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610 orders · Page 10 of 13
The Tribunal found the CIT(A)'s order to be fair and reasonable, considering the average GP in the trading of metals. The Tribunal upheld the CIT(A)'s decision to reduce the addition.
The Tribunal held that Section 115JB is not applicable to banking companies, following a jurisdictional High Court decision. It also upheld the CIT(A)'s decision regarding the grant and computation of interest under Section 244A, based on its own prior ruling in the assessee's case.
The Tribunal held that since the assessee had already disallowed the entire loss attributable to the agricultural division, no further disallowance under Section 14A was warranted. Expenses not related to earning exempt income should not be disallowed.
The Tribunal held that the assessee's activities were in accordance with its charitable objects and not for business or commercial purposes. Therefore, the proviso to Section 2(15) was not applicable, and the assessee was eligible for exemption under Section 11.
The Tribunal held that since the donation expenditure was disclosed in the P&L account, it was a legitimate error and not furnishing of inaccurate particulars. The genuineness of the expenditure was not disputed, and receipts were produced.
The Tribunal held that the assessee's share transactions involved actual delivery and were not speculative. Furthermore, the assessee's principal business was lending, which qualified for an exclusion under Explanation 2 to Section 73, making the loss allowable.
The Tribunal held that MCI regulations apply to medical practitioners, not pharmaceutical companies, and that CBDT Circular No. 5/2012 was not applicable for the assessment year in question. Expenses incurred for brand reminders were considered sales promotion expenditure.
The Tribunal held that penalty cannot be levied when additions are made based on an ad-hoc estimation of profit, as this does not constitute concealment or furnishing of inaccurate particulars. The deletion of penalty by the CIT(A) was upheld.
The Tribunal held that while the AO's estimation of profit on disputed purchases was partly justified, the rate of estimation needed to be reduced. The order of the CIT(A) was set aside.
The Tribunal held that penalty cannot be levied when an ad-hoc estimation is made for disallowances. Following various judicial pronouncements, the Tribunal upheld the deletion of penalty by the CIT(A).
The Tribunal held that the AO's basis for treating the project as complete solely based on the occupancy certificate was not accepted by the ITAT. Since the dispute was about the method of income allocation between years and not concealment or furnishing of inaccurate particulars, the penalty was not sustainable.
The Tribunal held that the CIT(A) cannot dismiss an appeal in limine without deciding the issues on merits, as per Section 251(1)(a) of the Act. The ex parte dismissal without a speaking order was found legally unsustainable.
The Tribunal held that Section 115JC would not apply as the assessee's housing project was approved prior to its introduction. The CIT(A)'s decision in favor of the assessee was upheld.
The Tribunal held that the appeals filed initially were time-barred due to execution defects, but revised appeals were filed within time. Regarding the IT license maintenance cost, the matter was restored to the TPO/AO for fresh adjudication. For corporate guarantee fees, the matter was also restored to the TPO/AO to consider additional evidence.
The Tribunal held that since the quantum addition on which the penalty was based has been deleted by a co-ordinate bench in the assessee's own case, the penalty becomes infructuous and cannot stand.
The Tribunal held that the issues raised in the appeal had become academic as the AO, in a fresh assessment order, had verified the expenditure and allowed depreciation as directed by both the PCIT and CIT(A). Therefore, the appeals were rendered infructuous.
The Tribunal held that the AO's assessment was neither erroneous nor prejudicial to the interest of the revenue. The interest income in question arose from an escrow account and was ultimately distributed to the rightful beneficiaries, who had declared it in their individual returns.
The Tribunal noted that the assessee is opting for resolution of dispute under the Vivad Se Vishwas Scheme and treated the appeals as disposed of by withdrawing them. The assessee was granted liberty for restoration of appeals if the decision under the scheme is not in their favour.
The Tribunal upheld the Commissioner (Appeals)'s decision to restrict the disallowance under Section 14A to the extent of exempt income earned. It also confirmed the deletion of disallowance under Section 14A for computing book profit under Section 115JB, as no specific expenditure was identified by the AO.
The Tribunal, following a similar High Court order, treated the appeal as disposed of as withdrawn due to the assessee opting for the Vivad Se Vishwas Scheme. Liberty was granted to restore the appeal if the scheme's outcome is unfavorable.
The Tribunal held that the revision under Section 263 was not permissible as the AO had taken a possible view, and the CIT's differing view did not make the AO's order erroneous. The Tribunal also noted that even if the CIT's view was accepted, it would not prejudice the revenue's interest as the income was ultimately determined under Section 115JB.
The Tribunal, following a High Court order in a similar case, treated the appeals as disposed of by being withdrawn. The assessee was granted liberty to seek restoration of the appeals if the Vivad Se Vishwas Scheme resolution was not in their favor.
The Tribunal held that since the assessee's income was assessed under Section 115JB of the Act, the provisions of Section 14A read with Rule 8D are not attracted. The Tribunal also noted that the assessee had sufficient own interest-free funds to cover its investments, making the disallowance under Rule 8D(2)(ii) unwarranted.
The Tribunal held that the Assessing Officer failed to understand the fraudulent transaction and made the addition without sufficient evidence. The Commissioner of Income Tax (Appeals) had rightly deleted the addition.
