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460 orders · Page 5 of 10
The Tribunal noted that the assessee company's proceedings were before the NCLT. The Revenue's appeal was dismissed with liberty to restore it if necessary.
The Tribunal held that the assessee was entitled to choose the valuation method (DCF) as per Rule 11UA, and the AO could not reject it solely based on a deviation between projected and actual cash flows. The AO's rejection of the DCF method and imposition of the NAV method was deemed incorrect.
The Tribunal held that the Assessing Officer had invalidly assumed jurisdiction for reopening the assessment under Section 147 due to factual and legal infirmities in the reasons recorded. Consequently, the reassessment proceedings were quashed.
The Tribunal found that the CIT(A) did not provide sufficient opportunity to the assessee to present its case regarding the claim of double addition and set-off. Therefore, the case was restored to the CIT(A) for fresh adjudication after obtaining necessary details.
The Tribunal held that the deduction for employees' contribution to PF/ESI is allowable only if deposited on or before the due date specified by the respective Acts. The deposit before the due date of filing the return of income is not sufficient for claiming the deduction.
The Tribunal held that the CIT(A) passed the order in a slipshod manner without properly examining the evidence and without providing an adequate opportunity of hearing to the assessee. The case was remanded back to the AO for fresh adjudication.
The Tribunal held that the assessee was not provided with adequate opportunity and proper inquiry was not conducted. The case was remitted back to the AO for a fresh decision after considering all documents.
The Tribunal held that the PCIT's revisional order under Section 263 was barred by limitation. The limitation period for revision begins from the date of the original assessment order or intimation, not the reassessment order, if the issue was not part of the reassessment.
The Tribunal held that the assessee was not provided with adequate opportunity and proper inquiry was not conducted. The case was remitted back to the AO for a fresh decision after considering all documents.
The Tribunal found that the appeal was not maintainable due to significant discrepancies in the case details and lack of proper documentation. The assessee also failed to appear despite multiple opportunities.
The Tribunal held that the AO lacked jurisdiction to frame the assessment order under Section 143(3) because the mandatory notice under Section 143(2) was not issued within the prescribed time limit. Consequently, the additions/disallowances made were considered non-est in the eyes of law.
The Tribunal held that the assessee had provided sufficient documentary evidence to prove the genuineness of the share transactions. The AO failed to find any adverse material against the assessee, and therefore, the additions were not warranted.
The Tribunal held that the CIT(A)'s ex parte order violated natural justice. The assessee could not be faulted for technical glitches preventing response. The order was set aside.
The Tribunal held that the transfer of surplus from shareholders' to policyholders' accounts should be taxed as part of the life insurance business, following previous decisions. It also upheld the deletion of additions related to Pension Fund losses, as they are exempt under Section 10(23AAB).
The Tribunal found that the assessee was not provided with adequate opportunity of being heard during assessment and appellate proceedings, violating principles of natural justice. Therefore, the case was remanded back to the AO for fresh adjudication.
The Tribunal held that the addition of Rs. 39,43,820/- under Section 68 for unsecured loans from daughters was incorrect as the amounts considered were outstanding balances and not loans taken during the year. The source of funds was also found to be from maturity proceeds of mutual funds.
The tribunal dismissed the ground related to ad-hoc disallowance of administrative expenses, upholding the previous orders. For Section 14A, the tribunal directed the AO to re-compute the disallowance considering only income-yielding investments and reducing it by the suo motu disallowance. The issue of interest expense disallowance was remanded for de novo adjudication.
The Tribunal held that the AO's reopening of assessment was based on a wrong assumption of facts, as the foundational basis for reopening was incorrect. The AO later shifted to a different scrip (M/s. PFL Info Tech Ltd) without proper preliminary inquiry, making the notice under Section 148 bad in law.
The Tribunal held that the AO cannot make additions or disallowances in a completed assessment under section 153C without any incriminating material found during the search that relates to the assessment year in question. The addition was not based on any such material.
The Tribunal held that the reopening of the assessment by the Assessing Officer was not valid due to the Settlement Commission's order. The Revenue was advised to approach the Settlement Commission if they believed the order was obtained by fraud or misrepresentation.
The Tribunal upheld the CIT(A)'s direction to recompute the disallowance under Section 14A read with Rule 8D(2)(iii) only on investments from which exempt income was earned. The Tribunal found no infirmity in the CIT(A)'s order.
The Tribunal held that Section 43CA of the Act could not be made applicable as the transfer of property had not occurred during the relevant year. The allotment letters were considered preliminary and not definitive agreements for transfer of completed property.
The Tribunal held that the AO's reasons for reopening were based on incorrect assumptions of facts. The assessee had only purchased a small number of MMTC shares, and the alleged Rs. 6,00,000/- transaction was not supported by evidence. Therefore, the reopening was invalid.
The Tribunal upheld the CIT(A)'s decision, finding no infirmity in deleting the addition on customs duty benefit and allowing VRS expenses. The Tribunal also dismissed the revenue's grounds of appeal.
The Tribunal held that the assessee's non-compliance with the notices and failure to provide evidence for the cash expenses justified the addition made by the Assessing Officer. The assessment order was not considered cryptic, and the addition was upheld.
