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420 orders · Page 5 of 9
The Tribunal found that the assessee was not given an opportunity to submit details of payments before the AO. To meet the ends of justice, the issue was restored to the AO for verification and decision on merits.
The Tribunal held that since the assessee's Section 12A registration was restored retrospectively, it was eligible for exemption under Section 11. The principle of mutuality was not applicable as the activities were for promoting copper products, not solely for the benefit of members.
The Tribunal held that the assessee's failure to file the return on time, despite having taxable income, attracted Explanation 3 to Section 271(1)(c). The Tribunal found that the assessee was aware that penalty proceedings were initiated for concealment of income, and the mention of 'furnishing inaccurate particulars' in the penalty order did not vitiate the penalty.
The Tribunal held that the interest income was already declared and tax paid by Religare Credit Advisors LLP on behalf of the assessee. Therefore, the assessee should not have declared the same income again. The Assessing Officer was directed to remove this income from the assessee's return and recalculate the taxable income.
The Tribunal held that the CIT(A) rightly deleted the addition as the sale proceeds were already accepted as business income and assessed by the AO. Taxing the same amount again as an unexplained cash credit would amount to double taxation.
The Tribunal found no grievance for the revenue as the subsequent assessment order rectified the initial disallowance. Therefore, the revenue's appeal against the CIT(A)'s permission to withdraw the appeal was dismissed.
The Tribunal held that the AO's assessment order was not erroneous or prejudicial to revenue as the issue of the impugned expenditure was not part of the limited scrutiny. The PCIT lacked jurisdiction to invoke Section 263.
The Tribunal found that the AO had not brought sufficient material on record to establish that certain interest expenditures were utilized for the specific project in question. Therefore, these issues were restored to the AO for fresh adjudication after verification and affording the assessee an opportunity to present supporting documents.
The Tribunal found that the AO had not rejected the books of accounts and had relied heavily on a statement without allowing cross-examination. The CIT(A) had gone further by deeming both sales and purchases as bogus. The Tribunal decided to restore the issue to the AO for verification of both sale and purchase transactions.
The Tribunal found that the AO had not rejected the books of accounts and had relied heavily on a statement without allowing cross-examination. The CIT(A) had gone further by deeming both sales and purchases as bogus. The Tribunal decided to restore the issue to the AO for verification of both sale and purchase transactions.
The Tribunal found that the AO had not brought sufficient material on record to establish that certain interest expenditures were utilized for the specific project in question. Therefore, these issues were restored to the AO for fresh adjudication after verification and affording the assessee an opportunity to present supporting documents.
The Tribunal held that the authorities below failed to consider the specific nature of the land, its location in a 'Green Zone' with a lower FSI, and the assessee's submitted valuation report. The addition was made without proper investigation or reference to the Department Valuation Officer.
The Tribunal held that the AO had already examined the issue of share premium during both the original and reassessment proceedings. The PCIT failed to substantiate why further inquiry was necessary, and the reassessment order was not erroneous. Therefore, the order passed under Section 263 was set aside.
The Tribunal held that the disallowance of employee's contribution to PF/ESIS needs to be re-examined by the AO to verify if payments were made within the due dates, considering the specific payment cycle based on client certification. For gratuity, the Tribunal directed the AO to consider the revised certificate from the tax auditor clarifying the provision's allowability.
The Tribunal held that the assessee had provided sufficient documentary evidence, including incorporation certificates, remittance details, bank statements, and financial statements of the foreign investor, to establish the identity, creditworthiness, and genuineness of the share capital contribution. The Tribunal followed its own earlier decision in the assessee's own case for a prior assessment year where a similar issue was decided in favour of the assessee.
The Tribunal noted that the assessee claimed the cash deposits were from business income and had opted for presumptive taxation under Section 44AD. However, the explanations provided were not satisfactory.
The Tribunal, noting that the assessee did not appear and considering the grounds of appeal, decided to provide one more opportunity for the assessee to substantiate their claims. The disputed issue was restored to the file of the Assessing Officer for examination and decision on merits.
The Tribunal held that the AO had failed to refer the valuation of assets to the DVO, which is crucial for determining share premium. Similarly, factual verification was required for the bad debt disallowances.
The Tribunal restored the issue to the Assessing Officer to allow the assessee to furnish additional evidence, adhering to the principles of natural justice. The Assessing Officer is directed to decide the issue on merits after considering the assessee's submissions.
The Tribunal held that since the assessee's Section 12A registration was restored retrospectively, it was eligible for exemption under Section 11. The principle of mutuality was not applicable as the activities were for promoting copper products, not solely for the benefit of members.
The Tribunal held that the assessment order was indeed passed without proper inquiry and verification, making it erroneous and prejudicial to the revenue. Therefore, the PCIT's order setting aside the assessment was confirmed.
The Tribunal held that following the Supreme Court's decision in Checkmate Services Pvt. Ltd., belatedly deposited employees' contribution to PF and ESIC is not an allowable deduction. Section 43B only pertains to the employer's contribution.
The Tribunal held that the reassessment proceedings were initiated without proper application of mind by the AO. While some additions for bogus purchases were partly allowed, the addition for unsecured loans was deleted due to sufficient documentary evidence of receipt and repayment.
The Tribunal held that the assessee's activities of collecting, transporting, and disposing of solid waste qualify as an infrastructure facility under Section 80IA(4). Therefore, the assessee is eligible for the deduction.
