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252 orders · Page 5 of 6
The Tribunal found that the CIT(A) confirmed the disallowances without proper application of mind and without giving the assessee a proper opportunity to be heard. The Tribunal noted deficiencies in the Assessing Officer's satisfaction and the CIT(A)'s reasoning.
The Tribunal held that an investment in the equity shares of another company, especially when both entities are in a similar line of business, constitutes a strategic business investment. The Tribunal found that the CIT(A) was justified in deleting the disallowance of interest.
The Tribunal held that the addition on merits was not sustainable due to issues with electronic evidence and the distinction drawn by the CIT(A) regarding disclosures was not valid. The issue of disallowance of set-off of brought forward losses was remitted to the AO for fresh examination.
The Tribunal held that penalty under Section 271(1)(c) cannot be levied when additions are made on an estimate basis without doubting sales, and the assessee's conduct is not contumacious. The appeals by the revenue were dismissed.
The Tribunal upheld the CIT(A)'s decision, finding that land revenue records are strong prima facie evidence of agricultural land. The revenue failed to provide cogent material to dispute the CIT(A)'s findings regarding the agricultural nature of the land and the assessee's claim.
The Tribunal upheld the CIT(A)'s order, stating that the disallowance was made on an estimated basis and the assessee cannot be penalized for concealment or furnishing inaccurate particulars of income. The penalty was deleted.
The Tribunal upheld the CIT(A)'s decision to sustain only 12.5% disallowance on bogus purchases, considering that sales were not doubted and such a disallowance meets the ends of justice.
The Tribunal held that the additions made by the Assessing Officer were not based on any incriminating material found during the search. The Tribunal followed the jurisdictional High Court's decision that additions under section 153C cannot be made without incriminating material, especially when a regular assessment was already completed.
The Tribunal held that no disallowance under Section 14A can be made if no exempt income is earned. It also found that the foreign travel expenses were for business purposes and that informer expenses were a necessary and relevant expenditure for the assessee's investigation business.
The Tribunal held that the assessee did not represent the case properly before the Ld.CIT(A). For the sake of justice, the assessee should be given a proper opportunity to be heard.
The Tribunal held that the lease arrangement between the assessee trust and HHPL, where trustees had substantial interest in HHPL, constituted a violation of Section 13(1)(c) read with Section 13(3) of the Income Tax Act. Consequently, the trust was not eligible for exemption under Section 11.
The Tribunal held that for the sake of justice, the assessee should be given a proper opportunity to represent the case. Therefore, the matter was remitted back to the CIT(A) for adjudication after providing an adequate opportunity of being heard.
The Tribunal held that expenses incurred on leasehold improvements are revenue in nature, following previous decisions in the assessee's own case. It also held that education cess on income-tax is deductible, following the jurisdictional High Court's decision.
The Tribunal held that the assessee could not unilaterally revise its return of income by changing its accounting method without revising its financial statements. The revenue recognition was based on gross sales as per the Joint Development Agreement, not the stage of project completion, making the Guidance Note inapplicable.
The Tribunal upheld the CIT(A)'s decision to restrict the profit percentage on bogus purchases to 2%. The Tribunal noted that the CIT(A) had followed the principle of judicial discipline by adhering to a prior Tribunal ruling.
The Tribunal held that the denial of deduction was a mistake apparent from the record, especially since similar claims were allowed in preceding and succeeding assessment years. The CIT(A)'s observation that the issue was debatable was found unsustainable.
The Tribunal, following a coordinate bench decision, set aside the CIT(A)'s order and restored the issues to the CIT(A) for de novo adjudication. This was done to decide the assessee's appeal along with the appeals of Shri Bhawarlal Jain, ensuring consistency and proper adjudication of substantive vs. protective additions.
The Tribunal condoned the delay in filing the appeals before the CIT(A) due to reasonable causes presented by the assessee. The Tribunal remitted the matters back to the CIT(A) for adjudication on merits.
The Tribunal condoned the delay in filing the appeals before the CIT(A) due to reasonable causes presented by the assessee. The Tribunal remitted the matters back to the CIT(A) for adjudication on merits.
The Tribunal held that the assessee was justified in valuing the shares based on its assets as per Explanation (a)(ii) to Section 56(2)(viib), and the disallowance under Section 14A should be restricted to the extent of exempt income earned.
The Tribunal held that the assessee was engaged in charitable activities, including imparting education through conventional and modern methods. The income earned from activities like running the planetarium and hiring out space was considered incidental to its charitable objects and not hit by the proviso to Section 2(15).
The Tribunal, following its own precedent in the assessee's own case for prior assessment years, granted relief by directing a 50% reduction in the addition sustained by the CIT(A). This was done considering the lack of specific basis for the estimation and the fact that the original evidence pertained to a different assessment year.
The Tribunal noted that the Assessing Officer did not consider the capital and surplus available for investment. Following a previous decision in the assessee's own case, the matter was remitted back to the Assessing Officer for fresh adjudication.
The Tribunal noted the technical issues faced by the assessee in filing the appeal electronically and the amendment in filing procedures. To meet the ends of justice, the CIT(A)'s order was set aside.