The Tribunal restored the matter to the Assessing Officer to consider the assessee as deemed to have complied with the PMGKY scheme provisions. Additionally, the issue of the source of cash was also restored to the AO for fresh adjudication, as affidavits supporting the source were not considered by lower authorities.
The Tribunal directed the Assessing Officer to restrict the addition to the Gross Profit rate on alleged bogus purchases, aligning it with the rate of genuine purchases. The addition was sustained at 5% of the alleged bogus purchases.
The Tribunal held that the AO framed the assessment based on incorrect facts, specifically that the assessee had not filed a return, when in fact a return was filed in response to a notice. The CIT(A) also failed to consider this fact. Therefore, the case was remanded back to the AO for a fresh assessment.
The Tribunal allowed the assessee's appeal on additional grounds, leaving the original transfer pricing grounds unadjudicated. The revenue's appeal and the assessee's cross-objection were dismissed.
The Tribunal held that a protective addition cannot survive if the substantive addition, made on merits, has been deleted. Therefore, the protective addition made in the assessee's case should also be deleted.
The Tribunal decided that the assessee's name appearing on the purchase deed, without any financial contribution, did not make her a co-owner for income tax purposes. The addition was upheld as the assessee failed to prove her lack of ownership or contribution.
The Tribunal held that the AO has the jurisdiction to invoke Rule 8D even if the assessee has made a suo moto disallowance, provided the AO is not satisfied with the assessee's calculation. The Tribunal followed earlier decisions of the High Court and Tribunal regarding the calculation of disallowance.
The Tribunal held that the assessee had discharged its burden of proof by submitting sufficient documentary evidence to establish the identity, creditworthiness, and genuineness of the loan creditors. The AO and CIT(A) overlooked these vital documents.
The Tribunal held that the addition/disallowance made solely on the strength of third-party information without further scrutiny or cross-examination is bad in law. The AO failed to conduct an inquiry with the assessee's broker.
The Tribunal held that the AO has the jurisdiction to invoke Rule 8D even if the assessee has made a suo moto disallowance, provided the AO is not satisfied with the assessee's calculation. The Tribunal followed earlier decisions of the High Court and Tribunal regarding the calculation of disallowance.
The Tribunal held that penalty under Section 271(1)(c) cannot be levied when additions are made on an estimated basis. Since the addition for bogus purchases was sustained on an estimated profit element, the penalty was deemed unsustainable.
The CIT(A) correctly considered the facts and judicial decisions to arrive at a reasonable disallowance under Section 14A, revising the AO's calculation.
The Tribunal dismissed grounds related to Section 40A(3) and excess rent payment. It confirmed the addition of interest income but directed the AO to grant credit for TDS. For other disallowed expenses, the Tribunal allowed 50% of the expenditure as a deduction.
The Tribunal held that interest income earned by a co-operative society on its investments held with a co-operative bank is eligible for deduction under Section 80P(2)(d) of the Act. The lower authorities' view was not agreed with.
The ITAT set aside the CIT(A)'s order, directing the assessee to file an affidavit to substantiate the non-receipt of the assessment order and explain the delay. The CIT(A) is to condone the delay if reasonable cause is shown and then decide the appeal on merits.
The Tribunal held that the Assessing Officer failed to provide cogent material beyond the builder's statement to prove the on-money payment. The lack of cross-examination for the builder's statement further weakened the revenue's case.
The Tribunal held that the source of funds from MIL was proved, and the identity, genuineness, and creditworthiness of the investor were established. The subsequent advancement of funds to CLI was also not disputed. Therefore, the addition made under Section 68 of the Income Tax Act was not sustainable.
The Tribunal held that the source of funds from MIL was proved, and the identity, genuineness, and creditworthiness of the investor were established. The subsequent advancement of funds to CLI was also not disputed. Therefore, the addition made under Section 68 of the Income Tax Act was not sustainable.
The Tribunal held that the payments made to stockists were on a principal-to-principal basis and did not fall under Section 194H. The interest paid for delayed purchase payments was also held to be a trade liability and not 'interest' as defined under Section 2(28A), thus not requiring TDS under Section 194A.
The Tribunal held that interest income earned by a co-operative society from its investments in co-operative banks is eligible for deduction under Section 80P(2)(d). The Tribunal followed its own earlier decision in the assessee's own case and other judicial precedents.
The Tribunal held that interest income should be excluded from eligible profits for calculating the deduction under Section 10AA, following its own earlier decision in the assessee's own case for a prior assessment year. The Revenue's appeal was dismissed.
The Tribunal upheld the CIT(A)'s decision to dismiss the assessee's ground regarding the ex-parte order. It also upheld the CIT(A)'s estimation of net profit at 3% and the deletion of the addition on account of sundry creditors, finding no infirmity in the CIT(A)'s order.
The Tribunal held that Section 43CA was not applicable as the additional area allotted to tenants was part of a redevelopment project based on a consensus, not a sale of stock-in-trade. It also held that interest expenditure on borrowed capital for stock-in-trade is deductible under Section 36(1)(iii), irrespective of capitalization in work-in-progress.
The Tribunal held that the issue of whether fresh loans were received during the year needs to be verified by the AO. If no fresh loans were availed, the deletion by the CIT(A) would be upheld.
The Tribunal held that the CIT(A) should have adjudicated the grievance on merits rather than dismissing it on technicalities. Substantial justice should prevail over technical considerations.