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384 orders · Page 3 of 8
The Tribunal restored the issue of addition on account of bogus purchases back to the Assessing Officer to determine the profit in accordance with the decision of the Hon'ble Bombay High Court, which restricted additions to the gross profit rate of genuine purchases.
The Tribunal held that the disallowance on cost of production and other expenses to the extent of 2% is confirmed. For finance cost, further relief was granted, deleting disallowances on accepted loans and brokerage expenses. For unexplained assets, the disallowance was restricted to the depreciation claimed.
The Tribunal held that the final assessment order was passed beyond the statutory time limit prescribed under Section 144C(13) of the Income Tax Act. The Assessing Officer was required to complete the assessment within one month from the end of the month in which DRP directions were received.
The Tribunal held that no adjustment is required for interest on delayed receipts from the US AE. This decision followed the jurisdictional High Court's rulings where similar treatment was given to both associated and non-associated enterprises.
The Tribunal noted the assessee's contentions regarding the agricultural nature of the land, the applicability of Section 50C, and the NIL cost of acquisition. Considering the assessee's age, lack of technical knowledge, and the ex-parte dismissal by CIT(A), the Tribunal decided to give one more opportunity.
The Tribunal noted the assessee's non-compliance but granted one final opportunity in the interest of justice. The case was remitted back to the CIT(A) for a fresh examination on merits, with directions for the assessee to provide details and represent the case without adjournments.
The Tribunal admitted the additional grounds as they were purely legal. Following the precedent set by the Madras High Court in Pfizer Healthcare India Pvt Ltd and a co-ordinate bench decision, the Tribunal held that the TPO's order was indeed passed beyond the time limit and was therefore liable to be quashed.
The Tribunal held that the assessee should be granted a reduction for professional fees paid (Rs. 7,62,730/-) and a portion of the repetitive bills (Rs. 6,84,643/-). This amounts to a total relief of Rs. 14,47,343/-, reducing the addition made.
The Tribunal noted that the CIT(A) had granted relief by holding that the assessee was covered by the India-USA DTAA, limiting the tax on royalty income to 15% inclusive of surcharge and cess. The Tribunal directed the AO to pass an order giving effect to the CIT(A)'s order.
The Tribunal dismissed the ground related to delayed PF deposit, relying on the Supreme Court's decision in Checkmate Services P. Ltd. However, it allowed the appeal on the consultancy fees, holding them to be revenue expenditure deductible under Section 37(1).
The Tribunal admitted an additional ground of appeal challenging the validity of the penalty notice. It held that the AO's failure to strike off the irrelevant limb of the penalty notice (concealment of income or furnishing inaccurate particulars) vitiated the penalty proceedings, violating principles of natural justice.
The Tribunal admitted an additional ground of appeal challenging the validity of the penalty notice. It held that the AO's failure to strike off the irrelevant limb of the penalty notice (concealment of income or furnishing inaccurate particulars) vitiated the penalty proceedings, violating principles of natural justice.
The Tribunal held that a mere shortfall in cash found during a survey compared to the books does not automatically warrant an addition under Section 69C. Following precedent, the Tribunal found that Section 69C was not attracted in this case.
The Tribunal held that the enlarged definition of 'royalty' by the Finance Act, 2012, does not affect Article 12 of the India-Mauritius DTAA. Consequently, payments for programming costs, transponder fees, and uplinking charges were not disallowed under Section 40(a)(i) of the Act.
The Tribunal held that the assessee is entitled to claim a deduction of interest expenditure under Section 57 of the Act, as there is a nexus between the interest expenditure and income under the head 'income from other sources', including dividend income. The Tribunal allowed the assessee's ground regarding interest expenditure.
The Tribunal held that the assessee is entitled to claim a deduction of interest expenditure under Section 57 of the Act, as there is a nexus between the interest expenditure and income under the head 'income from other sources', including dividend income. The Tribunal allowed the assessee's ground regarding interest expenditure.
The Tribunal restored the issue of exemption of interest income to the file for fresh consideration, as directed by the High Court. The High Court had also refused to entertain a question regarding Guarantee Commission, and admitted another question regarding Head Office expenses.
The Tribunal held that the Supreme Court's decision in Checkmate Services P Ltd, which mandates payment before the due date for deduction, applies. The assessee failed to provide proof of technical glitches.
The Tribunal held that the notice issued for reopening the assessment under Section 148 was invalid because the reasons recorded contained incorrect information about the prior assessment proceedings. Consequently, the approval granted under Section 151 was based on flawed premises.
The Tribunal restored the issue concerning the exemption of interest income on a gross versus net basis back to itself for fresh consideration. It also noted that the High Court had refused to entertain a similar question regarding Guarantee Commission.
The Tribunal held that the enlarged definition of 'royalty' by the Finance Act, 2012, does not affect Article 12 of the India-Mauritius DTAA. Consequently, payments for programming costs, transponder fees, and uplinking charges were not disallowed under Section 40(a)(i) of the Act.
The Tribunal held that the AO should re-examine the HRA exemption and interest expenditure claims. This is to allow the assessee to present all supporting documents and ensure proper opportunity for being heard, thereby avoiding multiplicity of proceedings.
The Tribunal held that the AO should re-examine the HRA exemption and interest expenditure claims. This is to allow the assessee to present all supporting documents and ensure proper opportunity for being heard, thereby avoiding multiplicity of proceedings.
The Tribunal allowed the deduction for contributions to the Core Settlement Guarantee Fund, finding it to be an allowable expense. The disallowance of amortized lease premium and the treatment of maintenance charges were also allowed for statistical purposes. The issue of Section 14A disallowance was restored to the AO for de novo consideration.