The Tribunal upheld the addition of commission income at 2% as determined by the revenue authorities. The Tribunal found that the assessee's books of account were rightly rejected due to the admission of providing bogus accommodation entries.
The Tribunal condoned the delay in filing the appeals before the CIT(A) due to reasonable causes presented by the assessee. The Tribunal remitted the matters back to the CIT(A) for adjudication on merits.
The Tribunal held that society maintenance charges, including non-occupancy charges, are inextricably linked to letting out property and impact the annual letting value. Therefore, these charges should be considered while determining the annual letting value.
The Tribunal found no infirmity in the CIT(A)'s order restricting the disallowance to 3.73% of the impugned purchases, considering it as the profit embedded in such purchases. The revenue's grounds of appeal were dismissed.
The Tribunal held that the disallowance under Section 14A of the Act read with Rule 8D cannot exceed the assessee's exempt income, following the jurisdictional High Court's decision.
The Tribunal restored the issue of proportionate indirect expenditure to the AO for fresh examination. The assessee will be allowed to furnish fresh calculations and justifications for the allocation of indirect expenses.
The Tribunal held that the CIT(A) failed to provide a reasonable opportunity of hearing to the assessee. Therefore, the impugned order was set aside.
The ITAT condoned the delay in filing the appeal, finding sufficient cause. They then set aside the CIT(A)'s ex-parte order and restored the matter to the CIT(A) for a fresh adjudication after providing the assessee with an adequate opportunity to be heard.
The Tribunal held that the assessment under section 153A was not justified as no incriminating material was found during the search in relation to the unsecured loans. Therefore, the assessment order was quashed.
The Tribunal found that the CIT(A) overlooked the adjournment request and, to meet the ends of justice, set aside the CIT(A)'s order. The disputed issues were remitted back to the CIT(A) for adjudication afresh.
The Tribunal held that the assessee's activities continued to be charitable in nature even under the amended definition of Section 2(15) of the Act. Therefore, the assessee is entitled to exemption under Section 11.
The Tribunal held that the assessee should be provided one more opportunity before the CIT(A) to present its arguments and evidence. The appeal was restored to the CIT(A) for a decision on merits after a reasoned order.
The Tribunal held that the penalty notice, being an omnibus show-cause notice without striking off inapplicable portions, betrays a non-application of mind by the AO. Therefore, the penalty levied is not legally sustainable.
The tribunal has not provided a decision in the provided text. The text only outlines the grounds of appeal and the parties involved.
The Tribunal held that the assessee's business had a temporary lull due to external factors, not a cessation of activity. Expenses incurred were for the purpose of business, supported by audited financial statements and investments.
The Tribunal dismissed the appeal filed by the Revenue. This was done solely on the grounds of low tax effect, as the tax involved was below the monetary limit prescribed by CBDT Circular No. 17/2019.
The Tribunal admitted additional evidence (an email from the electricity provider) which was not available earlier. The issue was restored to the Assessing Officer for fresh adjudication in light of this new evidence.
The Tribunal held that the TPO's decision to treat the ALP as Nil was inconsistent with previous years where similar reimbursements were accepted. The Tribunal also noted that the benefit test was not a valid reason to reject the ALP, especially when the assessee's commercial wisdom was questioned.
The Tribunal upheld the CIT(A)'s order, agreeing that the Assessing Officer failed to prove expenses were excessive or non-genuine, and that the assessee's explanation for premium pricing of a retail unit was uncontroverted.
The Tribunal held that the CIT(A) erred by passing the appellate order in the name of the deceased assessee, showing a lack of application of mind. The Tribunal also found the Assessing Officer's rejection of the opening balance to be based on surmises and conjecture, as there was no presumption against accumulating funds from smaller incomes.
The Tribunal held that prior to the amendment of Section 194J by the Finance Act, 2012, there was no specific provision for deducting TDS on remuneration paid to a director which was not in the nature of salary. Therefore, the assessee could not be treated as an assessee in default for not deducting TDS under Section 192.
The Tribunal allowed the appeal regarding the interest payment, finding it tax-neutral and supported by evidence of prevailing rates. However, the disallowance of investment advisory fees was upheld due to lack of substantiation for loan syndication services.
The Tribunal dismissed the appeals and cross-objection as withdrawn, with a condition. The assessee has liberty to seek restoration if the matter is not settled under the Vivad se Vishwas scheme.
The Tribunal held that the Assessing Officer had conducted adequate inquiry and applied his mind to the facts, even if not explicitly detailed in the assessment order. The Pr.CIT's action under Section 263 was not justified as the assessment order was neither erroneous nor prejudicial to the revenue.
The Tribunal noted that the assessee requested withdrawal of the appeal to settle the dispute under the 'Vivadh se Vishwas Scheme'. The Department had no objection to this request.
The Tribunal upheld the CIT(A)'s order, finding that the assessee had provided sufficient evidence, including loan confirmations, balance sheets, and IT returns of the lender. The Tribunal also noted that similar loan transactions were accepted in subsequent years by the same AO.