribunal held that the penalty order was not barred by limitation due to the COVID-19 lockdown period being excluded from the calculation. However, the penalty itself was not sustained on merits.
The Tribunal held that the period of lockdown due to COVID-19 should be excluded when calculating the 90-day period for pronouncement of orders. Consequently, the assessee's appeal for AY 2011-12 was dismissed, AY 2012-13 was allowed for statistical purposes, and the revenue's appeals were partly allowed.
The Tribunal held that an appeal must be decided on merits, irrespective of the assessee's appearance. The CIT(A)'s ex parte dismissal without considering the merits was incorrect.
The Tribunal held that the period of lockdown due to COVID-19 should be excluded when calculating the 90-day period for pronouncement of orders. Consequently, the assessee's appeal for AY 2011-12 was dismissed, AY 2012-13 was allowed for statistical purposes, and the revenue's appeals were partly allowed.
The Tribunal held that the Transfer Pricing adjustment should be computed at the transaction level, not the entity level. It also considered the impact of the COVID-19 lockdown on the time limit for pronouncement of orders.
The Tribunal allowed the appeal of the assessee and dismissed the appeal of the Assessing Officer. The Tribunal considered the impact of the COVID-19 lockdown on the time limit for pronouncement of the order.
The Tribunal upheld the CIT(A)'s findings, stating that the evidence for retainership expenses was not conclusive and the TDS discrepancy addition was confirmed. The appeal was dismissed due to the assessee's non-appearance.
The CIT(A) allowed the appeal regarding the unsecured loan from the director, finding that the assessee had satisfied the conditions of Section 68. Regarding trade creditors and bogus purchases, the CIT(A) also allowed the appeal, finding that the AO had not substantiated the grounds for addition.
The Tribunal held that while some expenditure is attributable to earning exempt income, the AO's method of disallowance was not entirely justified. The Tribunal directed the AO to disallow 25% of certain identified indirect expenditures.
The CIT(A) accepted the assessee's submissions, finding that the AO relied solely on the assessment order of M/s Samir Enterprises without independent inquiry and ignored documentary evidence. The CIT(A) held that the assessee had established the identity and genuineness of the transactions.
The Tribunal held that since the CIT(A) had restored the issue back to the Assessing Officer for re-adjudication, the assessee had no occasion to be aggrieved at this stage. No relief could be granted to the assessee at this juncture.
The Tribunal held that the assessee was justified in claiming the short-term capital loss on the sale of shares. The Tribunal found that the sale of shares was distinct from the subsequent sale of land, and the valuation of shares was correctly determined excluding the land value. The Tribunal also noted that the capital gains on land ultimately did not materialize as the transaction was cancelled.
The Tribunal held that the penalty on auditor's remuneration and STT charges should be deleted as the additions were due to genuine mistakes and oversights, not concealment of income. The assessee had inadvertently debited auditor's fees twice and failed to disallow STT due to oversight.
The Tribunal held that notional interest income on an interest-free loan to an Associated Enterprise (AE) would be assessable as income with a business connection/PE in India. However, this income could be adjusted against marketing service fees paid to the AE. The issue of TDS credit was restored to the AO for verification, and the initiation of penalty proceedings was dismissed as premature.
The Tribunal held that the CIT(A) correctly accepted the assessee's consistent method of revenue recognition (project completion method) as AS 9 was applicable and the Guidance Note was not mandatory. The revenue's appeal was dismissed.
The Tribunal held that the assessee is entitled to interest under Section 244(1A) on the refund amount for the period between the date of payment of taxes and the date of adjustment against the demand. This was considered a case of claiming interest on taxes paid which ultimately resulted in a refund.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to 12.5% of the bogus purchases, following the precedent set by the Gujarat High Court in CIT vs. Simit P. Seth. The AO's grounds of appeal were dismissed.
