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111 orders · Page 2 of 3
The Tribunal held that the revisionary proceedings exercised by the CIT under Section 263 were incorrect. Consequently, the consequential order passed by the AO did not survive.
The Tribunal followed the Supreme Court's judgment in CIT vs. Tasgaon Taluka S.S.K. Ltd. and remitted the issue of excess sugarcane price to the AO for fresh adjudication. Similarly, the issue of sale of sugar at concessional rates was also remitted to the AO for fresh consideration.
The Tribunal held that the AO failed to record satisfaction in the assessment order regarding concealment or furnishing inaccurate particulars. The penalty order was also flawed as it levied penalty for both limbs without proper satisfaction and show cause notice. Therefore, the penalty order was set aside.
The Tribunal held that when documents belonging to a third party are found during a search on another person, Section 153C is the applicable provision, overriding Section 147. Therefore, the reassessment proceedings initiated under Section 147 were not warranted.
The Tribunal held that there was no obligation on the assessee to deduct tax at source on these payments. Therefore, the disallowance under Section 40(a)(i) was not warranted.
The Tribunal held that there was no obligation on the assessee to deduct TDS on the payments made for software licenses, IT support services, web-based training, and expatriate salaries. Consequently, the disallowance under Section 40(a)(i) was not warranted.
The Tribunal held that the issue is squarely covered by CBDT Circular No. 1/2016 and various judicial decisions, including those of the Madras High Court and the Pune ITAT. Therefore, the relief granted by the CIT(A) was sustained.
The Tribunal held that the issue was covered by its own previous decisions in the assessee's own case for earlier assessment years. The Tribunal upheld the relief granted by the CIT(A).
The Tribunal held that the issue is squarely covered by CBDT Circular No. 1/2016 and various judicial decisions, including those of the Madras High Court and the Pune ITAT. Therefore, the relief granted by the CIT(A) was sustained.
The Tribunal followed the Supreme Court's judgment in CIT vs. Tasgaon Taluka S.S.K. Ltd. and remitted the issue of excess sugarcane price to the AO for fresh adjudication. Similarly, the issue of sale of sugar at concessional rates was also remitted to the AO for fresh consideration.
The Tribunal set aside the impugned order and restored the matter to the file of the AO. The AO was directed to frame the assessment afresh after providing a reasonable opportunity of hearing to the assessee.
The Tribunal held that notional rent on unsold units held as stock-in-trade cannot be taxed as income from house property. Following a coordinate bench decision, the addition made by the AO was set aside.
The tribunal held that BEML Limited, being a government company, could not be considered a comparable to the assessee. The issue of capacity utilization adjustment was remanded to the AO for fresh consideration. The revenue's appeal regarding the restriction of transfer pricing adjustments to the value of international transactions was dismissed.
The tribunal held that BEML Limited, being a government company, could not be considered a comparable to the assessee. The issue of capacity utilization adjustment was remanded to the AO for fresh consideration. The revenue's appeal regarding the restriction of transfer pricing adjustments to the value of international transactions was dismissed.
The Tribunal held that since the addition made in the consequential assessment was deleted by the CIT(A) and the revenue did not appeal, the assessee's grievance was resolved. Therefore, the appeal filed by the assessee against the PCIT's order under Section 263 had become academic.
The Tribunal upheld the CIT(A)'s order, allowing proportionate deduction under Section 80IB(10) for eligible units. This decision was based on a coordinate bench's ruling for a previous assessment year concerning the same project.
The CIT(A) held that depreciation under Section 32 is not a prerequisite for claiming deduction under Section 35(1)(iv) and that unabsorbed expenditure can be carried forward. The Tribunal upheld the CIT(A)'s decision, finding no fallacy in the reasoning.
The Tribunal upheld the CIT(A)'s order, allowing proportionate deduction under Section 80IB(10) for eligible units. This decision was based on a coordinate bench's ruling for a previous assessment year concerning the same project.
The Tribunal held that the penalty was unsustainable due to the Assessing Officer's failure to record proper satisfaction and specify the limb of Section 271(1)(c). The disallowance under Section 14A was restricted to a reasonable amount based on the assessee's computation.
The Tribunal condoned the delay in filing the appeal before the CIT(A) and restored the matter to the CIT(A) for deciding the issue on merits, as the CIT(A) had dismissed the appeal without adjudicating on the grounds.
The Tribunal held that Section 54B does not require the entire land to be used for cultivation, and if any part is under cultivation for the preceding two years, the benefit is available. The Tribunal also noted that the assessee disputed the claim of agreement by their representative.
The Tribunal held that Section 43A of the Income Tax Act is applicable only when capital assets are acquired from outside India. Since the assets in this case were acquired within India, the provisions of Section 43A were not applicable.
The Tribunal held that the penalty was unsustainable due to the Assessing Officer's failure to record proper satisfaction and specify the limb of Section 271(1)(c). The disallowance under Section 14A was restricted to a reasonable amount based on the assessee's computation.
The Tribunal held that an assessee is not barred from arguing for the exclusion of a company initially chosen as a comparable if it is indeed not comparable. Vama Industries Ltd. was found to be not functionally comparable due to its diverse revenue streams including engineering services.
