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359 orders · Page 5 of 8
The Tribunal allowed the appeal for statistical purposes. It set aside the CIT(A)'s findings on capital gains calculation, sub-brokerage disallowance, and transaction charges, directing the AO to re-calculate the rebate under Section 88E considering specific expenses.
The Tribunal noted that once a matter is settled under the Vivad Se Vishwas Scheme, the related appeal is required to be withdrawn. The Tribunal therefore dismissed the appeal as withdrawn.
The Tribunal found that the assessee had repaid the loan amount and the confirmation from the lender was on record. It also noted that the statement against the lender was subsequently retracted.
The ITAT held that the CIT(A) erred in dismissing the appeal without providing an opportunity to the assessee to rectify any defects, which is a violation of natural justice. The matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that the AO must record a clear finding with reference to the assessee's accounts to establish a proximate relationship between expenditure and exempt income before applying Section 14A and Rule 8D. The AO's rejection based on general observations and surmises was not sufficient.
The Tribunal held that the assessee had provided sufficient evidence, including bank statements and purchase invoices, to prove the genuineness of the transaction. The bank's inspection and valuation report further supported the purchase.
The Tribunal held that the assessee had provided sufficient evidence, including bank statements and purchase invoices, to prove the genuineness of the transaction. The bank's inspection and valuation report further supported the purchase.
The Tribunal upheld the CIT(A)'s decision to restrict the addition to the profit element of the bogus purchases. It reasoned that since the assessee's sales were not disputed, the purchases were likely made from the grey market at a discount, and the addition should only cover the profit margin.
The Tribunal upheld the CIT(A)'s decision to delete the additions related to unexplained investment and disallowed depreciation, finding that the AO did not provide a proper basis for valuation and that the assessee's books of accounts were not doubted. The Tribunal also upheld the deletion of disallowances under Section 14A, following jurisdictional High Court precedents.
The Tribunal held that the delay in refund was not attributable to the assessee and that refunds should be adjusted first against interest due. The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order.
The Tribunal held that the management fees and interest income were rightly offered as business income, as the transactions were in line with the assessee's main objects and supported by documentary evidence. Consequently, related expenses were also allowed as business expenditure.
The Tribunal held that the assessee's claim for bad debts was in accordance with the law as the assessee stated it held no securities to recover the debts. The Tribunal allowed the claim for bad debts.
The Tribunal decided to remit the matter back to the Assessing Officer for de novo adjudication. This was to allow the AO to examine the compliance report and modified income tax return pursuant to the APA, and to consider the pleas regarding TDS and self-assessment tax credits.
The Tribunal held that the AO must record specific satisfaction and establish a proximate relationship between expenditure and exempt income before invoking Section 14A and Rule 8D. Mere general observations or surmises are insufficient. The disallowance made by the AO was vacated.
The Tribunal held that the difference between the sale consideration and stamp duty value was less than 10%, and the amendment to Section 50C with a 10% tolerance band is retrospective. It also held that the assessee had invested in NHAI bonds within the stipulated time, despite a delay by the authorized agent.
The Tribunal held that the disallowance of a claim does not automatically attract penalty under Section 271(1)(c). They found that the assessee's case did not fall under the ambit of 'concealment of particulars of income' or 'furnishing inaccurate particulars of income'.
The Tribunal held that the commission was merely routed through the assessee's ledger as an incentive paid directly by the telecom provider (Uninor) to retailers. Since the assessee had no control over these payments and they were essentially book entries to match Uninor's ledger, the disallowance was not justified.
The Tribunal held that the delay in filing the appeal was sufficiently explained by the assessee's reliance on initial advice and subsequent expert opinion after penalty and prosecution proceedings were initiated. The Tribunal directed the CIT(A) to condone the delay and decide the appeal on its merits.
The Tribunal held that the AO failed to record the mandatory satisfaction required under Section 14A(2) before applying Rule 8D. Therefore, the disallowance made by the AO under Rule 8D(2)(iii) was deleted.
The Tribunal held that while unproved purchases may justify an addition to income, they do not automatically attract penalty under Section 271(1)(c) if the assessee has provided some documentary evidence, like invoices and bank statements, and the revenue has not disproved them. The penalty was quashed as the revenue failed to disprove the purchase claims with clinching evidence.
The Tribunal held that since the purchases were of fabrics and sales were not doubted, only the incidental profit from grey market purchases should be taxed. Following a precedent, it directed the AO to add only 1% of the value of bogus purchases.
The Tribunal dismissed the appeal as withdrawn, noting that the assessee had applied for settlement under the Vivad se Vishwas scheme. The assessee was granted liberty to seek restoration if the settlement was not finalized.
The Tribunal partly allowed the assessee's appeals for both assessment years and dismissed the revenue's appeal. Several grounds were decided in favor of the assessee, including issues related to transfer pricing adjustments, deduction for R&D expenses, disallowance of promotional items, and disallowance under Section 14A.
