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1,109 orders · Page 17 of 23
The Tribunal held that the addition was made solely on the basis of third-party information without substantive corroborative evidence against the assessee. The assessee cannot be compelled to prove a negative, especially when the information itself was considered dubious.
The Tribunal held that the penalty under Section 271B was wrongly levied. Following a coordinate bench's decision, it was determined that the assessee's turnover from futures and options trading, when computed as per ICAI guidance, did not exceed the threshold requiring a tax audit.
The Tribunal held that the initial deposit amount was subsumed within the peak balance already offered for tax and therefore, the addition for the initial deposit was unjustified. The Tribunal also held that penalty under Section 271(1)(c) cannot be levied on the legal heir after the assessee's demise.
The Tribunal held that the initial deposit amount was subsumed within the peak balance already offered for tax and therefore, the addition for the initial deposit was unjustified. The Tribunal also held that penalty under Section 271(1)(c) cannot be levied on the legal heir after the assessee's demise.
The Tribunal permitted the assessee to withdraw the appeals as they had become infructuous due to subsequent events. The Tribunal explicitly stated that no opinion was expressed on the merits of the case.
The Tribunal permitted the assessee to withdraw the appeals as they had become infructuous due to subsequent events. The Tribunal explicitly stated that no opinion was expressed on the merits of the case.
The Tribunal held that the initial deposit amount was subsumed within the peak balance already offered for tax and therefore, the addition for the initial deposit was unjustified. The Tribunal also held that penalty under Section 271(1)(c) cannot be levied on the legal heir after the assessee's demise.
The Tribunal restored the issue of write-back of employee benefits to the AO for determination after giving effect to orders for AY 2008-09. It also directed recomputation of interest under section 234D and 244A based on specific directions.
The tribunal held that an appellate authority must provide a fair opportunity of hearing as per natural justice principles. Since the assessee was not heard effectively, the impugned orders were set aside.
The Tribunal held that an appellate authority must provide a fair opportunity of hearing as per natural justice principles. Since the assessee was not heard effectively, the impugned orders were set aside.
The Tribunal held that the CIT(A) erred in not providing the assessee an opportunity to explain the delay before dismissing the appeal. Therefore, the matter was restored to the CIT(A) to allow the assessee to explain the delay and to decide the case on merits.
The Tribunal restored both appeals to the file of the CIT(E) to reconsider the matter. The CIT(E) was directed to provide a fair opportunity to the assessee, and the assessee was directed to furnish required details in time.
The Tribunal restored both appeals to the file of the CIT(E) to reconsider the matter. The CIT(E) was directed to provide a fair opportunity to the assessee, and the assessee was directed to furnish required details in time.
The Tribunal held that the assessee had explained the complete fund trail with documentary evidence, including sale deeds and bank statements. The Assessing Officer failed to rebut this evidence through proper inquiry.
The Tribunal held that Section 80P(4) excludes co-operative banks from claiming deduction, but it does not prevent other co-operative societies from claiming deduction on interest income earned from co-operative banks. Therefore, the deduction is allowable.
The Tribunal found that the assessee's explanation for the delay, provided via a sworn affidavit, contained material facts not considered by the CIT(A). Therefore, the matter was restored to the CIT(A) for a fresh examination of the delay condonation application.
The Tribunal condoned the delay in filing the applications, citing that technicalities should not impede substantial justice, especially for charitable trusts. The matter was set aside to the CIT(E) for fresh adjudication on merits.
The Tribunal condoned the delay in filing the applications, citing that technicalities should not impede substantial justice, especially for charitable trusts. The matter was set aside to the CIT(E) for fresh adjudication on merits.
The Tribunal held that there is no express prohibition in Section 87A or Section 111A of the Act denying the rebate under Section 87A for tax payable on short-term capital gains. The assessee is eligible for the rebate.
The Tribunal condoned the delay and set aside the CIT(A)'s order. The matter was restored to the CIT(A) for fresh adjudication, granting the assessee one final opportunity to present evidence.
The Tribunal held that the reopening of assessment was valid as it was based on tangible information. However, the addition of unsecured loans under section 68 was deleted as the assessee had discharged its burden by providing sufficient documentary evidence and the loans were repaid through banking channels.
The Tribunal held that the loss on JM Arbitrage Fund should be treated as a business loss, not an expense against income from other sources. This reclassification does not impact the overall taxable income or tax liability as business losses can be set off against other income.
The Tribunal held that LTCL on sale of shares with STT can be set off against LTCG without STT, as no exception is carved out in the relevant sections. It also held that commission and LTA are taxable when accrued to the assessee, not merely when provided in the employer's books. The Tribunal further directed the AO to recompute HRA exemption by excluding commission from the definition of 'salary'.
The Tribunal restored the issue of write-back of employee benefits to the AO for determination after giving effect to orders for AY 2008-09. It also directed recomputation of interest under section 234D and 244A based on specific directions.
The Tribunal held that the adjustments made by the CPC on account of notional gains/losses from fair valuation were not justified as they did not result in real income chargeable to tax. The Tribunal also directed the AO to verify and grant TDS credit and deleted the interest levied under section 234C.
