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252 orders · Page 4 of 6
The Tribunal restored the issues concerning capital expenditure, advertisement expenses, and payments to non-residents back to the AO for fresh examination with an opportunity for the assessee to present evidence. The issues related to gratuity and leave encashment were dismissed as not pressed.
The Tribunal set aside the CIT(A)'s order because the appeal was not decided on merits after affording the assessee an opportunity to be heard. The issue was restored to the CIT(A) for a fresh decision on merits.
The Tribunal upheld the CIT(A)'s decision, finding that the emails provided sufficient proof of service rendition and benefit to the assessee. The TPO's findings were considered contradictory, and the CIT(A)'s direction to benchmark under TNMM was deemed appropriate.
The Tribunal held that since the assessment order itself was quashed by a previous ITAT order on legal and jurisdictional grounds, the basis for levying the penalty no longer existed. Therefore, the penalty was rightly deleted by the CIT(A).
The Tribunal held that interest income earned on ICDs should be treated as business income, following its own prior decisions in the assessee's own cases. Consequently, the interest expenditure related to earning this income was allowed.
The CIT(A) deleted the additions, holding that for unabated assessment years, additions under Section 153A can only be made if based on incriminating material found during search. The Tribunal upheld this view.
The Tribunal held that the assessee's appeal is partly allowed for statistical purposes, and the Revenue's appeal is dismissed. Specific findings on transfer pricing adjustments and ESOP expenses were upheld or modified.
The Tribunal held that the assessee's appeal is partly allowed for statistical purposes, and the revenue's appeal is dismissed. Specifically, the revenue's grounds concerning ESOP expenses were dismissed, upholding the DRP's deletion of the addition.
The Tribunal found that the Revenue's appeal lacked merit, citing established legal precedents and the need for careful consideration before filing appeals. The Tribunal emphasized that the factual and legal positions on the comparables were well-settled.
The Tribunal held that disallowing 30% of expenses based solely on the Anita L. Ghadge case was unjustified as the facts were distinguishable. The Tribunal reduced the disallowance to 10% of total expenses.
The Tribunal held that the assessee had discharged its onus by providing sufficient documentation regarding the identity, creditworthiness of investors, and genuineness of the share capital and premium transaction. The AO failed to bring any contrary evidence to rebut the assessee's submissions.
The Tribunal dismissed the appeal filed by the Revenue. This was done in accordance with a CBDT circular that mandates dismissal of appeals with a tax effect below a certain monetary limit.
The Tribunal held that sales tax incentives and fertilizer subsidies received by the assessee are income derived from the business of the eligible industrial undertaking and are eligible for deduction under Section 80-IB.
The assessee's appeal was dismissed as withdrawn. The Tribunal upheld the deletion of the disallowance under Section 40(a)(ia), following a co-ordinate bench decision, as the payments were reimbursements and not covered by Section 194C.
The Tribunal held that the assessee was not the payer but the recipient of payments from TSPs for testing services. TSPs made payments to the assessee after deducting TDS under Section 194J. Therefore, the assessee was not liable to deduct TDS under Section 194H.
The Tribunal held that in cases of unabated assessments, additions under Section 153A can only be made if there is incriminating material found during the search. Since no such material was found, the additions made by the AO were not sustainable.
The Tribunal held that the appeals filed by the Revenue were not maintainable as the tax effect was below the monetary limit prescribed by CBDT Circular No. 17/2019. The Departmental Representative could not dispute this fact or point to any exceptions.
The Tribunal upheld the CIT(A)'s decision, finding that the interest on overdraft was for business purposes, the penal charges were in substance interest for delayed toll collection and thus allowable, and the interest on borrowed capital was substantiated.
The Tribunal held that the Assessing Officer had made inquiries and was satisfied with the assessee's explanation and documents regarding the commission payment. The Tribunal found that the twin conditions for invoking Section 263 (erroneous assessment and prejudicial to revenue) were not met.
The Tribunal held that the amendment to Section 36(1)(va) of the Act, which was introduced by the Finance Act 2021 and is effective from 01-04-2021, is not applicable to the Assessment Year 2018-19. The assessee had deposited the employee's contribution to the provident fund before the due date for filing the return of income.
The Tribunal found that adding both business receipts and bank deposits for the same period would result in double taxation. The CIT(A)'s rejection of additional evidence without proper admission was also deemed unsustainable.
The Tribunal held that the Explanation to Section 149(3) clarifies that the amended provisions for reopening assessments, including the 16-year period for foreign assets, are applicable for assessment years beginning on or before April 1, 2012. Therefore, the reassessment notice issued in 2015 for AY 1999-2000 was valid.
The Tribunal, considering the assessee's conduct and lack of evidence presented to controvert the CIT(A)'s findings, decided to dismiss the appeals. The Tribunal found no reason to interfere with the order of the CIT(A).
The Tribunal held that the CIT(E) erred in exercising revisional jurisdiction as the Assessing Officer had indeed made necessary inquiries regarding the nature of investments. The Tribunal relied on its previous decisions for identical facts in preceding assessment years.
The Tribunal noted the substantial delay in filing the appeals and found the explanations provided by the assessee to be unacceptable. Consequently, the appeals were dismissed on the grounds of being time-barred.
