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420 orders · Page 8 of 9
The Tribunal held that the difference of Rs. 61,567 was not income for the assessee during the year. It was shown as a duty drawback payable to the government and subsequently paid with interest. Therefore, there was no difference in the duty drawback income to be offered.
The ITAT held that the CIT(A) is duty-bound to decide the appeal on merits and does not have the power to dismiss an appeal for non-prosecution. The impugned order was set aside.
The Tribunal held that the assessee was indeed an intermediary who facilitated loan transactions between other parties. Therefore, the cash notings did not represent the assessee's own income or investments.
The Tribunal observed that the assessee was denied an opportunity of being heard due to the short notice period and the alleged non-receipt of the notice. Therefore, the impugned order was set aside.
The Tribunal held that the assessee was indeed an intermediary who facilitated loan transactions between other parties. Therefore, the cash notings did not represent the assessee's own income or investments.
The Tribunal held that ESOP expenses are allowable as revenue expenditure, following previous ITAT decisions. It also deleted the disallowance under Section 14A, stating that no exempt income was earned and the amendment to Section 14A is not retrospective. Finally, it held that disallowances under Section 14A cannot be added for computing book profits under Section 115JB.
The Tribunal acknowledged the unintentional human error and held that one of the applications should be treated as filed for registration under Section 12AA. The matter was restored to the CIT(Exemption) for fresh consideration and guidance on procedural formalities.
The Tribunal set aside the issue to the Assessing Officer to verify the assessee's claim that the cash deposit was covered by its cash flow statement and available cash on hand. If substantiated, the addition is to be deleted.
The Tribunal held that the ESOP expenses were notional in nature and that the ALP could not be taken as 'Nil'. The TPO/AO was directed to re-compute the ALP and any transfer pricing adjustment by following the method adopted by the assessee.
The Tribunal dismissed the revenue's appeal on bogus purchases and corporate guarantee commission, upholding the CIT(A)'s partial relief. However, it reversed the CIT(A)'s deletion of employee PF/ESI contributions, restoring the AO's addition.
The Tribunal condoned the delay in uploading the appeal, considering the transition period to e-filing. Since the CIT(A) had not decided the appeal on merits, the matter was restored to the CIT(A) for a decision on the merits.
The Tribunal acknowledged the unintentional human error and held that one of the applications should be treated as filed for registration under Section 12AA. The matter was restored to the CIT(Exemption) for fresh consideration and guidance on procedural formalities.
The Tribunal restored the issue of provision for gratuity to the AO for fresh examination due to potential double disallowance. For TDS credit, it directed the assessee to approach the AO to claim it in the year income was offered. The addition on account of Form 26AS was also set aside and restored to the AO for fresh examination.
The Tribunal held that the assessee had a reasonable cause for non-deduction of TDS due to a bonafide belief that it was not required for payments to an NBFC. Relying on previous judgments, the penalty was directed to be deleted.
The Tribunal held that the assessee had a reasonable cause for non-deduction of TDS due to a bonafide belief that it was not required for payments to an NBFC. Relying on previous judgments, the penalty was directed to be deleted.
The Tribunal held that the third proviso to Section 24(b) is applicable only to individuals claiming deduction under Section 23(2) and not to assessees earning rental income from letting out property. Therefore, the Pr.CIT's interpretation was incorrect.
The Tribunal held that the assessee could not utilize the funds due to the builder's default and the pending High Court case. The period for utilization of funds should be extended until the issue is resolved, and the unutilized amount cannot be immediately taxed.
The Tribunal noted the assessee's negligent conduct but also observed that the Commissioner (Appeals) could not decide the appeal in its right perspective due to lack of submissions. Therefore, the case was remanded for a fresh decision.
The Tribunal upheld the disallowance of the bad debt claim, stating it did not meet the conditions for bad debt or business expenditure. For the LC discounting charges, the Tribunal restored the issue to the AO for de novo adjudication, granting the assessee an opportunity to submit supporting documentation.
The Tribunal held that the characterization of interest income as either business income or income from other sources is a debatable issue. Such an issue requires a long drawn process of reasoning and cannot be considered a 'mistake apparent from the record' for rectification under Section 154.
The Tribunal condoned the delay in filing the appeal, finding sufficient cause. It then restored the matter to the CIT(A) for de novo adjudication on merits, granting the assessee another opportunity to present their case.
The Tribunal held that the PCIT was justified in revising the assessment regarding the difference in property values as the AO had not applied his mind to Section 43CA. However, the revision concerning the loan was set aside as the loan was taken in an earlier year and its repayment did not cause prejudice to the revenue in the current year.
The ITAT set aside the ex-parte orders of the CIT(A) due to a violation of natural justice. The appeals were restored to the CIT(A) for fresh adjudication after providing the assessee an adequate opportunity to be heard.
The ITAT set aside the ex-parte orders of the CIT(A) due to a violation of natural justice. The appeals were restored to the CIT(A) for fresh adjudication after providing the assessee an adequate opportunity to be heard.
The Tribunal upheld the CIT(A)'s decision to delete most of the additions made by the Assessing Officer. The Tribunal found that the CIT(A)'s findings were in consonance with the seized material and the additional income offered by the assessee, and that sustaining some additions would amount to double taxation.
