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270 orders · Page 4 of 6
The Tribunal noted that the assessee was willing to produce documentary evidence if the matter was restored. Considering the interest of substantial justice, the Tribunal decided to provide one more opportunity to the assessee. The matter was restored back to the file of the Ld. CIT(A) for a fresh decision.
The Tribunal noted that a coordinate bench had previously set aside the revision order passed under section 263. The Tribunal found that the PCIT's decision to reopen the case for complete scrutiny was beyond the scope of limited scrutiny, rendering the revision order invalid. Consequently, the subsequent assessment order passed pursuant to the revision order had no legal basis.
The Tribunal noted that the assessee was willing to produce documentary evidence if the matter was restored. Considering the interest of substantial justice, the Tribunal decided to provide one more opportunity to the assessee. The matter was restored back to the file of the Ld. CIT(A) for a fresh decision.
The Tribunal held that failure to share the reasons for re-opening the assessment with the assessee is a jurisdictional defect that cannot be cured. The assessee has a right to demand reasons and raise objections before re-assessment proceedings are initiated.
The CIT(A) deleted the addition, holding that the assessee had discharged the primary onus by providing evidence of identity, genuineness, and creditworthiness of the lenders. The tribunal upheld this decision.
The Tribunal noted that the assessee was willing to produce documentary evidence if the matter was restored. Considering the interest of substantial justice, the Tribunal decided to provide one more opportunity to the assessee. The matter was restored back to the file of the Ld. CIT(A) for a fresh decision.
The Tribunal held that rental income from the mall, including amenities, constitutes business income. It also directed the AO to re-examine the allocation of expenses and allow deductions for income earned wholly and exclusively for business purposes.
The Tribunal held that the CIT(A) erred in confirming the AO's action of taxing rental income under 'Income from Business/Profession'. The Tribunal noted that the assessee had bifurcated income and expenses, and subsequent years' assessments accepted the classification under 'Income from House Property'.
The Tribunal, considering the rival submissions and material on record, found that although the CIT(A) had provided opportunities, the assessee could not appear or utilize them. However, keeping in view the additions made by the Assessing Officer and the submissions of the assessee's AR, the Tribunal was of the opinion that the assessee should be given one more opportunity of being heard. Furthermore, the additional evidences furnished by the assessee were admitted as they went to the root of the matter and were not available for verification during the earlier appellate proceedings. Consequently, the Tribunal restored the issue and all additional evidences to the file of the Ld. CIT(A) for de novo adjudication in accordance with law. The assessee was directed to file all evidences before the Ld. CIT(A) and cooperate with the proceedings, while the Ld. CIT(A) was directed to provide adequate opportunity of being heard. The appeals were allowed for statistical purposes.
The Tribunal held that while the assessee had indeed claimed depreciation inadvertently, the impact on the total taxable income was NIL because the trust's total expenses exceeded its total income. The Tribunal noted that the disallowance of depreciation was introduced from A.Y. 2016-17, and in earlier years, it was allowed. The Tribunal observed that the assessee had not claimed any depreciation in subsequent assessment years and had only claimed it in the current assessment year inadvertently. Considering that there was no impact on the total taxable income and no revenue loss, and that the error was inadvertent, the Tribunal found no reason to impose a penalty. Therefore, the Tribunal directed the Assessing Officer to delete the penalty levied under Section 270A of the Act. The appeal was allowed on this ground, with other grounds being consequential.
The Tribunal noted that the Assessee failed to provide sufficient documentary evidence like salary slips, Form 16, or bank statements to substantiate the TDS claim. Although a similar case was allowed, the Assessee in this case did not prima facie establish their claim with proper documents.
The Tribunal noted that the Assessee failed to provide sufficient documentary evidence like salary slips, Form 16, or bank statements to substantiate the TDS claim. Although a similar case was allowed, the Assessee in this case did not prima facie establish their claim with proper documents.
The Tribunal held that rental income from the mall, including amenities, constitutes business income. It also directed the AO to re-examine the allocation of expenses and allow deductions for income earned wholly and exclusively for business purposes.
The Tribunal held that Section 194LBC of the Income Tax Act is not applicable to payments of EIS as the conditions of income payable to an investor in respect of investment in a securitization trust were not met. Consequently, the demand raised by the Assessing Officer was deleted.