The Tribunal held that the AMP expenses incurred by the assessee in India for its own manufactured products do not constitute an international transaction requiring ALP adjustment. The Tribunal also found that the Singapore AE was the least complex entity and correctly chosen as the tested party, and that even if the TPO's comparables were used with the Resale Price Method, the assessee's gross margins were higher.
The Tribunal held that the reopening of the assessment was based on a change of opinion by the AO, which is not permissible. It also noted that the CIT(A) failed to discharge his statutory duties by not adjudicating the issue properly.
The Tribunal held that the AOP's application for exemption under Section 10(23C)(vi) was rejected by the CIT(E) on multiple grounds. The Tribunal examined the AOP's submissions regarding its educational activities, the rectification of its profit distribution clause, and its status as an educational institution.
The Tribunal has issued a corrigendum to correct a clerical error in the name of the authorized representative. The substantive decision of the original order remains unaffected by this correction.
The Tribunal agreed that the issue was identical to those pending before the High Court. Consequently, the appeal was set aside to the Assessing Officer to be decided in accordance with the final High Court decision.
The Tribunal acknowledged that once a matter is settled under the Vivad Se Vishwas Scheme, the related appeal must be withdrawn. Therefore, the appeal was dismissed as withdrawn.
The Tribunal directed the Assessing Officer to make a de novo assessment in light of the jurisdictional High Court's decision in PCIT vs Mohmd. Haji Adam & Co. The ground related to the High Court's decision was allowed for statistical purposes.
The Tribunal held that for disallowance under Rule 8D(2)(iii), only investments yielding exempt income should be considered. Regarding the property income, the Tribunal noted that the municipal ratable value should generally be accepted unless cogent material suggests otherwise.
The Tribunal upheld the CIT(A)'s order, finding no error in quashing the reassessment proceedings. The Tribunal agreed that the reassessment notice was not issued in accordance with the principles of natural justice and did not properly invoke the extended limitation period for foreign assets.
The Tribunal held that the consideration received on the sale of TDRs is not chargeable to capital gains tax because there was no cost of acquisition for these rights. This decision was based on the Bombay High Court's ruling and other coordinate bench decisions.
The Tribunal held that a 100% disallowance of purchases is not sustainable when sales are not doubted, citing the Bombay High Court decision in Nikunj Exim Enterprises. However, considering the facts, a 12.5% disallowance would serve the ends of justice.
The Tribunal held that the cross-appeals were not maintainable in their current form due to the moratorium period and the non-impleadment of the Resolution Professional. The appeals were dismissed with liberty to revive them after the moratorium period.
The Tribunal found that the assessee claimed to have submitted a paper book with relevant details to the CIT(A) which was allegedly not considered. Therefore, the issue was remitted back to the CIT(A) for fresh consideration.
The tribunal noted that the assessee had opted for the Vivad Se Vishwas Scheme. Consequently, the appeal was dismissed as it had become infructuous.
The Tribunal held that the Assessing Officer erred in making additions/disallowances not based on incriminating material found during the search, especially in unabated assessment years. The CIT(A) was justified in allowing the carry forward of deficits based on established judicial precedents.
The Tribunal held that the Assessing Officer erred in making additions/disallowances not based on incriminating material found during the search, especially in unabated assessment years. The CIT(A) was justified in allowing the carry forward of deficits based on established judicial precedents.
The Tribunal held that the Assessing Officer erred in making additions/disallowances not based on incriminating material found during the search, especially in unabated assessment years. The CIT(A) was justified in allowing the carry forward of deficits based on established judicial precedents.
The Tribunal found that the CIT(A) took a hyper-pedantic approach by rejecting the assessee's plea for correction of the allotment date. The Tribunal directed the CIT(A) to examine the assessee's plea on merits.
The Tribunal, considering judicial precedents, reduced the profit estimation on bogus purchases from 22% to 12.5%. The addition was restricted to this lower percentage.
The Tribunal directed the AO to consider only the gross profit on the stock difference, citing a previous ruling on a similar issue. The ad-hoc disallowances for expenses were also considered in light of the business turnover.
The Tribunal upheld the CIT(A)'s decision to delete the disallowance of depreciation. It was held that the assessee retained ownership of the asset and was entitled to claim depreciation as per Section 32 of the Income Tax Act.
The Tribunal held that the reopening of the assessment was bad in law due to the AO's non-application of mind and mere reproduction of investigation reports. On merits, the Tribunal found the unsecured loan transactions to be genuine as they were routed through banks and settled within the same or subsequent assessment years.
The Tribunal held that the AO had conducted proper and sufficient inquiries during the assessment proceedings. The PCIT's revisionary order was based on a misunderstanding of the AO's findings and the scope of the original assessment. Therefore, the revisionary order was quashed.
The Tribunal restricted the addition on account of bogus purchases to 12.5% of the amount sustained by the CIT(A), considering the long drawn litigation and to take a reasonable view. The revenue's appeal against the deletion of a portion of the addition was dismissed.
The Tribunal held that the AO's method of estimating commission income by considering all bank credits was flawed. It noted that amounts from sundry debtors, inter-group transfers, and redemption of liquid funds should be excluded.