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459 orders · Page 7 of 10
The tribunal held that the disallowance for delayed provident fund contributions was to be recalculated based on specific calculations submitted by the assessee. It also held that the disallowance for interest paid to a related party was not warranted given the assessee's financial situation and need for funds.
The Tribunal held that the allotment letter should be considered an 'Agreement to sell' and that the provisos to Section 56(2)(x) would apply since part consideration was paid through banking channels before the sale agreement. Therefore, the stamp duty valuation as on the date of the allotment letter should be considered.
The tribunal held that the Assessing Officer (AO) erred in initiating reassessment proceedings under Section 147/148 when the matter was already being addressed under Section 154, especially after a considerable time lapse. The AO should have completed the Section 154 proceedings or demonstrated new material to justify the reopening.
The Tribunal held that Section 50C is not applicable as the assessee was a tenant and not the owner of the property. However, the exemption under Section 54F was denied due to non-compliance with the prescribed conditions. The disallowance of expenses was partly upheld.
The ITAT found that essential facts regarding the receipt and retention of money were not on record. The Tribunal restored the matter to the AO for verification of these facts and proper quantification of amounts received.
The Tribunal condoned the delay in filing the audit report in Form 10B, noting a factual error by the CIT(E) in rejecting the condonation application. Consequently, the deficiency in the return was removed, and the return was treated as valid.
The Tribunal noted the substantial delay in filing the appeals. The appeals were filed against the CIT(A)'s order which confirmed reassessment proceedings and disallowances for alleged bogus purchases.
The Tribunal noted the substantial delay in filing the appeals. The appeals were filed against the CIT(A)'s order which confirmed reassessment proceedings and disallowances for alleged bogus purchases.
The ITAT held that the CIT(A) erred in dismissing the appeal on technical grounds and should have adjudicated the issues on merits. The Tribunal allowed the assessee's claim for sales promotion expenses and the taxability of the difference between deferral sales tax liability and its prepayment at NPV.
The Tribunal held that the compensation received in 2000 and the capital gains on the sale of the flat in 2016-17 are independent transactions. The compensation received in 2000 cannot be reduced from the indexed cost of acquisition or be taxed in the assessment year 2016-17.
The Tribunal held that the revenue's appeal for AY 2011-12 was erroneously revived and would stand dismissed as previously ordered. For AY 2012-13, the Tribunal deleted the transfer pricing adjustment for notional interest, following the jurisdictional High Court's decision in the assessee's own case for AY 2010-11.
The Tribunal held that since the assessee follows the cash system of accounting and the commission was not actually received due to the company's insolvency, it should not be taxed. However, the TDS credit would be treated as recovery of revenue.
The Tribunal held that the mandatory procedure of issuing a notice under Section 143(2) was not followed, rendering the assessment null and void. Consequently, the appeal was allowed on this legal ground without adjudicating the other grounds.
The Tribunal found that the assessee had provided ample reconciliations for revenue differences to the AO and PCIT. Therefore, the assessment order was neither erroneous nor prejudicial to the interest of revenue.
The tribunal held that losses from one 10A unit should not be set off against profits from another 10A unit for the purpose of calculating the Section 10A deduction. The deduction should be allowed independently for each profitable unit.
The Tribunal held that the AO failed to provide the assessee with copies of statements and investigation reports relied upon, and denied the opportunity for cross-examination. The Tribunal found that the transactions were conducted through the stock exchange via banking channels, distinguishing them from off-market cash transactions.
The Tribunal held that the CIT(A) erred in dismissing the appeal for non-compliance without proper adjudication. The case was restored to the CIT(A) for a fresh adjudication on merits after providing an opportunity to the assessee.
The Tribunal held that the disallowance under Section 14A cannot exceed the exempt income earned by the assessee. Therefore, the disallowance should be restricted to the actual exempt income.
The Tribunal held that for unabated assessment years, additions under Section 153A can only be made if there is incriminating material found during the search. Since the additions were not based on such material, they are liable to be deleted.
The Tribunal held that since the assessment years were unabated and no incriminating material was found during the search, the additions made by the Assessing Officer were not sustainable. The completed assessments could only be interfered with if incriminating material was unearthed.
The Tribunal held that for unabated assessment years, additions under Section 153A can only be made if there is incriminating material found during the search. Since the additions related to share sales already recorded and estimated expenses, and no incriminating material was found, the additions were deleted.
The Tribunal held that for unabated assessment years, additions under Section 153A can only be made if there is incriminating material found during the search. Since the additions related to share sales already recorded and estimated expenses, and no incriminating material was found, the additions were deleted.
The Tribunal allowed the tax holiday claim for Rail Systems and Power Plants, following a coordinate bench decision. It also dismissed the revenue's grounds related to interest on income-tax refund and other similar grounds, aligning with the assessee's appeal decisions.
The Tribunal held that the CIT's revision order was valid as the AO's failure to refer international transactions to the TPO, as mandated by CBDT Instruction No. 3/2016, made the assessment order erroneous and prejudicial to revenue under Section 263(1) read with Explanation 2(c).
The Tribunal held that if the TDS is paid in a subsequent year, the disallowance made in the current year should be allowed as a deduction in that subsequent year as per the first proviso to Section 40(a)(ia).
The Tribunal allowed the tax holiday claim for Rail Systems and Power Plants, following a coordinate bench decision. It also dismissed the revenue's grounds related to interest on income-tax refund and other similar grounds, aligning with the assessee's appeal decisions.
