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625 orders · Page 7 of 13
The Tribunal found that the NFAC erroneously considered the appeal of the assessee under the VSV Scheme when the application was for another company and a different appeal. Therefore, the matter was remanded back for fresh adjudication.
The Tribunal directed the exclusion of certain companies (Balmer Lawrie and Company Ltd, South India Corporation Ltd, and Om Logistics Limited) as comparables for benchmarking logistics services. The issue regarding the comparability of Gordon Woodroffe Logistics Limited was remanded for fresh adjudication. The Tribunal also directed the AO to grant credit for TDS and re-adjudicate interest under section 244A.
The Tribunal held that interest income earned by a cooperative society from investments in a cooperative bank is eligible for deduction under Section 80P(2)(d). This is because cooperative banks are still considered cooperative societies under the Act.
The Tribunal held that the opening balance of share premium from earlier years and the premium from the founder-promoter were not additions u/s 68. The premium for the celebrity endorser was also not a cash credit. The issue of share premium from foreign investors was remanded to the AO for de-novo assessment with directions for independent inquiries.
The Tribunal held that the issue of taxability of interest income had been decided in favour of the assessee by a coordinate bench in prior years. Regarding commission on guarantees, the Tribunal found that the CIT(A)'s method of adding 10% lacked basis and directed a re-computation based on comparable international transactions.
The Tribunal held that the issue of taxability of interest income had been decided in favour of the assessee by a coordinate bench in prior years. Regarding commission on guarantees, the Tribunal found that the CIT(A)'s method of adding 10% lacked basis and directed a re-computation based on comparable international transactions.
The Tribunal held that since the quantum additions were purely on an estimated basis and the AO did not dispute the quantity of purchases or sales, nor rejected the books of accounts, the penalty cannot be imposed. The Tribunal followed its previous decisions in similar cases.
The Tribunal noted that the assessee's father operated the account and was involved in providing accommodation entries. Since the father's appeal was pending, the matter was remitted back to the CIT(A) for joint adjudication.
The Tribunal held that the Pr.CIT's order under Section 263 was valid because the AO's assessment order was erroneous and prejudicial to the revenue due to a failure to conduct necessary inquiries into the unexplained cash deposits. The assessee's non-participation in proceedings was also noted.
The Tribunal held that the AO had conducted adequate inquiries and taken a possible view. Furthermore, Section 23(5) of the IT Act was applicable only from AY 2018-19 onwards, making the PCIT's direction invalid for the current year. Even on merits, rental income from stock-in-trade is taxable as business income, not income from house property.
The Tribunal held that losses from non-EOU units cannot be set off against profits of EOU units for determining Section 10B deduction, directing the AO to allow deduction without such set-off and carry forward losses. It also held that interest income taxed as business income of an EOU unit is eligible for Section 10B deduction.
The Tribunal held that losses from non-EOU units cannot be set off against profits of EOU units for determining Section 10B deduction, directing the AO to allow deduction without such set-off and carry forward losses. It also held that interest income taxed as business income of an EOU unit is eligible for Section 10B deduction.
The Tribunal found that the CIT(A) did not properly adjudicate the issues as the order was passed ex-parte without considering the assessee's submissions. Therefore, the matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that due to the moratorium imposed under the IBC, all proceedings, including the present appeals before the ITAT, stand in abeyance and cannot be proceeded with. The IBC has an overriding effect on other laws, including the Income Tax Act.
The Tribunal found merit in the assessee's submission that the CIT(A) incorrectly dismissed the appeal without adjudicating on merits. The order of the CIT(A) was set aside, and the issues were restored to the CIT(A) for adjudication on merits.
The Tribunal quashed the PCIT's revision order, finding it was passed without proper application of mind and without giving the assessee adequate opportunity to be heard. The Tribunal held that interest income from cooperative banks and dividend income were eligible for deduction under Section 80P.
The Tribunal held that the disallowance under Section 14A read with Rule 8D was not sustainable as the AO failed to record satisfaction regarding the incorrectness of the assessee's claim. Consequently, the addition to book profit under Section 115JB was also deleted. The appeal regarding Section 10A and depreciation was not explicitly detailed in the provided excerpt, but the final order indicates a partial allowance.
The Tribunal found that the Assessing Officer and CIT(A) did not properly consider the jurisdictional High Court decisions and that the assessee should be given an opportunity to present its case. The matter was restored to the Assessing Officer for fresh examination.
The Tribunal held that the amendments made by the Finance Act, 2021 to Section 36(1)(va) and Section 43B are prospective and effective from AY 2022-23. Therefore, the disallowance made by the lower authorities was incorrect.
The Tribunal observed that the AO completed the assessment based on available system information and that the assessee's rectification application was not processed. Therefore, the issues were remitted back to the AO for verification and proper adjudication.
The Tribunal directed the AO to reduce the interest income from 'other sources' to avoid double taxation and to verify the taxability of interest on securities. It allowed the deduction for club membership fees as marketing expenditure for a new business and remanded the issue of professional fees to the AO for verification of the director's qualifications.
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance to 2% of exempt income. This was based on the Bombay High Court's ruling that Rule 8D was prospective and that a reasonable estimate, such as 2% of exempt income, was acceptable for years prior to AY 2008-09, especially considering similar disallowances in the assessee's own case.
The Tribunal held that indirect expenses like managerial remuneration and service charges were attributable to earning exempt income from partnership firms. Therefore, the disallowance under Section 14A read with Rule 8D was sustained, though with a direction to consider only investments yielding exempt income.