The Tribunal held that the assessee's business falls under 'Travel Agencies and Tour Operator' (code 11001) as per CBDT validation rules, which is eligible for presumptive taxation under Section 44AD. The Tribunal found that the various income streams are interrelated and interconnected, making it difficult to segregate expenses.
The Tribunal held that no disallowance under Section 14A is warranted if no exempt income is earned. For the Section 68 addition, the Tribunal found that the CIT(A) failed to consider additional evidence and remanded the issue for fresh adjudication.
The Tribunal held that no disallowance under Section 14A is warranted if no exempt income is earned. For the Section 68 addition, the Tribunal found that the CIT(A) failed to consider additional evidence and remanded the issue for fresh adjudication.
The Tribunal held that the issue of disallowance of TDS deduction needed to be verified by the AO. The AO was directed to allow the deduction if the TDS was paid and not allowed in AY 2018-19, ensuring no double deduction.
The Tribunal held that miscellaneous applications under Section 254(2) are for rectifying mistakes apparent from the record and not for seeking advisory opinions. Since the Revenue did not specify any mistake, the application was not maintainable.
The Tribunal held that interest under section 244A of the Act is to be computed up to the date on which the refund order is received by the assessee, following the precedents of the Bombay High Court and its own coordinate bench.
The Tribunal dismissed the appeal as the assessee remained unrepresented during multiple hearings, leaving the findings of the lower authorities uncontroverted. Consequently, the Tribunal found no reason to interfere with the order of the CIT(A).
The Tribunal decided to recall its earlier order to adjudicate the additional ground concerning interest disallowance under Section 14A, remanding the issue to the AO to examine the availability of interest-free funds. The issue of leave salary provision was also to be adjudicated afresh.
The Tribunal held that expenditure incurred on clinical trials and obtaining regulatory approvals outside the approved in-house R&D facility is eligible for weighted deduction under Section 35(2AB), following the Gujarat High Court's decision. The disallowance of Rs. 212.85 lakh was therefore incorrect.
The Tribunal held that the surplus on redemption of treasury bills is taxable as capital gains. It also ruled that depreciation must be deducted for computing eligible profits under Section 80IA and that duty drawback and interest income are eligible for deduction under Section 80IA. The Tribunal further held that wealth tax paid is not liable for disallowance.
The Tribunal held that the reopening of assessment under Section 147 was based on incorrect AIR information and was therefore void ab initio. Consequently, the assessment order was quashed.
The Tribunal admitted additional evidence in the form of journal vouchers which substantiated that the debts were written off. The Tribunal found that the lower authorities had not verified these details and remitted the issue back to the Assessing Officer for fresh examination.
The Tribunal noted that the CIT(A) had restricted the Section 14A disallowance to exempt income. Regarding advances written off, the Tribunal found merit in the assessee's submission that these were book entries adjusted in the statement of income and remitted the issue back to the Assessing Officer for fresh examination. The appeal was partly allowed.
The Tribunal set aside the orders of the lower authorities and restored the matter to the file of the AO. The assessee was directed to submit requisite details within 90 days, and the AO was to decide the issue on merits. A cost of ₹25,000 was imposed on the assessee.
The Tribunal held that for invoking Section 14A and Rule 8D(2)(i), it is essential to have earned some exempt income. Since the assessee earned no exempt income from the investment in Idea Cellular Limited, the disallowance of Rs. 46.52 crores under Rule 8D(2)(i) was directed to be deleted.
The Tribunal set aside the issue of benchmarking royalty payments back to the Assessing Officer for determination of the most appropriate method. Regarding depreciation on retired assets, the Tribunal upheld the DRP's decision to allow the claim, following a jurisdictional High Court ruling.
The Tribunal held that the assessee had established the need and benefit derived from the services rendered by its AE, supported by substantial documentary evidence. The cost allocation methodology was also found to be based on a proper allocation key.
The Tribunal held that the assessee's case was similar to the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd., which allowed deduction for loans given to nominal members. The PCIT's order was found to be erroneous as the Assessing Officer had taken a possible view.
The Tribunal found that the CIT(A) did not decide the case on merits due to the assessee's failure to produce documents. Therefore, the case was remanded for a fresh decision, subject to a deposit in the PM National Relief Fund.
The Tribunal held that sales tax incentive, when exempt from tax, cannot be considered for the computation of book profit under Section 115JB. Therefore, the AO was directed to exclude the sales tax incentive from book profits.
The Tribunal held that belated deposit of employee's contribution to PF & ESIC is not an allowable deduction, even if paid before the return filing date. This is in line with the Supreme Court's decision in Checkmate Services P. Ltd.
The tribunal has not yet pronounced its final decision on the merits of the case as the provided text is only the beginning of the order. The appeal is against the order of the NFAC.
The Tribunal found merit in the assessee's ground that they were not given a proper opportunity to present their case, especially considering notices were issued during the Covid-19 pandemic. Therefore, the CIT(A)'s order was set aside.
The Tribunal remitted the issue of bad debts back to the Assessing Officer for fresh adjudication. It also directed the Assessing Officer to re-examine AIR transactions, providing necessary information to the assessee for reconciliation. The issue of dividend distribution tax was dismissed, and the ground regarding education cess was dismissed as not pressed.
The Tribunal confirmed the deletion of the addition and interest disallowance. It found that the assessee had provided sufficient documentation, including loan confirmation, ITR, and bank statements, proving the identity, creditworthiness, and genuineness of the loan from M/s. Tuni, a BSE-listed company.
The Commissioner directed the AO to verify the claim and grant interest as per law, relying on Section 244A(1)(aa) and a jurisdictional High Court decision. The Tribunal found no illegality in this order.