The Tribunal upheld the disallowance of expenses of Rs. 4,49,540/- made by the AO and confirmed by the CIT(A). The assessee failed to explain discrepancies in invoices and the modus operandi of bogus payments.
The Tribunal held that when sales are accepted as genuine, the entire purchase amount cannot be treated as non-genuine. Addition should be restricted to the profit element embedded in the bogus purchases, estimated at 5% of the gross profit.
The Tribunal held that it is appropriate to provide one more opportunity to the assessee at the first appellate authority level to decide the issue on merit. The case was restored to the CIT(A) for fresh adjudication.
The Tribunal restored the issue concerning the exemption of interest income on a gross versus net basis back to itself for fresh consideration. It also noted that the High Court had refused to entertain a similar question regarding Guarantee Commission.
The Tribunal restored the issue concerning the exemption of interest income on a gross versus net basis back to itself for fresh consideration. It also noted that the High Court had refused to entertain a similar question regarding Guarantee Commission.
The Tribunal, relying on its previous decisions for similar cases, restricted the addition on alleged bogus purchases to 5%. The legal grounds regarding non-furnishing of reasons for reopening and denial of cross-examination were not pressed.
The Tribunal condoned the delay in filing the appeals, citing sufficient cause and the principle of substantial justice over technical considerations. The appeals were then remitted back to the Assessing Officer for fresh adjudication on merits.
The Tribunal condoned the delay in filing the appeals, citing sufficient cause and the principle of substantial justice over technical considerations. The appeals were then remitted back to the Assessing Officer for fresh adjudication on merits.
The Tribunal found that the CIT(A) had not addressed the assessee's submission regarding the nature of the difference. Therefore, the issue was restored to the Assessing Officer for fresh adjudication after verifying supporting documents.
The Tribunal held that Section 43B(f) of the Income Tax Act mandates that deduction for leave encashment is allowed only upon actual payment. The insertion of clause (f) after the Supreme Court's decision in Bharat Earth Movers Ltd. aimed to prevent deductions without actual payment.
The Tribunal held that the penalty levied under Section 271(1)(c) is cancelled, following the High Court's decision on omnibus show-cause notices. The grounds of appeal are allowed.
The ITAT held that the CIT(A) failed to address the assessee's grounds of appeal and dismissed the appeal solely for non-appearance, violating the statutory requirement to provide a speaking order. The matter was restored to the CIT(A) for de novo adjudication.
The Tribunal held that the penalty levied under Section 271(1)(c) is cancelled, following the High Court's decision on omnibus show-cause notices. The grounds of appeal are allowed.
The Tribunal found no infirmity in the CIT(A)'s order. Since the revision order under Section 263 was quashed, the subsequent assessment order arising from it was not sustainable.
The Tribunal held that the assessee did not get a proper opportunity of being heard during the assessment proceedings. Therefore, the assessment order was set aside and the matter was remanded back to the AO for a de-novo assessment.
The Tribunal restored the case to the AO to re-adjudicate the issue after considering the fair market value determined by the District Valuation Officer (DVO). The AO was also directed to verify and allow the claim for transfer expenses.
The Tribunal held that the assessee's claim for deduction of Rs.83,69,981/- as employer's contribution to an approved gratuity fund was allowable under Section 43B of the Act, as the payment was made before the due date of filing the return. The Tribunal noted a technical glitch in the tax audit report's dropdown menu prevented a more specific description.
The Tribunal found merit in the assessee's revised workings which considered all relevant indirect expenses. It directed the AO to examine all types of workings provided by the assessee before resorting to Rule 8D.
The Tribunal held that the assessee primarily earned commission income from consignment sales and had squared up purchases and sales in its books as per VAT requirements. The AO's addition on account of purchase returns was not accepted as the assessee was not the owner of the goods.
The Tribunal upheld the addition of Rs. 90,00,000/- and the differential amount of Rs. 59,009/- as the assessee had surrendered these amounts. For the unexplained expenses, the Tribunal directed an estimated addition of 10% due to lack of conclusive evidence from both sides.
The Tribunal held that the assessment order was passed beyond the mandatory time limit stipulated in Section 144C(13) of the Act. Consequently, the assessment order was deemed void-ab-initio.
The Tribunal found that the CIT(A) was required to decide the grounds on merit even in the absence of the assessee's representation, as per Section 250(6) of the Income-tax Act. Since the CIT(A) did not decide the issue on merit, the order was set aside.
The Tribunal upheld the CIT(A)'s decision to restrict the Section 14A disallowance to the amount of exempt income. It also upheld the reversal of the addition made for Section 115JB, stating that Section 14A disallowance cannot be imported into Section 115JB.
The Tribunal held that secondary adjustments for transfer pricing are not permissible if the primary adjustment relates to an assessment year commencing on or before April 1, 2016. The tribunal also decided that interest on loans to foreign AEs should be benchmarked at LIBOR plus 80 basis points, partly allowing the assessee's appeal on this ground.
The Tribunal held that the interest income from corpus funds was not eligible for exemption under Section 11(1)(d) as it was not a voluntary donation with specific instructions. However, expenses incurred out of such interest income towards the trust's objects were allowed as application of income.
The Tribunal held that secondary adjustments for transfer pricing are not permissible if the primary adjustment relates to an assessment year commencing before April 1, 2016. It also ruled that the interest rate on loans to foreign AEs should be based on LIBOR, with a specific rate determined for the assessee.