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460 orders · Page 6 of 10
The Tribunal held that the payments made were in the nature of compensation for alternative accommodation and not 'rent' as defined under Section 194-I. Therefore, TDS was not required, and the disallowance under Section 40(a)(ia) was not sustainable.
The Tribunal held that while accepting loans/deposits through journal entries is a violation of Section 269SS, penalty under Section 271D is not attracted if the transactions occurred before the Bombay High Court's decision in Triumph International Finance, as there was a reasonable cause under Section 273B.
The Tribunal found that the lower authorities did not properly appreciate the joint co-ownership documents of the assessee's other properties. It also noted that additional evidence regarding the source of funds for the new property was crucial.
The Tribunal held that the addition made by the Assessing Officer was not justified. It noted that the assessment year was prior to the amendment of Section 68 and that the assessee had provided sufficient documentary evidence for the share applicants.
The Tribunal held that the assessee is entitled to a deduction for the cost of acquisition of the gold jewellery, as it was disclosed in wealth tax returns for earlier years. The issue was restored to the Assessing Officer for fresh adjudication.
The Tribunal held that the services provided did not make available technical knowledge or skill to the recipient, thus not qualifying as FTS under Article 13(4)(c) of the India-UK DTAA. Consequently, the income was treated as business income, not taxable in India due to the absence of a Permanent Establishment.
The Tribunal held that the date of allotment letter should be considered the date of acquisition for determining the holding period. Consequently, the property was to be treated as a long-term capital asset, and the assessee was eligible for Section 54 deduction.
The Tribunal dismissed the Revenue's appeal as withdrawn. This was based on a CBDT circular stating that appeals with a tax effect below INR 50,00,000 should not be filed.
The Tribunal held that since sales from disputed purchases were not doubted, only the profit element embedded in the purchases should be taxed. It was decided to estimate this profit at 5% of the disputed purchases, a rate consistently applied by the Tribunal for similar businesses.
The Tribunal held that since sales from disputed purchases were not doubted, only the profit element embedded in the purchases should be taxed. It was decided to estimate this profit at 5% of the disputed purchases, a rate consistently applied by the Tribunal for similar businesses.
The Tribunal held that the Assessing Officer (AO) lacked jurisdiction to make additions under Section 153C as there was no incriminating material found during the search belonging to the assessee. The assessment was based solely on a statement which was later retracted, and principles of natural justice were violated by not providing cross-examination.
The Tribunal allowed the appeal concerning the disallowance of interest on capital work-in-progress, finding that the Assessing Officer's presumption was baseless. The grounds related to interest under Section 234B and penalty proceedings under Section 271(1)(c) were disposed of as consequential and premature, respectively.
The Tribunal held that the delay in filing Form 10B was condoned by the Commissioner of Income Tax (Exemption) and that the AO had accepted similar general purposes in preceding years. Therefore, the denial of exemption was not justified.
The Tribunal found that the assessee had provided sufficient evidence of tax paid in Netherlands, including a letter from Dutch tax authorities and a fiscal report. Therefore, the assessee was entitled to the foreign tax credit.
The Tribunal held that the Assessing Officer had conducted sufficient inquiries into the credit entries and the resultant sales, and had verified the transactions. The PCIT failed to demonstrate how these inquiries were inadequate or what further steps should have been taken.
The Tribunal held that the assessee had correctly claimed the exemption in its return of income, and the tax demand arose from a processing error. Therefore, the CIT(A) was correct in allowing the exemption.
The Tribunal held that Section 244A(1A) applies to refunds arising from appellate orders where the 'order giving effect' is delayed beyond the time prescribed under Section 153(5). The Tribunal found that denying this additional interest would defeat the purpose of the provision.
The Tribunal held that the issues raised by the PCIT were already examined by the Assessing Officer (AO) during the assessment proceedings. Since the AO had duly considered the submissions and documents provided by the assessee, the assessment order was not erroneous. Therefore, the revision order under Section 263 was set aside.
The Tribunal held that as per the Supreme Court's decision in Checkmate Services Pvt. Ltd., employees' contributions to EPF and ESI must be deposited on or before the due date specified in the respective acts to be eligible for deduction. Payments made after these specific due dates, even if before the return filing due date, are not deductible.
The Tribunal held that the AO's hypothetical assignment of value to the land component was unsustainable as the purchase consideration was composite and no specific value was assigned to the land in the sale deeds. Consequently, the disallowance of depreciation on the land portion was not warranted.
The Tribunal held that since the assessee had sufficient own funds at the time of acquiring shares, the interest expenses were not disallowable. However, a disallowance for administrative expenses related to earning dividend income was made.
The Tribunal held that the addition was not based on any incriminating material found during the search. The assessee was engaged in share trading as a business, had not claimed any exempt income, and the transactions in GIL shares resulted in a net loss, with no abnormal differences in sale and purchase prices.
The Tribunal condoned the delay and, in the interest of natural justice, remanded the appeals back to the CIT(A) for fresh adjudication.