The Tribunal held that the cash amount could not be treated as unexplained income because the assessee had recorded these amounts in his books of account as professional fees and offered them to tax. The Tribunal noted that the cash was withdrawn periodically from the bank and the source was from professional income.
The Tribunal held that for unabated assessment years, additions under Section 153A can only be made if there is incriminating material found during the search. Since the additions were not based on such material, they are liable to be deleted.
The Tribunal held that delayed deposit of employee's contribution to PF beyond the due date prescribed under the respective Acts is not allowable as a deduction. This is considered an incorrect claim apparent from the return.
The Tribunal held that the exclusion of 'R Systems International Ltd' as a comparable solely due to a different financial year was incorrect, especially when the assessee's own case accepted it for a prior AY. Furthermore, the Tribunal ruled that interest income earned on deposits and staff loans by an undertaking eligible for Section 10AA deduction is eligible for such deduction.
The Tribunal held that the AO's action to re-open the assessment was bad in law as it suffered from non-application of mind. The assessee had disclosed the claim of long-term capital loss and clarified that no deduction under Chapter VI-A was claimed for the premium paid.
The Tribunal decided that similar issues concerning trademark fees, SAP licenses, and software reimbursements had been decided in favor of the assessee by a coordinate bench in earlier years. For onerous contracts, the Tribunal directed the deletion of the addition as the assessee had already disallowed the provision.
The Tribunal held that professional fees paid to Mr. Rahul Suri were allowable as he had the qualifications and provided services, as confirmed by a statement. Payments to Mrs. Shibani Suri and Mr. Jitinder Suri were also considered allowable as they were part of the overall settlement package with Mr. Rahul Suri.
The Tribunal noted that the CBDT circular mandates that appeals shall not be filed before the ITAT if the tax effect does not exceed Rs. 50,00,000/-. Since the tax effect in this case was below the prescribed limit, the appeal was dismissed.
The Tribunal found that the CIT(A) dismissed the appeal for non-prosecution without adjudicating on merits. The Tribunal restored the case to the CIT(A) for a fresh adjudication on merits after giving the assessee an opportunity.
The Tribunal held that the TPO's order was time-barred. Consequently, the assessee was not considered an 'eligible assessee' under Section 144C(15)(b)(i) of the Act, rendering the final assessment bad in law.
The Tribunal directed the AO to restrict the disallowance under Section 14A to the extent of exempt income earned. It also held that book profit under Section 115JB should be computed without resorting to Section 14A. The Tribunal allowed the amended provision of Section 40(a)(ia) to be applied from AY 2015-16 onwards.
The Tribunal directed the AO to restrict the disallowance under Section 14A to the extent of exempt income earned. It also held that book profit under Section 115JB should be computed without resorting to Section 14A. The Tribunal allowed the amended provision of Section 40(a)(ia) to be applied from AY 2015-16 onwards.
The Tribunal found that the issue of double deduction required verification by the Assessing Officer. Therefore, the issue was restored to the Assessing Officer for examination with the direction for the assessee to provide necessary documents.
The Tribunal held that the PCIT erred in exercising jurisdiction under Section 263. The AO was mandated to compute income in conformity with the TPO's order, and thus, could not be considered to have made an erroneous assessment by not conducting further inquiries into the AE transactions. The PCIT also lacked jurisdiction over the TPO's order prior to the 2022 amendments.
The Tribunal held that since no additions were made to the returned income, the issue of validity of proceedings under section 153C was academic and had no impact on the assessed income for the years under appeal. The grounds raised were dismissed as infructuous.
The Tribunal held that since no additions were made to the returned income, the issue of validity of proceedings under section 153C was academic and had no impact on the assessed income for the years under appeal. The grounds raised were dismissed as infructuous.
The Tribunal held that the TPO and DRP erred in arbitrarily equating low-end support services with high-end KPO services. The benchmarking analysis and comparable companies selected by the assessee were disregarded without proper justification.
The Tribunal held that broken period interest is not a capital outlay and is allowable as a business expenditure, following the Bombay High Court's decision. It also allowed the deletion of disallowance of tax on non-monetary perquisites in computing book profits, relying on its own prior decision.
The Tribunal held that while the DRP correctly applied the Goetze case regarding claims not made in the original return, appellate authorities are not restricted from entertaining fresh claims. Therefore, the matter was restored to the Assessing Officer for fresh examination.
The Tribunal held that the TP adjustment for central services was not justified and directed its deletion. It also allowed the deduction of ESOP expenses, following previous decisions. Interest calculations were to be re-examined.
The Tribunal found that the CIT(A) had not adjudicated the issues on merits and had dismissed the appeal for default. The assessee's plea for restoration due to unavoidable circumstances was accepted.
The Tribunal held that the TP adjustment for central services was not justified and directed its deletion. It also allowed the deduction of ESOP expenses, following previous decisions. Interest calculations were to be re-examined.
The Tribunal held that the payments were compensation for the termination of the tournament and not in relation to any game or sport played in India. Therefore, Section 115BBA(1)(b) was not applicable, and the payments were not taxable in India.
The Tribunal held that the payments were compensation for the termination of the tournament and not in relation to any game or sport played in India. Therefore, Section 115BBA(1)(b) was not applicable, and the payments were not taxable in India.