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298 orders · Page 2 of 6
The Tribunal noted that the land transaction was not appearing in the P&L account and the assessee had furnished a revised return with a significantly different P&L and balance sheet. In the interest of justice, the matter was remanded to the AO for fresh consideration.
The Tribunal upheld the addition in principle, noting that the difference between sale value and market value exceeded 10%. However, it directed the AO to determine the fair market value by referring to the DVO as per Section 43CA(2).
The Tribunal held that Section 80P(4) bars a cooperative bank from claiming the deduction itself, not a cooperative society earning interest from deposits in such a bank. Therefore, the interest income derived from a cooperative bank is allowable as a Section 80P deduction.
The Tribunal noted that the tax effect was below the threshold specified in the CBDT circular. Therefore, the appeal was dismissed as not maintainable. The issues raised were left open for future examination.
The Tribunal held that the assessee failed to provide a satisfactory explanation for the cash credit. However, considering the assessee's income sources and agricultural land, a lump sum addition of Rs. 6,12,177/- was deemed just and proper.
The Tribunal held that if the foundational additions leading to reopening are deleted, any 'other additions' made subsequently cannot stand. The reassessment proceedings were quashed as the basis for reopening was invalidated.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court decisions stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal held that the lower authorities rightly made the addition as the assessee failed to provide any explanation for the cash deposits. However, the assessee was granted relief by allowing a deduction for cash in hand, considering his social status.
The tribunal upheld the inclusion of certain companies as comparables by the TPO, finding them functionally similar and not excluded solely due to high profits. An additional ground regarding foreign exchange gain/loss was dismissed as it required factual verification.
The Tribunal held that the appeal filed by the Revenue was not maintainable due to the low tax effect. Consequently, the appeal was dismissed as withdrawn.
The Tribunal noted that the Revenue had appealed the ITAT's order to the High Court and requested the current appeal be kept in abeyance. The assessee argued the appeal should be dismissed as infructuous. The Tribunal treated the appeal as infructuous but granted liberty to the Revenue to restore it if they succeeded before the High Court.
The Tribunal found that the lower authorities had not considered all aspects of the assessee's submissions, including salary income and accumulated cash. Therefore, the addition was estimated at Rs. 5,00,000/- instead of the full Rs. 16 lakhs.
The tribunal dismissed the appeals filed by the Revenue, taking note of CBDT Circular No. 17/2019 which mandates that appeals with a tax effect below Rs. 50 lakhs should not be filed before the ITAT. The issues raised were left open for future consideration.
The Tribunal deleted the disallowance on freight and transportation charges, finding no contractual relationship that attracted Section 194C. The disallowance on advertisement expenses was set aside to the Assessing Officer for factual verification and fresh adjudication.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal held that the DVO's valuation, once received, takes precedence over the Stamp Duty Valuation and is binding on the AO. The addition made by the AO was therefore restricted to the DVO's determined Fair Market Value.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal upheld the disallowance of the Section 10(38) exemption. It found that the assessee failed to prove the genuineness of the transaction, which was deemed to be a dubious share transaction for accounting undisclosed income.
The Tribunal held that the assessee's explanation that imaginary figures were provided to the bank for loan facilities was credible, as the bank manager did not provide details of stock verification. Therefore, the addition made by the AO and confirmed by the CIT(A) was not justified.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal deleted the disallowance, holding that the lower authorities failed to demonstrate that the payments were made "to a person in a day" as required by Section 40A(3). A stricter interpretation of the section was adopted.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Income Tax Appellate Tribunal granted the appellant's request to withdraw the appeal. The tribunal accordingly dismissed the appeal as withdrawn.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal dismissed the appeals filed by the Revenue, citing CBDT Circular No. 17/2019 which mandates that appeals with a tax effect below Rs. 50 lakhs should not be filed. The issues raised were left open for future consideration.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal found that the assessee could not fully reconcile all withdrawals and the parents' agricultural income was not substantiated with their own filings. Therefore, a partial addition was deemed appropriate.
The Tribunal quashed the reassessment proceedings, holding that the Assessing Officer's reasons for reopening were not specific and lacked tangible material. The Tribunal relied on High Court judgments stating that reopening reasons must be precise and demonstrate proper application of mind.
The Tribunal rejected the assessee's condonation petition, stating that no cogent reason was provided to explain the significant delay. The Tribunal emphasized the need for a reasonable and acceptable explanation for not instituting proceedings.
The Tribunal granted the assessee's request to withdraw the appeals. The withdrawal is permitted with the liberty to revive the proceedings if the Vivad Se Vishwas certificate is not issued.
The Tribunal held that the addition based solely on the vendor's oral admission, without any corroborating evidence or incriminating documents, was not sustainable. The reliance on an oral statement without supporting evidence was deemed insufficient.
The Tribunal, following CBDT Circular No. 17/2019, dismissed the appeals as not pressed/maintainable due to the low tax effect. The issues raised were left open for future proceedings.
The Tribunal upheld the disallowance of compensation due to the failure to prove the genuineness of the MOU. However, the disallowance of commission was deleted as it was considered a routine expense supported by evidence.
The Tribunal restored the issue of applicability of Section 115JC back to the Assessing Officer for fresh adjudication. The assessee is at liberty to raise all factual and legal pleas before the Assessing Officer.
The Tribunal found that while the assessee had not fully reconciled the deposits with his cash in hand, he had presented voluminous evidence of his business activities. Therefore, a partial addition was deemed appropriate.
The Tribunal held that a registered document operates from the date of its execution as per Section 47 of the Registration Act, not from the date of registration. Therefore, the transfer occurred in AY 2010-11.
The Tribunal granted the assessee's request to withdraw the appeal. The appeal was accordingly dismissed as withdrawn.
The Tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.
The Tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.
The Tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.
The Tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.
The Tribunal held that the penalty was not leviable as the Assessing Officer failed to provide a finding on what particulars filed by the assessee were inaccurate or false, and the addition was based on information filed by the assessee. The penalty of Rs. 41,000 was directed to be deleted.
The Tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.
The tribunal granted the assessee's request to withdraw the appeals. The appeals were dismissed as withdrawn.