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534 orders · Page 11 of 11
The Tribunal condoned the delay in filing the appeal, finding reasonable and sufficient cause. The Tribunal held that the Ld. CIT(A) should have decided the appeal on merits rather than dismissing it ex-parte.
The Tribunal held that the disallowance of losses claimed by the assessee was unjustified and upheld the deletion made by the Ld. CIT(A). The Tribunal noted that the assessee's name, nor its broker's name, appeared in any investigation reports from the Investigation Wing or SEBI. The Tribunal found no reason to doubt the losses incurred on ten shares, especially given the assessee's substantial turnover of over one hundred crores in stock market operations. The Tribunal distinguished the present case from the revenue's relied-upon decisions, particularly Swati Bajaj, where trades were not through Demat accounts and brokers had admitted to price manipulation. In this case, all trades were online, payments were through banking channels, and the assessee's broker was not examined or named in any report. The Tribunal reasoned that price rigging is typically done to book profits by buying low and selling high, whereas the assessee claimed losses. The Tribunal opined that no prudent person would purchase losses to offset accounted income and convert it into black money. The losses incurred were considered to be in the regular course of business and deserved to be set off against business profits. The Tribunal found no error in the Ld. CIT(A)'s findings and dismissed the appeals.
The Tribunal held that the assessee's name was not found in any investigation reports, nor was their broker named. The transactions were conducted online through banking channels. The Tribunal distinguished the case from precedents where different facts, like off-market transactions or recorded broker statements, led to different conclusions.
The Tribunal held that the assessee's name was not found in any investigation reports, nor was their broker named. The transactions were conducted online through banking channels. The Tribunal distinguished the case from precedents where different facts, like off-market transactions or recorded broker statements, led to different conclusions.
The Tribunal held that freight earnings from feeder vessels are eligible for benefits under Article 8 of the India-Germany DTAA, following previous decisions of the jurisdictional High Court and the Tribunal in the assessee's own case. The issue of TDS credit was restored to the AO for verification.
The Tribunal found that the assessee had sufficient cause for the delay in filing the appeal, owing to the pendency of rectification proceedings and favorable decisions in prior years. The Tribunal set aside the CIT(A)'s order and restored the matter for consideration on merits after condoning the delay.
The Tribunal found that the assessee had sufficient cause for the delay in filing the appeal, owing to the pendency of rectification proceedings and favorable decisions in prior years. The Tribunal set aside the CIT(A)'s order and restored the matter for consideration on merits after condoning the delay.
The Tribunal upheld the CIT(A)'s decision, finding that the salary and rent payments to specified persons were not excessive and were supported by evidence like experience, qualifications, and valuation reports. Therefore, the provisions of Section 13(3) were not attracted.
The Tribunal acknowledged the assessee's non-compliance was due to a genuine attempt to opt for the Vivad se Vishwas Scheme and subsequent fund shortage. Finding a reasonable cause for non-compliance and considering the assessee's undertaking to respond, the Tribunal set aside the CIT(A)'s order and restored the matter for fresh consideration on merits.
The Tribunal held that the 'Landfill-II' and 'Incinerator-II' undertakings are eligible for deduction under Section 80IA(4) based on previous ITAT decisions. It also held that provisions for pit covering and post-closure expenses are allowable as deductions, again following prior ITAT rulings in the assessee's own case.
The Tribunal noted that the email address provided for communication was that of the tax consultant, and it is the assessee's responsibility to track communications. Furthermore, the assessee failed to file a response on merits before the CIT(A) despite multiple opportunities and did not provide any material to rebut the AO's findings. Therefore, the appeal was dismissed on both delay and merits.
The Tribunal noted the assessee's contention that notices were not properly served, leading to a lack of opportunity to present documentary evidence before the CIT(A). Recognizing the need for verification of these evidences, the Tribunal restored the issues to the Assessing Officer's file, directing the AO to examine the claim afresh after providing the assessee a reasonable and adequate opportunity to be heard.
The Tribunal held that the 'Landfill-II' and 'Incinerator-II' undertakings are eligible for deduction under Section 80IA(4) based on previous ITAT decisions. It also held that provisions for pit covering and post-closure expenses are allowable as deductions, again following prior ITAT rulings in the assessee's own case.
The Tribunal held that the management service fees received by the assessee did not fall within the definition of 'royalty' under Article 12(4) of the India-Netherlands DTAA. The Tribunal noted that the services provided were cost allocations and did not involve imparting know-how or information concerning industrial, commercial, or scientific experience.
The Tribunal found that the AO initiated proceedings solely based on I-tax net information without conducting an independent inquiry. Therefore, in the interest of justice and fair play, the issue is restored to the AO for de novo adjudication. The AO is directed to examine and verify the sale details, seek information from the Registrar, and provide the assessee with a reasonable and adequate opportunity of being heard. The impugned order is set aside.
The Tribunal condoned the delay in filing the appeal. The appeal was admitted for hearing on its merits, indicating the Tribunal found the reasons for the delay acceptable.
