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1,109 orders · Page 11 of 23
The Tribunal held that the assessee's explanation of making payments from personal savings was reasonable, given his substantial disclosed income and the small amount of each payment spread over time. The addition was not justified.
The Tribunal held that the addition made under Section 68 was not sustainable as the entire loan transaction was supported by documentary evidence, including bank statements and confirmations, and the repayment was also through banking channels. The Tribunal noted that the AO failed to bring any evidence of cash transactions or provide an opportunity for cross-examination.
The Tribunal held that the transactions were genuine as they were conducted through banking channels on the BSE platform with STT paid, and shares were delivered via demat account. The Tribunal noted that share market performance is based on future potential, not just financials.
The Tribunal directed the Assessing Officer to dispose of the assessee's rectification applications concerning Section 14A disallowance and foreign tax credit expeditiously. The grounds related to procedural invalidities and transfer pricing adjustments were dismissed as infructuous.
The Tribunal found that the AO's 12.5% disallowance was ad hoc and not based on proper verification. The assessee's initial acceptance was also conditional and made to avoid litigation.
The Tribunal allowed the assessee's appeal, deleting the disallowance of trade incentives and allowing depreciation on moulds and dies. The revenue's cross-appeal was disposed of in line with the assessee's appeal.
The Tribunal held that the CIT(E) erred by demanding details from before the assessee's incorporation and by not providing an adequate opportunity to explain its case. The matter was restored for fresh adjudication.
The Tribunal observed that some documents were filed for the first time and required verification by the Assessing Officer. Therefore, the case was remanded to the Assessing Officer to examine the documents and determine the tax liability.
The Tribunal held that the explanation provided by the assessee was not sufficient to account for the entire period of delay. The Tribunal emphasized that a liberal interpretation of 'sufficient cause' cannot condone delay where due diligence is lacking.
The Tribunal held that the delay in filing the audit report was minor and that the assessee was entitled to the deduction under Section 80IA(4) as the report was available before the assessment was finalized. The decision in PCIT vs Wipro Ltd. was distinguished as it related to exemption provisions under Chapter III.
The Tribunal held that the addition made under Section 68 was not sustainable as the entire loan transaction was supported by documentary evidence, including bank statements and confirmations, and the repayment was also through banking channels. The Tribunal noted that the AO failed to bring any evidence of cash transactions or provide an opportunity for cross-examination.
The Tribunal found merit in the assessee's submissions, noting that the CIT(A) appeared to have overlooked the documents provided. Therefore, the appeal was restored to the CIT(A) for fresh adjudication.
The Tribunal held that registration under Section 12AB cannot be denied solely for the absence of an irrevocable clause in the trust deed, following a jurisdictional High Court decision. The matter was restored to the CIT(E) for reconsideration.
The Tribunal held that the assessee failed to provide sufficient cause for the inordinate delay in filing the appeal. The explanation that the demand would be deleted automatically was not considered a valid reason for the prolonged inaction.
The Tribunal found that the CIT(E)'s order did not adequately address the assessee's claim of having submitted the required documents. The matter was restored to the CIT(E) for fresh adjudication.
The Tribunal held that the appellate authority has the statutory jurisdiction to condone delays, and this power is not curtailed by administrative mechanisms for condonation under Section 119(2)(b). The delay of one day was condoned.
The Tribunal held that the CPC correctly processed the return as a firm based on the PAN status provided by the assessee, and the due date for a firm was correctly applied. However, the issue of treating the assessee as a firm versus a corporate entity requires further investigation regarding Double Taxation Avoidance Agreements (DTAA).
The Tribunal held that neither the Assessing Officer nor the CIT(A) had properly examined the assessee's claim regarding the enhanced turnover threshold for audit or the plea of reasonable cause. The matter was therefore restored to the Assessing Officer for fresh examination.
The Tribunal allowed the assessee's appeal, deleting the disallowance of trade incentives and allowing depreciation on moulds and dies. The revenue's cross-appeal was disposed of in line with the assessee's appeal.
The Tribunal admitted the earlier approval certificate as additional evidence, finding it relevant and the assessee's explanation for non-production to be sufficient cause. The matter was restored to the CIT(E) for fresh adjudication.
The Tribunal held that the actual tax effect in the case, excluding interest under sections 234B and 234C, was Rs. 43,68,000. This amount was below the monetary limit prescribed for filing appeals before the ITAT as per CBDT Circulars.
The Tribunal condoned the delay in filing the appeals, holding that the assessee had sufficient cause due to the pending rectification applications. It further held that the disallowance of Section 80P deduction by the CPC under Section 143(1) was beyond its permissible scope.
The Tribunal condoned the delay in filing the appeals, holding that the assessee had sufficient cause due to the pending rectification applications. It further held that the disallowance of Section 80P deduction by the CPC under Section 143(1) was beyond its permissible scope.
The Tribunal held that the assessee was not granted a reasonable and effective opportunity to present its case, violating principles of natural justice. Therefore, the matter was restored to the CIT(E) for fresh adjudication.
The ITAT accepted the assessee's request to withdraw the appeal due to the ongoing liquidation proceedings. However, the Tribunal denied the request for liberty to automatically revive the appeal after liquidation.