The Tribunal held that the addition was not based on any incriminating material found during the search. The assessee was engaged in share trading as a business, had not claimed any exempt income, and the transactions in GIL shares resulted in a net loss, with no abnormal differences in sale and purchase prices.
The Tribunal held that as per Section 14 of IBC, no proceedings can be continued against a corporate debtor during the moratorium period. Therefore, the appeal filed by the assessee cannot be proceeded with.
The Tribunal condoned the delay and, in the interest of natural justice, remanded the appeals back to the CIT(A) for fresh adjudication.
The Tribunal condoned the delay and, in the interest of natural justice, remanded the appeals back to the CIT(A) for fresh adjudication.
The Tribunal found that the assessee failed to establish the commercial expediency of the interest expenses and the utilization of funds before the lower authorities. However, to ensure substantial justice, the assessee was granted one more opportunity to substantiate its claims with a funds flow statement and supporting evidence.
The Tribunal held that the Assessing Officer was not empowered to charge fees under Section 234E while processing TDS statements filed before the insertion of clause (c) to Section 200A(1) by the Finance Act, 2015. Consequently, the consequential interest under Section 220(2) was also not sustainable.
The Tribunal condoned the delay and, in the interest of natural justice, remanded the appeals back to the CIT(A) for fresh adjudication.
The Tribunal held that the AO's reasons for reopening the assessment were based on 'reason to suspect' rather than 'reason to believe' that income had escaped assessment. The AO failed to conduct preliminary inquiries to form a belief of escapement.
The Tribunal held that the penalty notice issued under Section 274 read with Section 271(1)(c) was invalid as it did not specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Following the jurisdictional High Court's decision, the Tribunal deleted the penalty.
The Tribunal held that the reopening of assessment was bad in law as the AO lacked tangible material to justify it after four years. The assessee had disclosed the facts regarding the capital loss in its computation of income.
The Tribunal held that the assessee's liasoning and consulting work does not fall under the definition of 'professional' as per Section 44AA. Merely because TDS was deducted under Section 194J does not determine the nature of income in the hands of the recipient.
The Tribunal held that the assessee was not given a proper opportunity to present evidence during the assessment proceedings. Therefore, the assessment order was set aside and the matter was restored to the Assessing Officer for a de-novo assessment.
The Tribunal noted that the assessee company had been struck off from the Register of Companies. Therefore, the appeals were dismissed as infructuous.
The Tribunal restored the issue of interest expenditure disallowance to the AO for de novo assessment, allowing the appeal for statistical purposes. The ground regarding Section 14A was dismissed as not pressed. The addition for unsecured loans was allowed, finding that the assessee had discharged its onus. The disallowance of various expenses under Section 37 was dismissed.
The Tribunal held that the assessee did not get a proper opportunity before the AO to substantiate their claim regarding the credit card expenses. Relying on a Supreme Court decision, the Tribunal set aside the CIT(A)'s order.
The Tribunal found no merit in the assessee's contention regarding the notice u/s 143(2). However, due to lack of proper opportunity for the assessee to present its case before the CIT(A) on additions related to unexplained expenditure, unrecorded receipts, and unrecorded expenses, the matters were set aside and restored to the CIT(A) for fresh examination.
The Tribunal dismissed all grounds of appeal, upholding the CIT(A)'s orders. The assessee failed to provide sufficient evidence to substantiate claims regarding agricultural income, deemed rent, unexplained cash expenses, and advance cash received for property sale.
The Tribunal held that the payments made to legal heirs of deceased/retired partners were in the nature of an overriding charge on the firm's revenues and were allowable as expenditure. The Tribunal relied on previous decisions of the ITAT and the jurisdictional High Court in the assessee's own case.
The Tribunal condoned the delay, acknowledging the assessee's change of address and lack of opportunity for hearing. It also noted that only capital gains, not the entire sale consideration, should be taxed.
The Tribunal held that the AO had recorded satisfaction for invoking Rule 8D for AY 2013-14, but for AY 2010-11, there was no such recorded satisfaction. The disallowance for AY 2013-14 was directed to be computed by including the average value of investments yielding exempt income.
The Tribunal held that the AO had recorded satisfaction for invoking Rule 8D for AY 2013-14, but for AY 2010-11, there was no such recorded satisfaction. The disallowance for AY 2013-14 was directed to be computed by including the average value of investments yielding exempt income.
The Tribunal held that the reopening of the assessment was invalid due to the Joint Commissioner's non-application of mind while granting approval. The sanctioning authority failed to identify an incorrect section mentioned in the reopening proposal.
The Tribunal held that only the arithmetic mean of prices should be used to determine the ALP of international transactions, not the weighted average. The directions of the DRP on this issue were deemed unsustainable in law.
The Tribunal held that only the arithmetic mean of prices should be used to determine the ALP of international transactions, not the weighted average. The directions of the DRP on this issue were deemed unsustainable in law.
The Tribunal held that assessment orders passed in the name of a non-existent entity are invalid and without jurisdiction. Therefore, the impugned assessment order was quashed.
The ITAT decided to provide the assessee with one more opportunity to present its case before the CIT(A) due to principles of natural justice. A cost of Rs. 5000 was imposed on the assessee.