The Tribunal found that the investment was indeed made after the stipulated six-month period, violating Section 54EC. However, the Tribunal considered the alternative claim under Section 54F, which was dismissed by the CIT(A) on technical grounds.
The Tribunal held that computer software license fees are to be treated as revenue expenditure, consistent with previous years' assessments. For the AIR discrepancy, the issue was restored to the Assessing Officer for fresh examination. The interest income earned by the assessee was correctly assessed as business income, aligning with previous Tribunal decisions.
The Tribunal held that computer software license fees are to be treated as revenue expenditure, consistent with previous years' assessments. For the AIR discrepancy, the issue was restored to the Assessing Officer for fresh examination. The interest income earned by the assessee was correctly assessed as business income, aligning with previous Tribunal decisions.
The Tribunal held that income earned from an R&D center is not to be reduced from scientific research expenditure for deduction under Section 35(2AB). However, the nature of the receipt and its verification required further examination by the Assessing Officer.
The Tribunal held that interest income earned by a cooperative society from investments in cooperative banks is eligible for deduction under Section 80P(2)(d). Following its own coordinate benches and applying the principle of favoring the assessee in case of divergent interpretations, the Tribunal allowed the deduction.
The Tribunal found that the Ld CIT(A) had indeed passed ex-parte orders. Consequently, the Tribunal set aside the impugned orders of the Ld CIT(A) and restored all contested issues to the CIT(A) for fresh adjudication, ensuring the assessee is given adequate opportunity of being heard.
The Tribunal held that the Revenue's appeal was liable to be dismissed. The primary reasoning was that a coordinate bench of the ITAT Mumbai, in ITA No. 2827/MUM/2018 for the same Assessment Year 2012-13, had already quashed the assessment order. Although the copy of this order was not filed, the fact that the assessment order was quashed was not disputed by the Revenue's counsel. The Tribunal reasoned that since the foundation of the penalty (the assessment order) had collapsed, the penalty order could not survive. Consequently, all factual grounds raised by the Revenue in its appeal were diluted. The Tribunal upheld the CIT(A)'s decision to delete the penalty, as the quantum addition had been deleted by the Tribunal. The appeal was dismissed, and the impugned order of the CIT(A) was confirmed. No issue was expressly left undecided.
The Tribunal found that the Ld CIT(A) had indeed passed ex-parte orders. Consequently, the Tribunal set aside the impugned orders of the Ld CIT(A) and restored all contested issues to the CIT(A) for fresh adjudication, ensuring the assessee is given adequate opportunity of being heard.
The Tribunal upheld the CIT(A)'s decision to delete the additions. The tribunal found that the CIT(A) had followed binding precedents for the commission income and FD interest, and that the interest on delayed service tax was allowable business expenditure.
The Tribunal found that the assessee should be given another opportunity to present their case before the CIT(E). Therefore, the order of the CIT(E) was set aside, and the issues were restored to the CIT(E)'s file for fresh examination.
The Tribunal noted that the revision order, which formed the basis for the impugned assessment order, had been set aside by a previous order of the Tribunal. Consequently, the assessment order and the appellate order passed by the CIT(A) would not survive.
The Tribunal, in the interest of natural justice, set aside the CIT(A)'s order. It restored all contested issues to the CIT(A) for fresh examination, granting the assessee another opportunity to present their case, with a direction to fully cooperate for expeditious disposal.
The Tribunal held that the Assessing Officer (AO) had applied his mind and considered the information provided by the assessee. The AO's order was not erroneous or prejudicial to revenue, as the assessee was eligible for the deduction and the genuineness of contributions was not disputed.
The Tribunal held that the assessee had substantiated the genuineness of the share transactions with documentary evidence and that the AO's additions were based on assumptions and third-party statements without proper cross-examination. The exemption under Section 10(38) was allowed.
The Tribunal noted that the learned CIT(A) passed an ex-parte order due to the assessee's non-appearance. While the assessee's authorized representative could not provide a justifiable reason for the previous non-appearance, they expressed a desire to pursue the litigation and undertook to provide necessary details if the matter was restored. In the interest of justice, the Tribunal decided to grant the assessee another opportunity.
The Tribunal held that the addition for unreconciled receipts was not sustainable as the declared income was higher than AIR information and there was no allegation of cash receipts. The disallowance under Section 14A was deleted due to lack of proper satisfaction recorded by the AO.
The Tribunal noted the assessee's failure to provide material demonstrating compliance with Rule 37BA of the Income Tax Rules. To ensure justice, the matter was remanded to the Assessing Officer for fresh adjudication, directing the assessee to comply with the provisions of Rule 37BA of the Rules.
The Tribunal held that the addition for unreconciled receipts was not sustainable as the declared income was higher than AIR information and there was no allegation of cash receipts. The disallowance under Section 14A was deleted due to lack of proper satisfaction recorded by the AO.