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362 orders · Page 8 of 8
The Tribunal held that interest income derived by a cooperative society from its investments with another cooperative bank is eligible for deduction under Section 80P(2)(d). The lower authorities' technical dismissal was set aside.
The Tribunal held that the Assessing Officer's disallowance was based on mere presumption and preponderance of probabilities, relying on an investigation report without cogent evidence. The Tribunal found that the assessee had acted in good faith and provided all relevant information, and the assessee should not be penalized if the recipient institution misappropriated the funds.
The Tribunal held that the Assessing Officer had conducted inquiries and taken a possible view, thus Section 263 was not applicable. The PCIT's order was set aside as it failed to demonstrate how the assessment was erroneous and prejudicial to revenue.
The Tribunal held that expenses incurred for the transfer of a depreciable asset should be deducted from sale proceeds as per Section 50(2). However, it upheld the disallowance of excess interest paid on borrowed funds used for lending to a director, deeming it a diversion for non-business purposes.
The Tribunal held that adjustments for future annual maintenance contract income, higher customs duty, extraordinary replacement costs, and indigenization costs were not allowable. However, the assessee was granted credit for short TDS after verification.
The Tribunal held that adjustments for future annual maintenance contract income, higher customs duty, extraordinary replacement costs, and indigenization costs were not allowable. However, the assessee was granted credit for short TDS after verification.
The Tribunal held that the assessee's failure to disclose exempt income in the correct schedule was an inadvertent mistake. Justice should prevail over technical errors, and the addition made by the CPC should be deleted.
The Tribunal held that the adjustment made under Section 143(1) for delayed payment of employee contributions towards ESI/EPF was permissible. Following the Supreme Court's decision in Checkmate Services Pvt. Ltd., disallowance of employee contributions paid after the statutory due date is mandatory.
The Tribunal upheld the CIT(A)'s decision, finding that the infusion of capital was commercially justified to clear company liabilities and improve its financial position. The Tribunal concluded that the sale of shares at a loss, given genuine parties and commercial rationale, did not constitute a colourable device.
The Tribunal held that the Assessing Officer could not insist on an audited cash flow statement when the assessee's declared income did not necessitate audited books of accounts. The Tribunal found that the assessee had sufficient cash to make the car purchase.
The Tribunal admitted additional evidence submitted by the assessee and decided to remit the issue back to the Assessing Officer for proper verification. The AO was directed to verify the additional evidence after providing the assessee with an adequate opportunity of being heard.
The Tribunal held that no deemed rental income can be assessed on properties held as stock-in-trade for Assessment Years up to 2017-18. The addition made by the Assessing Officer was directed to be deleted.