The Tribunal found merit in the assessee's plea and decided to provide another opportunity for hearing. The matter was restored to the CIT(A) for adjudication de novo.
The Tribunal held that the disallowance under Section 14A read with Rule 8D was not sustainable as the AO failed to record satisfaction regarding the incorrectness of the assessee's claim. Consequently, the addition to book profit under Section 115JB was also deleted. The appeal regarding Section 10A and depreciation was not explicitly detailed in the provided excerpt, but the final order indicates a partial allowance.
The Tribunal held that the rejection of 'Marketing Consultants & Agencies Ltd' as a comparable company was unsustainable and contrary to the directions of the DRP. The TPO/AO failed to provide adequate grounds for rejecting this comparable, especially when another government-owned company was accepted.
The Tribunal held that losses from non-EOU units cannot be set off against profits of EOU units for determining Section 10B deduction, directing the AO to allow deduction without such set-off and carry forward losses. It also held that interest income taxed as business income of an EOU unit is eligible for Section 10B deduction.
The Tribunal held that the Transfer Pricing Officer (TPO) erred in rejecting 'Gordon Woodroffe Logistics Limited' as a comparable without specific reasons, as it met the TPO's stated filters. Consequently, the grounds related to the selection of comparables were allowed for statistical purposes.
The Tribunal observed that while the assessee did not respond to notices, some notices were issued during the pandemic period and a final notice was issued after the pandemic limitation period. Since the issues were not adjudicated on merits, the Tribunal decided to remit the matter back to the CIT(A).
The Tribunal held that since the sales made from the disputed purchases were not doubted by the AO, only the profit element embedded in these purchases should be taxed. The CIT(A)'s estimation of profit at 12.5% was upheld.
The Tribunal held that if the additions made in the quantum assessment are deleted, the penalty levied on the basis of those additions cannot survive. Therefore, the deletion of the penalty by the CIT(A) was confirmed.
The Tribunal held that the appeal filed before the CIT(A) was invalid as it was against a non-appealable order (Section 245 intimation) and the assessee had not produced the base order (Section 143(1) intimation) for AY 2010-11. Therefore, the CIT(A)'s decision to dismiss the appeal was upheld.
The Tribunal restored the issue to the AO for fresh adjudication, following a jurisdictional High Court decision. The addition was to be restricted to the difference in gross profit not disclosed by the assessee on the alleged bogus purchases, after providing an adequate opportunity to the assessee.
The Tribunal held that the Assessing Officer failed to provide reliable evidence to prove the assessee made investments in land purchase beyond the stated consideration. The Tribunal followed its coordinate bench's decisions on identical facts.
The assessee's counsel submitted that they wished to withdraw the appeal. The Departmental Representative had no objection to this request.
The Tribunal held that the assessee's practice of derecognizing interest on NPAs after 90 days, as per RBI guidelines, is acceptable. The AO's disallowance based on a stricter interpretation of Rule 6EA was not upheld.
The Tribunal condoned the delay in filing the appeal, citing sufficient cause and the principle of substantial justice. The issue of bogus purchases was remanded to the CIT(A) for de novo adjudication, considering the assessee's gross profit percentage.
The Tribunal confirmed the order of the CIT(A) that since the quantum additions on which the penalty was levied were deleted by the ITAT itself, the penalty under Section 271(1)(c) was unsustainable and did not survive.
The assessee's counsel submitted that they wished to withdraw the appeal. The Tribunal granted permission for withdrawal.
The Tribunal held that information received from the Income Tax Investigation Wing is not considered an 'external source' as per CBDT circular exceptions. Therefore, the appeal was dismissed due to low tax effect, as it did not fall under the specified exceptions.
The Tribunal held that when the additions made in the quantum assessment proceedings are deleted, the penalty levied on the basis of those additions cannot survive. Therefore, the order of the CIT(A) deleting the penalty was confirmed.
The Tribunal upheld the addition of Rs. 1 crore for each assessment year on account of unsecured loans, as the assessee failed to prove their genuineness. However, the addition on account of notional commission was deleted due to lack of supporting material.
The Tribunal held that the Assessing Officer failed to provide reliable evidence to prove the assessee made investments in land purchase beyond the stated consideration. The Tribunal followed its coordinate bench's decisions on identical facts.
The Tribunal held that the assessee did not have a Permanent Establishment in India, following its own previous orders. The issue of TDS credit was remitted back to the Assessing Officer for verification.
The Tribunal restored the matter to the CIT(A) for de novo adjudication. This was done to provide the assessee with an opportunity to present their case on merits after the CIT(A) had passed an ex-parte order.
The Tribunal held that the Assessing Officer failed to provide reliable evidence to prove the assessee made investments in land purchase beyond the stated consideration. The Tribunal followed its coordinate bench's decisions on identical facts.
The Tribunal restored the issue of capital gains computation to the AO for de novo adjudication, directing consideration of the Department Valuation Officer's report. However, the claim for cost of improvement was denied due to lack of supporting evidence.
The Tribunal held that income from operating and maintaining an IT Park is to be assessed as business income, following the principle of consistency and CBDT circulars.
The Tribunal held that the assessee's practice of derecognizing interest on NPAs after 90 days, as per RBI guidelines, is acceptable. The AO's disallowance based on a stricter interpretation of Rule 6EA was not upheld.