The Tribunal held that rental income from the mall, including amenities, constitutes business income. It also directed the AO to re-examine the allocation of expenses and allow deductions for income earned wholly and exclusively for business purposes.
The Tribunal held that the composite rent, including charges for amenities and services, should be taxed under 'Profits and gains of business and profession' as the letting out of the building was inseparable from the provision of these services. Consequently, related expenses are allowable as business expenditure.
The Tribunal held that management fees paid for earning capital gains are allowable, following the principle of favoring the assessee when there are conflicting views. Regarding Section 14A, the Tribunal found that the Assessing Officer failed to record the necessary dissatisfaction before invoking Rule 8D, making the disallowance unsustainable.
The Tribunal held that the AO did not follow the directions of the Dispute Resolution Panel (DRP) regarding the disallowance of Rs. 2,65,69,285/-. Therefore, the case was remanded to the AO to recompute this disallowance as per the DRP's directions.
The Tribunal held that contributions to provident fund and employees state insurance paid after the due date are not allowable as a deduction under Section 36(1)(va) of the Income Tax Act, 1961, following the Supreme Court decision in Checkmate Services Pvt. Ltd. Therefore, the assessee's claim for deduction was rejected.
The Tribunal held that the sale consideration of shares cannot be treated as unexplained cash credit under section 68 as the purchase of shares in an earlier year was accepted, and the sale transactions were conducted through the stock exchange via banking channels. The AO failed to prove the assessee's involvement in price rigging.
The Tribunal held that the assessee had discharged its onus under Section 68 by providing necessary details regarding the identity, creditworthiness, and genuineness of the transactions. Consequently, the additions made under Section 68, as well as the consequential additions for commission and interest, were not justified.
The Tribunal noted that the tax effect of the disputed addition was less than the monetary limit prescribed by the CBDT for filing an appeal. Therefore, the appeal was liable to be dismissed as withdrawn.
The Tribunal acknowledged the typographical mistake in para 10 of its previous order. The correction involves substituting "decision of Co-ordinate Bench" with "assessment order for Assessment Year 2016-17" in the context of the facts of the case and the assessee's own case.
The Tribunal held that for Fringe Benefit Tax (FBT) to be leviable, there must be an employer-employee relationship. Since the expenses were incurred on doctors, who are not employees of the assessee, the expenditure cannot be construed as fringe benefits. Therefore, the addition made by the AO was deleted.
The Tribunal held that the assessee had discharged its initial burden under Section 68 by providing necessary documents for identity, creditworthiness, and genuineness of the loans. The Assessing Officer's additions, based solely on the investigation wing's report and statements of alleged entry providers without independent inquiry, were not sustainable.
The Tribunal held that the assessee had discharged its onus under Section 68 by providing necessary details regarding the identity, creditworthiness, and genuineness of the transactions. Consequently, the additions made under Section 68, as well as the consequential additions for commission and interest, were not justified.
The Tribunal held that the Assessing Officer failed to provide sufficient material to justify the disallowance of interest paid to related parties. The AO did not compare the unsecured loans with similar unsecured loans or provide details of bank loans used as a benchmark.
The Tribunal condoned the delay in filing the appeal and restored the matter to the CIT(A) for de novo adjudication on merits. The CIT(A) is directed to provide a reasonable opportunity of hearing to the assessee.
The Tribunal restored the issue of agricultural income to the AO for de novo adjudication after considering additional evidence. Similarly, the issue of Section 54F exemption was restored to the AO for fresh consideration of the documents submitted by the assessee. The penalty issue was dismissed as premature.
The Tribunal set aside the order of the CIT(A) and restored the matter for fresh decision. The assessee was allowed to file additional evidence under Rule 46A, and the CIT(A) was directed to verify the purchases and decide afresh after providing an opportunity of being heard.
The Tribunal found that the CIT(A) had decided the appeal ex-parte due to non-compliance with notices. However, Section 250(6) of the Income Tax Act requires a reasoned order. Therefore, the Tribunal set aside the CIT(A)'s order and restored the matter for fresh adjudication.
