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15 orders · Page 1 of 1
The Tribunal held that the opening capital cannot be added in the relevant assessment year. If the opening capital is not proved, it should have been added in an earlier year. Therefore, the addition of opening capital was deleted.
The Tribunal confirmed the order of the CIT(A), holding that the partner was actively involved in the business. The Tribunal also noted that the issue was revenue-neutral and followed its earlier decisions on similar facts.
The Tribunal confirmed the CIT(A)'s deletion of additions related to transportation expenses and depreciation, finding that the AO had used incorrect figures and that there was no double claim. The Tribunal also confirmed the deletion of the addition for non-genuine investment in cranes.
The Tribunal confirmed the rejection of book results but directed the Assessing Officer to estimate profit at a reasonable rate of 5% instead of the higher rate applied. The addition of cash credits under Section 68 was deleted as they arose from unproved cash sales.
The Tribunal noted the assessee's grievance regarding the non-reference to the DVO. The revenue's representative conceded that the matter should be set aside to the AO for fresh adjudication, including a reference to the DVO for ascertaining the correct market value.
The Tribunal held that the payments were made to individual labourers in amounts less than Rs. 20,000/-, and vouchers were obtained from representative workers or 'sardars'. Therefore, Section 40A(3) was not violated.
The Tribunal dismissed the Revenue's appeal regarding the agricultural land, upholding the CIT(A)'s view that it was outside the 8 km limit. However, the Tribunal allowed the Revenue's appeal on the deemed rent issue, reversing the CIT(A)'s deletion.
The Tribunal upheld the CIT(A)'s order, agreeing that the partner's involvement should be assessed based on overall liabilities, responsibilities, and work undertaken, not just time spent. The Tribunal also noted that the issue of disallowing partner remuneration is often tax-neutral.
The Tribunal held that the opening capital cannot be added in the relevant assessment year. If the opening capital is not proved, it should have been added in an earlier year. Therefore, the addition of opening capital was deleted.
The Tribunal held that the opening capital cannot be added in the relevant assessment year. If the opening capital is not proved, it should have been added in an earlier year. Therefore, the addition of opening capital was deleted.
The Tribunal held that while Section 40A(3) is applicable to expenditure incurred for work-in-progress, the disallowance should be made in the year the project is completed and profit is declared. Therefore, the matter was restored to the AO for verification and to carry out the directions.
The Tribunal held that the estimation of income by the Assessing Officer was not justifiable as the assessee's books of account were not rejected and no tangible material was available to enhance the income. The Tribunal followed its earlier decision on identical facts for a previous assessment year.
The Tribunal held that the Revenue failed to demonstrate that the assessee's activities were not in accordance with its charitable objects or that they were predominantly commercial. The Tribunal agreed with the CIT(A) that the assessee's activities qualified for exemption under Section 11.
The Tribunal decided to restore the appeals to the Assessing Officer for fresh examination. This includes verifying the nature of the escrow account, the terms of the concession agreement regarding project development and toll collection rights, and the assessee's liability for TCS and TDS.
The Tribunal held that the assessee had made bonafide investments in acquiring a plot and constructing a house, and the delays in obtaining statutory permissions were beyond the assessee's control. Therefore, the beneficial provision of Section 54F should be interpreted in favor of the assessee.