The Tribunal, following a similar High Court order, treated the appeals as disposed of by being withdrawn. The assessee was granted liberty to seek restoration of the appeals if the Vivad Se Vishwas Scheme resolution was not in their favor.
The Tribunal held that penalty under Section 271(1)(c) cannot be levied solely on the basis of unproved purchases when the revenue has not disproved the authenticity of the transactions with clinching evidence. The restriction of disallowance by the CIT(A) to 12.5% was based on estimation, not concrete evidence.
The Tribunal held that interest income earned by a co-operative society on its investments with a co-operative bank is eligible for deduction under Section 80P(2)(d). The Tribunal followed its own precedents and High Court judgments that supported this view.
The Tribunal held that penalty cannot be levied when additions are made based on an ad-hoc estimation of profit. Since the disallowance was an estimation, it does not amount to concealment or furnishing inaccurate particulars.
The Tribunal held that the expenditure on acquisition of the bank was capital in nature and represented intangible assets eligible for depreciation under Section 32(1)(ii). The Tribunal found the Assessing Officer's reliance on the High Court judgment to be misplaced, as it was distinguished by a Supreme Court ruling.
The Tribunal noted that the assessee is opting for resolution of dispute under the Vivad Se Vishwas Scheme and treated the appeals as disposed of by withdrawing them. The assessee was granted liberty for restoration of appeals if the scheme's outcome is not in their favor.
The Tribunal held that penalty cannot be levied when additions are made based on an ad-hoc estimation of profit. Since the disallowance was an estimation, it does not amount to concealment or furnishing inaccurate particulars.
The Tribunal affirmed the CIT(A)'s decision to restrict the disallowance to 6% of the disputed purchases, considering the assessee's business and GP rate. The Tribunal found the CIT(A)'s estimation to be fair.
The Tribunal affirmed the CIT(A)'s order, agreeing that restricting the disallowance to 5% of the bogus purchases was justified. This was based on considering potential savings from grey market purchases and a similar ITAT decision.
The Tribunal held that MCI regulations apply to medical practitioners, not pharmaceutical companies, and that CBDT Circular No. 5/2012 was not applicable for the assessment year in question. Expenses incurred for brand reminders were considered sales promotion expenditure.
The Tribunal held that penalty cannot be levied when an addition is made on an ad-hoc estimation basis. Since the disallowance was based on an estimation of profit on purchases, the penalty was not sustainable.
The Tribunal held that penalty cannot be levied when additions are made based on an ad-hoc estimation of profit, as this does not constitute concealment or furnishing of inaccurate particulars. The deletion of penalty by the CIT(A) was upheld.
The Tribunal found that the assessee could not prove the genuineness of purchases and failed to produce the parties for examination. However, it reduced the estimated profit from 12.5% to 6% of the disputed purchases.
The tribunal found that the CIT(A) had not discussed the factual aspects of the penalty levied, rendering the order non-speaking. Therefore, the matter was remanded back to the CIT(A) for fresh adjudication.
The tribunal found that the CIT(A) had not discussed the factual aspects of the penalty levied, rendering the order non-speaking. Therefore, the matter was remanded back to the CIT(A) for fresh adjudication.
The tribunal found that the CIT(A) had not discussed the factual aspects of the penalty levied, rendering the order non-speaking. Therefore, the matter was remanded back to the CIT(A) for fresh adjudication.
The Tribunal acknowledged that while the assessee provided some documentation, the primary onus of proving the genuineness of purchases was not discharged. Therefore, the additions were estimated at 10% of the alleged bogus purchases.
The Tribunal dismissed the appeal as withdrawn, acknowledging the settlement under the Vivad se Vishwas scheme. The assessee was granted liberty to seek restoration if the settlement failed.
The Tribunal held that the assessee's activities were not in the nature of trade, business, or commerce and therefore did not fall within the ambit of the proviso to Section 2(15). The Tribunal also noted that the revenue had accepted the assessee's claim in preceding years.
The Tribunal, following a similar decision by the Madras High Court, held that the appeal should be treated as disposed of by being withdrawn. The assessee was granted liberty to seek restoration of the appeal if the Vivad Se Vishwas Scheme resolution was not in their favor.
The Tribunal upheld the CIT(A)'s decision to delete the addition for unsecured loans, finding that the assessee had provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the transactions. The addition for delayed deposit of employee contributions was also deleted based on a High Court decision.
The Tribunal held that UISPL cannot be treated as a 'person responsible for paying' under Section 204 of the Act for the payments made to driver-partners. Consequently, Section 194C of the Act was not applicable to UISPL.
The Tribunal held that the assessee is not entitled to a refund of taxes paid abroad, as foreign tax credits are not refundable when there is no domestic tax liability. However, it upheld the assessee's claim for deduction of these foreign taxes in the computation of business income.
The Tribunal noted that the assessee had settled the dispute under the Vivad se Vishwas Act. Therefore, the appeal was dismissed as withdrawn, with liberty to restore it if the settlement failed.
The Tribunal dismissed the appeal as withdrawn, subject to the condition that the assessee can approach the Tribunal for restoration if the matter is not resolved under the Vivad se Vishwas scheme.
The Tribunal held that the booking advances were a liability of the assessee to be refunded to purchasers and were not transferred as part of the development rights. Therefore, these advances could not be added to the assessee's income.