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422 orders · Page 7 of 9
The Tribunal restored the matter to the Assessing Officer for de novo adjudication, granting the assessee one more opportunity to represent its case. The assessee was directed to respond to all notices issued by the AO.
The Tribunal found that the assessee had filed adjournment applications with reasons, but these were not taken cognizance of by the CIT(A). Therefore, in the interest of substantial justice, the matter was remitted back.
The CIT(A) deleted the addition, holding that the AO lacked jurisdiction to make additions under Section 153C without incriminating material found during the search. The Tribunal upheld this, stating that a statement under Section 132(4) alone is insufficient without corroborating evidence from the search.
The Tribunal held that as per Section 14 of the IBC, 2016, no proceedings can be continued against a corporate debtor during the resolution process. Therefore, continuing the appeal would be a continuation of proceedings.
The Tribunal held that the penalty proceedings were vitiated because the show cause notice issued by the Assessing Officer was vague and did not specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Therefore, the penalty order was quashed.
The Tribunal held that Section 14A disallowance is not applicable if no exempt income was earned, and the Finance Act, 2022 amendment is prospective. It also ruled that the merger notice under the Companies Act did not invalidate the assessment order passed in the erstwhile entity's name. Certain expenses were allowed proportionally.
The Tribunal held that the employee's contribution to EPF/ESI, if not deposited by the due date specified in the respective acts, is not eligible for deduction, even if deposited before the income tax return filing due date. This is based on the Supreme Court's decision in Checkmate Services Pvt. Ltd.
The Tribunal held that Section 14A disallowance is not applicable if no exempt income was earned, and the Finance Act, 2022 amendment is prospective. It also ruled that the merger notice under the Companies Act did not invalidate the assessment order passed in the erstwhile entity's name. Certain expenses were allowed proportionally.
The Tribunal decided the issue regarding Section 35D in favor of the assessee, following previous rulings by coordinate benches and the jurisdictional High Court. For other grounds, the judgment indicates a mixed outcome for both the assessee and the revenue.
The Tribunal held that the foreign dividend income can be set off against current year's loss as there is no restriction in Section 115BBD of the Income Tax Act. The other grounds raised by the revenue were dismissed.
The Tribunal found that the assessee did not provide clear and satisfactory explanations regarding the data found on his laptop. However, the AO also made additions based on presumptions without proper verification. Therefore, the issue was remitted back to the AO for further investigation.
The Tribunal decided the issue regarding Section 35D in favor of the assessee, following previous rulings by coordinate benches and the jurisdictional High Court. For other grounds, the judgment indicates a mixed outcome for both the assessee and the revenue.
The Tribunal held that Section 14A disallowance is not applicable if no exempt income was earned, and the Finance Act, 2022 amendment is prospective. It also ruled that the merger notice under the Companies Act did not invalidate the assessment order passed in the erstwhile entity's name. Certain expenses were allowed proportionally.
The Tribunal held that Section 14A disallowance is not applicable when no exempt income is earned, as the Finance Act, 2022 amendment is prospective. It also directed proportionate allowance of consultancy charges and allowed interest expenses, while dismissing grounds related to merger and commission expenses.
The Tribunal held that the TPO's order was indeed time-barred by one day, rendering it invalid. Consequently, the assessment order, which relied on the TPO's order, was also vitiated.
The Tribunal held that the TPO's order was indeed time-barred by one day, rendering it invalid. Consequently, the assessment order, which relied on the TPO's order, was also vitiated.
The Tribunal held that the TPO's order was indeed time-barred by one day, rendering it invalid. Consequently, the assessment order, which relied on the TPO's order, was also vitiated.
The Tribunal held that since the sales turnover was accepted, the addition should be restricted to the profit element embedded in the unproved purchases. The addition on account of bogus purchases was directed to be restricted to 8% of such purchases.
The Tribunal held that making a claim which is not sustainable in law does not amount to furnishing inaccurate particulars. The assessee had disclosed the expenditure in its P&L account, and the AO's disallowance was a difference in opinion on allowability.
The Tribunal held that the provisions for special memento and staff leave are regular, recurring expenditures and should be allowed. The issue of revenue neutrality due to 80P deduction was considered academic as the primary grounds were allowed. The disallowance of delayed PF contributions was upheld.
The Tribunal found that the assessee had provided reasonable explanations for the write-off of each amount. Since the explanations were not found to be incorrect or baseless by the AO or CIT(A), the penalty was not sustainable.
The Tribunal held that the revenue cannot simultaneously treat the assessee as an accommodation entry provider and a genuine trading concern. It found that the additions made were either double additions or enhancements without proper notice, and thus set aside the additions.
The Tribunal held that the interest income earned on fixed deposits, which were made from borrowed funds and were required to be utilized exclusively for the project as per the escrow agreement, is to be treated as business income. The assessee was allowed to net off this interest income against interest expenditure.
The Tribunal found that the lower authorities had not properly examined the facts regarding the relationship between the assessee and the MRI company. Therefore, the issue was restored to the Assessing Officer for fresh examination.