The Tribunal held that the revisional proceedings under Section 263 were barred by limitation as the issues raised by the PCIT originated from the original assessment order and were not part of the reassessment proceedings. Therefore, the limitation period should be reckoned from the date of the original assessment order.
The tribunal held that the impugned order was passed without affording a reasonable opportunity of being heard to the assessee. Therefore, the order was set aside and the matter was restored for fresh adjudication.
The Tribunal held that the cash deposits, explained by recorded sales from accepted opening stock, could not be treated as unexplained cash credit under Section 68. The Revenue failed to provide evidence that the sales were fictitious.
The Tribunal held that non-supply of recorded reasons for reopening the assessment, despite the assessee's request, is a jurisdictional defect. Following the jurisdictional High Court's decisions, the Tribunal upheld the CIT(A)'s order quashing the reassessment proceedings.
The Tribunal found that the reversal of general provision for standard assets and forfeiture of security were already accounted for by the assessee, directing the AO to delete these additions after verification. The issue of TDS credit was remitted to the AO for fresh verification. The grounds related to refund, interest, and penalty were deemed consequential and premature, also restored to the AO.
The Tribunal held that an ad-hoc disallowance without rejecting the books of accounts or pointing out specific defects is not sustainable. The Tribunal found no dispute on the genuineness of the expenses and set aside the disallowance.
The Tribunal held that the AO had a statutory obligation to facilitate cross-examination of witnesses. The assessee was denied an opportunity to cross-examine, violating principles of natural justice.
The Tribunal held that the additions could not be sustained as they were based solely on third-party information without independent corroboration. The assessee was also not granted an opportunity to cross-examine the third parties whose records were used.
The Tribunal found the CIT(A)'s order to be non-speaking and lacking specific findings regarding the AO's discrepancies. Therefore, the matter was set aside to the CIT(A) for a fresh decision.
The Tribunal upheld the CIT(A)'s decision, finding no infirmity in restricting the interest expenditure to the extent of interest income and household expenses to Rs. 1,50,000. The revenue's reliance on the Best and Co. judgment was deemed misplaced.
The Tribunal upheld the CIT(A)'s deletion of the penalty, finding that the disallowances were routine business expenses disclosed in the books and return, and that the Assessing Officer failed to establish concealment or furnishing of inaccurate particulars with specific charges.
The Tribunal upheld the CIT(A)'s deletion of the penalty, finding that the disallowances were routine business expenses disclosed in the books and return, and that the Assessing Officer failed to establish concealment or furnishing of inaccurate particulars with specific charges.
The Tribunal upheld the CIT(A)'s deletion of the penalty, finding that the disallowances were routine business expenses disclosed in the books and return, and that the Assessing Officer failed to establish concealment or furnishing of inaccurate particulars with specific charges.
The Tribunal held that a corrigendum corrected the registration period to include AY 2022-23. Therefore, the assessee is entitled to the benefit under Section 11.
The Tribunal held that the initial deposit amount was subsumed within the peak balance already offered for tax and therefore, the addition for the initial deposit was unjustified. The Tribunal also held that penalty under Section 271(1)(c) cannot be levied on the legal heir after the assessee's demise.
The Tribunal held that the application should not be rejected merely on the ground of delay without examining the eligibility on merits. The CIT(E) was directed to consider the application afresh after condoning the delay and affording an opportunity of hearing.
The Tribunal upheld the CIT(A)'s deletion of disallowance on reinsurance premium, finding substantial compliance with regulatory requirements. It also affirmed the allowance of depreciation on computer software at the rate applicable to computers.
The Tribunal held that the Assessing Officer failed to follow the mandate of Rule 112F of the Income Tax Rules, making the assessment under Section 153A bad in law. The Tribunal also found that the assessee had demonstrated the cash was from known sources.
The Tribunal held that the incorrect filing of the form under a specific clause was a technical and curable procedural defect. The substantive claim for registration should be examined on its merits.
The Tribunal accepted the assessee's request to withdraw the appeals, noting that the subsequent orders from the CIT(Exemption) had resolved the issues. Therefore, the appeals were dismissed as withdrawn.
The Tribunal held that the CIT(Exemption) was not justified in attaching a caveat to the registration, stating it was subject to the outcome of a potential Supreme Court challenge. Such conditional observations are legally unsustainable and create uncertainty.
The Tribunal restored the appeal to the CIT(A) for fresh adjudication. The CIT(A) was directed to consider the assessee's submissions and evidence after providing an adequate opportunity of hearing.
The assessee sought to withdraw the appeal, stating that the reduction in the claim had no impact on its tax liability due to MAT provisions and that the disallowed expenditure was considered for normal deduction. The Tribunal allowed the withdrawal.
The Tribunal found that the assessee deserved one effective opportunity to present its case. The impugned order was set aside, and the matter was restored to the CIT(E) for fresh adjudication.
The Tribunal held that the assessee had discharged its initial burden by furnishing documentary evidence of the immediate creditor's identity, creditworthiness, and genuineness of the transaction. The assessee cannot be expected to explain the source of funds of upstream entities with whom it had no direct relationship.