The Tribunal held that the CIT(A) should have decided the appeal on merits even if dismissed for non-prosecution. The ex-parte order was set aside as it violated principles of natural justice.
The Tribunal accepted the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn due to the assessee opting for the Vivad se Vishwas Scheme.
The Tribunal acknowledged that once a matter is resolved under the Vivad Se Vishwas Scheme, the related appeal is required to be withdrawn. Therefore, the appeal was dismissed as withdrawn.
The Tribunal held that the donation was made when the trust had valid registration, and the subsequent withdrawal of registration cannot be applied retrospectively. It also noted that the assessee was not provided with an opportunity to cross-examine the trustee whose statement was used to disallow the claim.
The Tribunal, following its own precedent for an earlier assessment year, directed the AO to re-compute the profit on bogus purchases by estimating the profit rate at 10%.
The Tribunal directed the Assessing Officer to allow the credit for TDS, following the Gujarat High Court's decision. It was clarified that any recovery or adjustment made from other refunds related to this TDS should be refunded to the assessee.
The Tribunal held that the CIT(A) failed to decide the appeal on merits and violated principles of natural justice by passing an ex-parte order. Therefore, the appeals were set aside to the CIT(A) for a fresh decision.
The Tribunal found that the assessee had provided sufficient documentary evidence to prove the identity, creditworthiness of the lenders, and genuineness of the loan transactions. Therefore, the addition made by the Assessing Officer was deleted.
The Tribunal acknowledged the settlement under the Vivad Se Vishwas Scheme and the requirement to withdraw the appeal. The Departmental Representative did not oppose the assessee's prayer.
The Tribunal found that the Assessing Officer's reasoning for disallowing the expenses was not justifiable and that the expenses needed detailed examination. Therefore, the issue was restored to the Assessing Officer for a fresh decision.
The ITAT held that since the underlying additions forming the basis for the penalty were vacated by the Tribunal, the consequential penalty could not survive independently. Therefore, the deletion of the penalty by the CIT(A) was upheld.
The Tribunal acknowledged the settlement under the Vivad Se Vishwas Scheme. The Departmental Representative did not oppose the assessee's prayer for withdrawal.
The Tribunal noted that the assessee had opted for the 'Vivad se Vishwas Scheme 2020' and received Form-3. Therefore, keeping the appeal pending would serve no purpose.
The Tribunal held that the AO's failure to dispose of the assessee's preliminary objections by a separate speaking order renders the reassessment proceedings bad in law. Following established judicial precedents, the Tribunal quashed the reassessment orders.
The Tribunal confirmed the order of the CIT(A) which restricted the disallowance to 12.5% of the bogus purchases, finding no infirmity in the order. The Revenue's appeal was dismissed.
The Tribunal held that since the additions on which the penalty was based were vacated by the Tribunal, the penalty could not survive independently. Therefore, the deletion of the penalty by the CIT(A) was upheld.
The Tribunal upheld the CIT(A)'s order, finding no infirmity in restricting the addition to 5% of the bogus purchases. The CIT(A) had considered the profit element and the assessee's gross profit rate, and the revenue failed to provide new evidence to controvert this.
The ITAT allowed the withdrawal of the appeal as the matter was settled under the Vivad Se Vishwas Scheme 2020. The Departmental Representative did not oppose the assessee's prayer.
The Tribunal noted that the assessee had opted for settlement under the Vivad Se Vishwas Scheme and received Form No. 3. The appeal was dismissed as withdrawn.
The Tribunal condoned the delay in filing the appeal before the CIT(A) considering the assessee was pursuing alternative remedies and is a charitable institution. The matter was remanded back to the CIT(A) for adjudication on merits.
The Tribunal permitted the assessee to withdraw the appeals. The appeals were dismissed as withdrawn, with liberty granted to seek restoration if the Vivad Se Vishwas settlement fails.
The Tribunal held that the AO's failure to dispose of the assessee's preliminary objections by a separate speaking order renders the reassessment proceedings bad in law. Following established judicial precedents, the Tribunal quashed the reassessment orders.
The Tribunal found that the orders of the lower authorities showed a complete lack of application of mind, as they relied on abstract observations and failed to consider the assessee's submissions and previous ITAT orders. The issue of capital gains was remitted to the AO for fresh examination.
The Tribunal noted that the assessee had opted for the 'Vivad se Vishwas Scheme 2020' and received the necessary form. Therefore, it was deemed purposeless to keep the appeal pending.
The tribunal dismissed the appeal as withdrawn, granting liberty to the assessee to seek restoration if the declaration under the scheme is not accepted.
The Tribunal held that FCIPL acts in its ordinary course of business and its activities are not exclusively devoted to the assessee, thus it is an independent agent. Consequently, the assessee does not have an Agency PE or a Fixed Place PE in India.
The Tribunal held that the AO's failure to dispose of the assessee's preliminary objections by a separate speaking order renders the reassessment proceedings bad in law. Following established judicial precedents, the Tribunal quashed the reassessment orders.