The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's grounds of appeal. It found that the disallowance under Section 36(1)(iii) was not justified as the assessee had sufficient capital. The disallowance under Section 14A was deleted as no exempt income was earned, and the loss on resale of the flat was considered a genuine business transaction.
The Tribunal held that the PCIT erred in finding fault with the AO for not inquiring into the purchase of shares which occurred in a prior assessment year (AY 2015-16). The AO's assessment was for AY 2017-18, and the purchase transaction did not fall within this period.
The Tribunal held that the disallowance of set-off of losses under Section 79, invoked via Section 154, was not a mistake apparent from the record. The issue involved interpretation of various provisions of the Income Tax Act and Companies Act, making it a debatable issue.
The Tribunal decided to restore the penalty appeal to the CIT(A) as well, following the restoration of the quantum appeal. This decision was made for statistical purposes.
The Tribunal held that deduction under section 36(1)(viia) read with Rule 6 ABA is to be allowed on the total outstanding advances at the end of each month, including opening balances. This decision follows the precedents set by the Calcutta and Madras High Courts.
The Tribunal held that the reassessment proceedings were validly initiated as the Assessing Officer had tangible material and applied his mind independently. The CIT(A)'s finding of 'borrowed satisfaction' was set aside.
The Tribunal held that the reassessment proceedings were validly initiated as the Assessing Officer had tangible material and applied his mind independently. The CIT(A)'s finding of 'borrowed satisfaction' was set aside.
The Tribunal held that the AO had taken a plausible view, consistent with a Special Bench decision, by considering only investments yielding exempt income. Since the AO's view was not unsustainable in law, the PCIT could not substitute his own view under Section 263.
The Tribunal found that the lower authorities had not properly examined the facts regarding the relationship between the assessee and the MRI company. Therefore, the issue was restored to the Assessing Officer for fresh examination.
The Tribunal held that the right to obtain office premises, as evidenced by the allotment letter and payments made from 1998-99, constituted a capital asset. Therefore, the gain on sale was to be treated as long-term capital gain.
The Tribunal observed that while the assessee may not have been manufacturing, depreciation is allowable if machinery is installed and used for business. However, the assessee failed to provide necessary purchase and installation documents to the authorities. Therefore, the issue was remitted back to the Assessing Officer for verification.
The Tribunal held that deduction under section 36(1)(viia) read with Rule 6 ABA is to be allowed on the total outstanding advances at the end of each month, including opening balances. This decision follows the precedents set by the Calcutta and Madras High Courts.
The Tribunal noted that a coordinate bench had remanded a similar appeal for the assessee due to lack of adequate opportunity. Following this precedent, the Tribunal also remanded the Revenue's appeal to the CIT(A) for fresh adjudication.
The Tribunal found that the lower authorities had not properly examined the facts regarding the relationship between the assessee and the MRI company. Therefore, the issue was restored to the Assessing Officer for fresh examination.
The Tribunal held that the Indian custodian cannot be treated as an assessee in default for non-deduction of TDS when the ultimate payee has already paid the taxes. The provisions of Section 201 are compensatory, and if no loss has occurred to the revenue, these provisions should not be invoked.
The Tribunal found that the revisionary order was passed with a valid DIN and rejected the argument that it was invalid due to DIN issues. However, it noted that the assessee's adjournment request was overlooked and their detailed reply was not considered.
The Tribunal held that the issue of taxing a foreign company at a higher rate than a domestic company is covered by Explanation 1 to Section 90, which states this is not a less favourable charge. Therefore, the DTAA's non-discrimination clause does not apply in this scenario.
The Tribunal held that the DRP's finding that income from corporate guarantee is not taxable in India under the India-Germany DTAA was correct. The Tribunal distinguished the case from one involving the India-UK DTAA, where such income was taxable in India.
The Tribunal upheld the CIT(A)'s decision, holding that the date of allotment should be considered the date of agreement for property transfer. Since the stamp duty value on the allotment date was less than the consideration, Section 56(2)(vii)(b) was not applicable.
The Tribunal held that the claim for interest expenditure deduction, though initially omitted, is allowable based on previous decisions in the assessee's own case and for sister concerns. The Tribunal also held that no disallowance under Section 14A is warranted when no exempt income is earned.
The Tribunal held that the issue of taxing a foreign company at a higher rate than a domestic company is covered by Explanation 1 to Section 90, which states this is not a less favourable charge. Therefore, the DTAA's non-discrimination clause does not apply in this scenario.
The Tribunal held that the professional fees were incurred for regular business activities and could not be considered capital expenditure. Based on previous favorable decisions for the assessee and the nature of the expenditure, the disallowance was deemed unsustainable.
The Tribunal held that the Pr.CIT erred in assuming jurisdiction under Section 263 as the AO had applied his mind and considered the submissions of the assessee. The assessee had claimed deduction under Section 80P(2)(a)(i), not 80P(2)(d) as assumed by the Pr.CIT.
The Tribunal held that the Assessing Officer failed to forward the draft assessment order to the correct address within the prescribed time limit. Consequently, the assessment order was barred by limitation.