The Tribunal directed the AO to exclude investments held as 'stock in trade' from disallowance under Section 14A, regardless of income earned. Strategic investments yielding exempt income were to be considered for disallowance under Rule 8D(2)(iii). The Tribunal also directed the AO to allow deduction for provision for bad and doubtful debts under Section 36(1)(viia) after verification.
The Tribunal held that there should not be a double addition for the same receipt. Therefore, the issue was remanded to the Assessing Officer to verify the reconciliation statement and ensure that income offered in the company's hands is not added in the individual's hands.
The Tribunal held that the CIT was not justified in revising the assessment order because the issue was already examined by the AO and disallowed. Furthermore, the matter was pending before the CIT(Appeals), and the AO's order had merged with the potential order of the CIT(A).
The Tribunal agreed with the assessee that only exempt income-yielding investments should be considered for calculating the disallowance under Section 14A. The AO was directed to verify and restrict the disallowance to Rs. 14,10,146/-.
The Tribunal held that the assessee's method of accounting, adhering to AS-7 and considering the project's complexities, was acceptable. The disallowance of contingency provision was also found to be incorrect.
The Tribunal held that the assessee's interest income was exempt from tax in India under Article 11(3)(c) of the India-Mauritius DTAA. It affirmed that the Tax Residency Certificate was sufficient evidence of beneficial ownership and that the CBDT Circular No. 789 was applicable to interest income.
The Tribunal held that since no incriminating material was found during the search regarding the gifts declared in the original return, the addition made by the Assessing Officer was not sustainable. The appeals concerning the gifts were allowed.
The Tribunal noted that the tax effect was indeed below the prescribed limit and the Revenue could not provide any exceptions. Therefore, the appeal was dismissed as withdrawn.
The Tribunal held that once a show-cause notice for lease cancellation was issued, and subsequently the lease was cancelled, the assessee was not legally entitled to let out the property. Therefore, taxing notional income on the unoccupied portion was not justified.
The Tribunal found that the CIT(A) did not provide an independent adjudication and relied solely on the Assessing Officer's order. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that the activities of the assessee, being a 'Not for Profit' company formed for general public utility, did not fall within the scope of the proviso to Section 2(15) as it was not carrying on trade, commerce, or business for profit. The Tribunal also noted that similar issues were decided in favor of the assessee in earlier years.
The Tribunal held that the revenue's appeal should be dismissed. The primary issue revolved around the taxability of income from the transfer of development rights and the timing of its accrual.
The Tribunal upheld the CIT(A)'s decision to partly allow the assessee's claim. The disallowance made by the AO under Section 14A was found to be excessive, and the CIT(A) had correctly restricted it.
The Tribunal held that the disallowance under Section 14A should be computed by excluding investments that did not yield exempt income. The CIT(Appeals)'s direction was set aside, and the AO was directed to recompute the disallowance accordingly.
The Tribunal permitted the assessee to withdraw the appeals. Consequently, all the appeals were dismissed as withdrawn.
The Tribunal dismissed the Revenue's appeal. It relied on the CIT(A)'s decision which, in turn, followed earlier ITAT rulings for the assessee's own case, restricting the disallowance under Section 14A.
The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision. This was based on the consistent view of the Tribunal in the assessee's own cases for earlier assessment years, where no change in facts was demonstrated.
The Tribunal held that the activities of the assessee, being a 'Not for Profit' company formed for general public utility, did not fall within the scope of the proviso to Section 2(15) as it was not carrying on trade, commerce, or business for profit. The Tribunal also noted that similar issues were decided in favor of the assessee in earlier years.
The Tribunal found that the CIT(A) order was ex-parte and, in the interest of natural justice, remitted the appeal back to the CIT(A) for re-adjudication. The assessee was directed to substantiate their case, and the CIT(A) was given liberty to decide based on the record if the assessee failed to do so.
The Tribunal followed a co-ordinate bench's decision in a similar case involving the same scrip. It held that the transactions were explained, the sale proceeds were credited to the assessee's bank account, and there was no material to suggest the assessee routed unaccounted money. The additions were directed to be deleted.