The Tribunal held that even if exemption is denied, taxable income must be computed based on commercial principles, allowing admissible revenue expenditure, not by taxing gross receipts. The impugned order was set aside.
The Tribunal held that the rejection was based solely on non-compliance without verifying service of notice. Since the proceedings are quasi-judicial and principles of natural justice must be followed, the matter was restored for de novo adjudication.
The Tribunal held that penalty under section 271(1)(c) is not leviable when the addition is sustained solely on an estimated profit element of alleged bogus purchases, following a jurisdictional High Court decision. The ingredients for penalty, such as concealment or inaccurate particulars, are not established in such cases.
The Tribunal held that the assessee had disclosed the transactions as short-term capital gains and paid tax thereon, providing documentary evidence. The AO and CIT(A) did not reject this evidence or provide independent proof of bogus transactions.
The Tribunal held that the rejection was based solely on non-compliance without verifying service of notice. Since the proceedings are quasi-judicial and principles of natural justice must be followed, the matter was restored for de novo adjudication.
The tribunal considered the assessee's request to withdraw the appeal. As the Revenue had no objection, the tribunal permitted the withdrawal.
The Tribunal allowed the assessee's appeal, deleting the disallowance of trade incentives and allowing depreciation on moulds and dies. The revenue's cross-appeal was disposed of in line with the assessee's appeal.
The Tribunal held that the assessee was not granted a reasonable and effective opportunity to furnish the required documents, violating principles of natural justice. Therefore, the matter was restored to the CIT(E) for fresh adjudication.
The Tribunal held that the rejection order violated the principles of natural justice as no specific show cause notice was issued to the assessee regarding deficiencies. The matter was restored to the CIT(E) for fresh adjudication.
The Tribunal condoned the delay in filing the appeal, citing substantial justice and lack of mala fide intention. It set aside the CIT(E)'s order and restored the matter for fresh adjudication, granting the assessee one more opportunity to furnish documents.
The Tribunal held that once a real estate project is completed and an Occupation Certificate is obtained, interest expenses incurred thereafter on unsold units are revenue expenditure, not capitalizable. The proviso to Section 40(a)(ia) allows deduction in the year TDS is paid, removing the embargo.
The Tribunal held that the addition was unsustainable as the AO relied on third-party statements without providing them to the assessee or allowing cross-examination, violating principles of natural justice. The assessee had provided substantial documentary evidence for the transactions.
The Tribunal found that the assessee failed to present its case before the CIT(A). In the interest of justice, the matter was remitted back to the CIT(A) for de novo adjudication, considering the documents now placed before the Tribunal.
The Tribunal, following its own previous decisions in the assessee's own case, set aside the AO's order and directed the deletion of additions related to bogus LTCG. Regarding penalty proceedings, the Tribunal quashed the penalty as the notice issued under Section 271(1)(c) was found to be vague and invalid.
The Tribunal upheld the validity of the Section 153C proceedings but directed the AO to apply a lower commission rate on certain additions. For AY 2017-18, one issue regarding unexplained cash credit was remanded for fresh consideration.
The Tribunal held that the AO should have referred the transfer pricing issue to the TPO as per CBDT instructions. The Tribunal also directed the AO to re-examine the ALP determination based on available documentary evidence.
The Tribunal upheld the validity of the Section 153C proceedings but directed the AO to apply a lower commission rate on certain additions. For AY 2017-18, one issue regarding unexplained cash credit was remanded for fresh consideration.
The Tribunal held that the reassessment proceedings were initiated based on a mistaken identity due to an incorrect PAN being cited. This fundamental error rendered the notice under Section 148 and the subsequent assessment order invalid.
The Tribunal held that the AO and Transfer Pricing Officer (TPO) had not properly examined independent transactions and had relied on inappropriate methods. The matter was remitted back to the AO/TPO to re-analyze the transfer pricing adjustment using the Comparable Uncontrolled Price (CUP) method.
The Tribunal condoned the delay, finding sufficient cause. It held that the reopening of assessment under Section 147 was invalid as it was based on a reappraisal of existing records without any fresh material, constituting an impermissible review.
The Tribunal upheld the validity of the Section 153C proceedings but directed the AO to apply a lower commission rate on certain additions. For AY 2017-18, one issue regarding unexplained cash credit was remanded for fresh consideration.
The Tribunal, following its own previous decisions in the assessee's own case, set aside the AO's order and directed the deletion of additions related to bogus LTCG. Regarding penalty proceedings, the Tribunal quashed the penalty as the notice issued under Section 271(1)(c) was found to be vague and invalid.
The Tribunal, following its own previous decisions in the assessee's own case, set aside the AO's order and directed the deletion of additions related to bogus LTCG. Regarding penalty proceedings, the Tribunal quashed the penalty as the notice issued under Section 271(1)(c) was found to be vague and invalid.
The Tribunal condoned the delay of 41 days in filing the appeal before the CIT(A), emphasizing that substantial justice should prevail over technical lapses. The Tribunal also noted that the entire proceedings were undertaken in the name of the deceased person, which is an illegality.
The Tribunal upheld the validity of the Section 153C proceedings but directed the AO to apply a lower commission rate for certain additions. For one assessment year, an issue regarding unexplained cash credit was remanded for fresh consideration.