The Tribunal held that payments made as reimbursement of salary and wages on a cost-to-cost basis, without any markup, are not subject to TDS provisions. Therefore, the disallowance under Section 40(a)(ia) was not justified.
The Tribunal held that the reopening of the assessment was invalid. It followed a coordinate bench's decision in the assessee's sister concern's case, which found the reopening to be bad in law due to the AO not independently applying his mind to fresh material.
The Tribunal held that the compensation payment was not substantiated due to the inability to produce the recipient. However, it allowed proportionate deduction under Section 80IB(10) for completed units.
The Tribunal held that the compensation payment was not substantiated due to the inability to produce the recipient. However, it allowed proportionate deduction under Section 80IB(10) for completed units.
The Tribunal condoned the delay in filing the appeal before the CIT(A) and restored the matter to the CIT(A) for deciding the issue on merits, as the CIT(A) had dismissed the appeal without adjudicating on the grounds.
The Tribunal held that the CIT(A) rightly deleted the addition made by the AO. The assessee's contention that the recipient of interest had included it in its income and paid taxes was accepted, following the Delhi High Court's decision in CIT Vs. Ansal Land Mark Township Pvt. Ltd.
The Tribunal held that the reassessment order was invalid and bad in law because the addition was made on an issue different from the one that formed the basis for reopening the assessment under Section 148, without issuing a fresh notice.
The Tribunal held that the assessment order was passed in violation of CBDT instructions regarding conversion from limited to complete scrutiny without proper approval. Therefore, the assessment order was considered null and void.
The Tribunal allowed the appeal regarding agricultural income, finding the bills and land record explanations sufficient to prove genuineness. However, the appeal concerning the Section 14A disallowance was dismissed, as the assessee did not provide reasons for the inapplicability of the provisions.
The Tribunal held that depreciation is an integral part of operating costs and should be considered when computing the net profit margin under the Transactional Net Marginal Method (TNMM). It also upheld the exclusion of a company from the comparables list due to functional dissimilarity.
The CIT(A) deleted the addition, finding that the loan transactions were effected between certain parties and the HUF, not the individual assessee. The Tribunal found no material on record to controvert the CIT(A)'s findings.
The Tribunal held that foreign exchange gains/losses arising from trading transactions are operating in nature and should be included in the computation of operating margins. The issue regarding management fees was vacated due to procedural impropriety by the CIT(A).
The Tribunal held that the TPO erred in determining the cost of intra-group services at nil and making an upward adjustment. Applying the same reasoning as in a previous assessment year, the Tribunal reversed the orders of the lower authorities and directed the Assessing Officer/TPO to apply the TNMM method to benchmark the transactions on an aggregate basis.
The Tribunal upheld the CIT(A)'s order confirming the addition for unexplained credits as the assessee failed to discharge the onus. For agricultural expenses, the Tribunal agreed with the CIT(A)'s partial relief based on available cash balances for earlier years but sustained the addition for AY 2013-14 due to insufficient cash.
The Tribunal upheld the CIT(A)'s order confirming the addition for unexplained credits due to the assessee's failure to discharge the onus. For agricultural expenses, the Tribunal agreed with the CIT(A)'s partial relief for earlier years but sustained the addition for AY 2013-14 due to insufficient cash balance.
The Tribunal held that depreciation is an integral part of operating costs and should be considered when computing the net profit margin under the Transactional Net Marginal Method (TNMM). It also upheld the exclusion of a company from the comparables list due to functional dissimilarity.
The Tribunal held that Section 43A of the Income Tax Act is applicable only when capital assets are acquired from outside India. Since the assets in this case were acquired within India, the provisions of Section 43A were not applicable.
The Tribunal found that the CIT(A) had confirmed the addition based on an alleged concession by the assessee's representative, without discussing the documents submitted by the assessee regarding the land reservation. The Tribunal set aside the CIT(A)'s order and restored the issue for de-novo adjudication.
The Tribunal held that an assessment order cannot be made in the name of a non-existent entity, even if it participated in the proceedings. Such an assessment is invalid and unsustainable in law.
The Tribunal held that the incentive subsidy received by the assessee under the Industrial Promotion Subsidy Scheme, 2007 is a capital receipt. Therefore, it is not liable to be taxed in the hands of the assessee.
The Tribunal held that the Assessing Officer must be specific and categoric in mentioning the charge under Section 271(1)(c) when recording satisfaction and levying penalty. Ambiguity in the charge renders the penalty proceedings unsustainable.
The Tribunal held that while the purchases were from a suspicious dealer, the assessee had demonstrated a trail of goods. Therefore, the addition should be restricted to 10% of the bogus purchases over and above the declared Gross Profit.
The Tribunal held that while the purchases were from a suspicious dealer, the assessee had demonstrated a trail of goods. Therefore, the addition should be restricted to 10% of the bogus purchases over and above the declared Gross Profit.
The Tribunal admitted the additional evidence of repayment as it occurred after the impugned order. The issue was restored to the Assessing Officer for de-novo verification and decision.
The Tribunal held that the order passed by the Assessing Officer under Section 201(1) and 201(1A) was barred by limitation as per the proviso to Section 201(3). Therefore, the order was void-ab-initio and quashed.
The Tribunal held that issuing a demand and penalty notice with a draft assessment order renders it a final order, violating Section 144C. Consequently, the assessment order and subsequent proceedings were invalidated.