The Tribunal held that the Assessing Officer failed to provide sufficient material to justify the disallowance of interest paid to related parties. The AO did not compare the unsecured loans with similar unsecured loans or provide details of bank loans used as a benchmark.
The Tribunal held that the assessee failed to produce bills and vouchers before the Assessing Officer, justifying the disallowance. However, in the interest of justice and based on the assessee's undertaking to produce all documents, the matter was restored to the Assessing Officer for fresh adjudication.
The Tribunal held that the CIT(A) erred in dismissing the appeal solely on the grounds of delay without properly considering the assessee's explanation. The Tribunal emphasized the principles of natural justice and the need for an opportunity to be heard.
The Tribunal held that the filing of Form 67 is directory and not mandatory, and that the provisions of the Double Taxation Avoidance Agreement (DTAA) override domestic law. Therefore, the denial of FTC solely on the ground of delayed filing of Form 67 was incorrect.
The Tribunal held that the lower authorities failed to establish the assessee made on-money payments for development rights, directing the deletion of the addition. It also found that the assessee discharged the onus for development expenses, allowing the claim.
The CIT(A) deleted the penalties, finding no evidence of tax evasion or mala fide intent. The tribunal upheld the CIT(A)'s decision, noting that the initial loans were received via account payee cheques and the subsequent journal entries were for internal adjustments.
The Tribunal held that sums collected from employees as PF and ESI contributions, if not deposited within the due dates prescribed by the respective acts, are disallowable, even if deposited before the return filing due date. This is based on the Supreme Court's decision in Checkmate Services Pvt. Ltd.
The Tribunal held that filing Form 67 is a directory, not mandatory, requirement. The provisions of the Double Taxation Avoidance Agreement (DTAA) override domestic law, and FTC cannot be denied for mere procedural delay.
The Tribunal condoned the delay in filing the appeal, holding that the reasons were beyond the assessee's control. The Tribunal set aside the ex-parte order of the CIT(A) and restored the appeal back to the CIT(A)'s file for adjudication on merits.
The Tribunal held that the lower authorities failed to establish the assessee made on-money payments for development rights, directing the deletion of the addition. It also found that the assessee discharged the onus for development expenses, allowing the claim.
The Tribunal held that since the transactions were undertaken prior to the Bombay High Court's decision in M/s. Triumph International Finance, there was a reasonable cause for the non-levy of penalty under Section 273B.
The Tribunal held that the AO's reasons for reopening the assessment were not based on any material or information that suggested escapement of income. The reasons recorded were essentially a copy of the information already provided in the assessee's ITR and did not demonstrate a "reason to believe" income had escaped assessment.
The Tribunal noted that the assessee failed to make any submissions during the appellate proceedings, leading to the conclusion that the appellant had nothing further to say. However, the Tribunal also observed that the Ld. CIT(A) decided the appeal ex-parte without discussing the merits. Consequently, the Tribunal set aside the Ld. CIT(A)'s order and restored the issue to the Ld. CIT(A) for fresh adjudication.
The Tribunal held that the CIT(E) erred in rejecting the application without properly serving notices to the assessee. The use of an incorrect email address for communication led to a violation of natural justice.
The Tribunal held that the sale of shares qualified as LTCG, not STCG. It found that the transfer was conditional and the date of the agreement to sell did not represent the actual date of transfer for determining the holding period.
The Tribunal held that the sale of shares qualified as LTCG, not STCG. It found that the transfer was conditional and the date of the agreement to sell did not represent the actual date of transfer for determining the holding period.
The Tribunal found that the assessee had sufficiently explained the nature and source of the cash deposits, including a gift from parents and substantial withdrawals from the account. The Revenue failed to provide contradictory material. The Tribunal also noted that the CIT(A) had granted TDS credit which was not given effect by the AO.
The Tribunal found merit in the assessee's contention regarding the exclusion of certain comparables used by the TPO, referencing a previous year's decision. It also deleted the interest charged on receivables from Varian Medical Systems Inc., as the TPO had accepted the credit period as reasonable.
The Tribunal held that the delay in filing the tax audit report was due to a reasonable cause, considering the prevailing COVID-19 pandemic and the restrictions imposed. Therefore, the penalty levied for the delay was directed to be deleted.