The Tribunal held that the issue of interest on interest under Section 244A is a debatable legal issue and cannot be rectified under Section 154. Therefore, the rectification order passed by the AO was set aside.
The Tribunal held that the assessee had provided sufficient documentary evidence for the transactions and had also invested in other scrips. In the absence of corroborative evidence from the Revenue to prove the transaction was bogus, the addition was not justified.
The Tribunal found that the AO had indeed examined the issue of revenue and the difference in receipts during the assessment proceedings. The explanations provided by the assessee for the discrepancy were found to be in order and were available to the AO.
The Tribunal held that the doctrine of merger does not apply as the issue before the AO in the 143(3) assessment was different from the disallowance made under section 143(1). Therefore, the order of the CIT(A) was not interfered with.
The Tribunal held that the CIT(A) erred in allowing the appeal solely on the ground that proceedings should have been under Section 153A, as the assessment was initiated based on information received and not directly on the search itself. The Tribunal set aside the CIT(A)'s order and restored the appeal for de novo adjudication on merits.
The Tribunal held that the TPO's order was passed beyond the time limit prescribed under section 92CA(3A) of the Act, rendering it void ab initio. Consequently, the subsequent assessment orders were also held to be barred by limitation and thus void ab initio.
The Tribunal held that the reopening of assessment and the subsequent ex-parte order were not sustainable on merit due to potential overestimation of income. It restored the matter to the AO for verification of documents submitted by the assessee before the CIT(A).
The Tribunal held that the TPO's order was passed beyond the time limit prescribed under section 92CA(3A) of the Act, rendering it void ab initio. Consequently, the subsequent assessment orders were also held to be barred by limitation and thus void ab initio.
The Tribunal, considering the assessee's request, allowed the withdrawal of the appeal. The appeal filed by the assessee was dismissed as withdrawn.
The Tribunal issued a corrigendum to correct a typographical error in the assessment year mentioned in the cause title of its earlier order. The order dated 27th December, 2022, is modified to reflect the correct assessment year as 2012-13.
The Tribunal held that port rental charges for storage in the notified port area are directly related to port services and eligible for deduction under Section 80IA. The AO failed to establish a lack of direct nexus or change in facts from previous years.
The Tribunal directed the exclusion of Axis Integrated System Limited and Killick Agencies and Marketing Limited as comparables. However, it rejected the assessee's plea to include Spectrum Business Solutions Limited as a comparable.
The Tribunal held that the AO could not reject the books of accounts without following the prescribed procedure. It also found the additions made by the AO and confirmed by the CIT(A) to be unreasonable, restricting the disallowance to a 5% profit margin on the disputed purchases.
The Tribunal held that TSIS fees and management service fees are not taxable as royalty or fees for technical services (FTS) under the India-France DTAA. The issue of guarantee fees was remitted back to the Assessing Officer for fresh examination on merits.
The Tribunal held that the disallowance under Section 14A cannot exceed the exempt income earned, and since the suo-moto disallowance was already higher, no further disallowance was warranted. The Tribunal also directed the AO to re-compute the interest under Sections 234B and 234C.
The Tribunal held that the AO could not reject the books of accounts without following the prescribed procedure. It also found the additions made by the AO and confirmed by the CIT(A) to be unreasonable, restricting the disallowance to a 5% profit margin on the disputed purchases.
The Tribunal held that the Assessing Officer was not correct in making additions based solely on statements from third parties without recording any independent adverse findings. The Tribunal deleted the additions made by the Assessing Officer.
The Tribunal held that the AO could not reject the books of accounts without following the prescribed procedure. It also found the additions made by the AO and confirmed by the CIT(A) to be unreasonable, restricting the disallowance to a 5% profit margin on the disputed purchases.
The Tribunal found no reason to interfere with the CIT(A)'s order, as the CIT(A) had examined the documents furnished by the assessee and deleted the additions after finding them explained. The Revenue's appeal lacked merit.
The Tribunal held that the transaction of sale of shares was genuine and not a colourable device for tax avoidance. The losses arising from the sale of shares were allowed to be set off against capital gains.
The Tribunal held that the transaction of sale of shares was genuine and not a colourable device for tax avoidance. The losses arising from the sale of shares were allowed to be set off against capital gains.
The Tribunal held that since the plot of land had existing structures (industrial sheds) as on 01.04.1981, the valuation had to consider the FSI. The Tribunal accepted the assessee's submission that FSI has an important role in such cases and allowed the appeal.
The Tribunal held that since the plot of land had existing structures (industrial sheds) as on 01.04.1981, the valuation had to consider the FSI. The Tribunal accepted the assessee's submission that FSI has an important role in such cases and allowed the appeal.
The Tribunal held that the disallowance made by the CPC under section 143(1) for late deposit of employee's contribution to PF/ESI is permissible. The assessee is not entitled to deduction if the deposit is not made within the due date prescribed by the respective Acts.
The Tribunal held that the Assessing Officer was not correct in making additions based solely on statements from third parties without recording any independent adverse findings. The Tribunal deleted the additions made by the Assessing Officer.