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162 orders · Page 2 of 4
The Tribunal held that cash deposits, when duly reflected in the audited books of account and explained with reference to recorded transactions, cannot be added as unexplained. Similarly, additions based on the proportion of sundry creditors to total purchases, without rejecting the books of account or disproving the identity/genuineness of creditors, are unsustainable.
The Tribunal held that since the expenses were incurred exclusively for business purposes and the liability had crystallized in the relevant previous year, no disallowance was warranted merely because the payment was made in the subsequent year. Therefore, no addition was called for.
The Tribunal permitted the assessee to withdraw the appeal as the revenue did not raise any objection. Consequently, the appeal was dismissed as withdrawn.
The Tribunal found it appropriate, in the interest of justice, to remand the matter back to the Assessing Officer for the limited purpose of verifying the bills and vouchers pertaining to the disputed expenses.
The Tribunal noted the assessee's submission about wrong email IDs. Considering the facts and in the interest of justice, the Tribunal set aside the matter to the CIT(A) for fresh adjudication.
The Tribunal condoned the delay and, in the interest of justice, set aside the CIT(A)'s order. The matter was restored to the AO for de novo adjudication, with a direction to the assessee to furnish all relevant details and documents.
The Tribunal observed the assessee's non-compliance and failure to provide documentary evidence. Therefore, in the interest of justice, the Tribunal set aside the CIT(A)'s order and restored the matter to the AO for fresh adjudication, directing the assessee to furnish all details and comply with notices.
The Tribunal held that since more than three years had elapsed from the end of the relevant assessment year, the sanction for issuing the notice under Section 148 should have been granted by a higher authority as per Section 151 of the Act. The approval granted by the Principal Commissioner was found to be invalid, vitiating the subsequent proceedings.
The Tribunal held that the bank account was used by the assessee's son for his money transfer business, and the assessee had only earned commission income, which was already offered to tax. Therefore, no addition was warranted.
The Tribunal held that the disallowance on account of employees' contribution to Provident Fund was not justified as the payment was made within the due time prescribed under the Act, with the initial incorrect date being a typographical error. Consequently, no disallowance was called for.
The Tribunal held that since the cash deposits were recorded as sales in the regular books of account, which were accepted, and the stock was reconciled, these receipts could not be treated as unexplained cash credits under Section 68. The addition was therefore unsustainable.
The ITAT set aside the order of the Ld. CIT(A) and restored the matter to the Assessing Officer (AO) for de novo adjudication, granting one more opportunity to the assessee to submit all necessary details and documents.
The Tribunal held that the assessee had provided details of LIC and cash deposits, thereby explaining the source of the cash. Consequently, the addition made by the Assessing Officer was not sustained.
The tribunal held that the notice issued under section 148 of the Income-tax Act, 1961, dated 30.07.2022, was barred by limitation and therefore unsustainable in law. The tribunal followed a coordinate bench's decision and a Gujarat High Court judgment on the matter.
The Tribunal found that the assessee's explanation for Rs. 87,000/- as savings from an agricultural background was reasonable, considering the small amount and the long period. It also accepted the explanation for Rs. 1,96,000/- cash deposits as agricultural income, supported by land records, as the Revenue provided no contrary evidence.
Following the precedent of the set-aside quantum appeal, the present appeal concerning penalty under section 270A of the Act is also set aside to the file of the CIT(A).
The Tribunal, in the interest of justice, set aside the order of the CIT(A) and restored the matter to the AO for de novo adjudication. The assessee was directed to submit all relevant details and documents before the AO without seeking unnecessary adjournments.
The Tribunal noted that the issue was covered by its earlier decisions. Following the established precedent, the Tribunal directed the Assessing Officer (AO) to recompute the disallowance strictly in accordance with the principles laid down in prior judgments. This involved identifying rates paid to members and non-members, treating the non-member rate as a commercial benchmark, and calculating the differential profit embedded in payments to members.
The Tribunal observed that the assessee failed to furnish requisite explanations and documentary evidence before the AO and the CIT(A). However, in the interest of justice, the Tribunal set aside the order of the CIT(A) and restored the matter to the AO for fresh adjudication, allowing the assessee to submit all relevant details.
The Tribunal noted that the CIT(A) failed to consider the assessee's submissions regarding the equality of document value and jantri value, which were accepted by the competent authority. The CIT(A) also erred in relying solely on the AO's explanation without properly accepting the sale value adopted by the sub-registrar.
The Tribunal found that while the assessee acted as a conduit and the main beneficiary was Shree Impex, the assessee was also a limited beneficiary for facilitating the transactions. Therefore, commission income at 0.5% of the total turnover routed through the bank account was to be estimated and brought to tax.
The Tribunal noted the assessee's non-compliance at both the Assessing Officer and CIT(A) levels. However, in the interest of justice, the Tribunal set aside the CIT(A)'s order and restored the matter to the Assessing Officer for a de novo assessment.
The Tribunal held that the interests of justice would be served by remanding the matter back to the CIT(E). The CIT(E) is to consider the application afresh, taking into account any submissions and explanations provided by the assessee.
The Tribunal found that while the assessee acted as a conduit and the main beneficiary was Shree Impex, the assessee was also a limited beneficiary for facilitating the transactions. Therefore, commission income at 0.5% of the total turnover routed through the bank account was to be estimated and brought to tax.
The ITAT, in the interest of justice, set aside the order of the Ld. CIT(A) and restored the matter for fresh adjudication. The assessee is directed to submit all relevant details and documents without seeking unnecessary adjournments.
The Tribunal, in the interest of substantial justice, granted the assessee one more opportunity to represent their case. The impugned order of the CIT(A) was set aside, and the matter was restored to the Assessing Officer for de novo adjudication.
The Tribunal held that the interests of justice would be served by remanding the matter to the CIT(E). The CIT(E) was directed to consider the application afresh and pass an order taking into consideration the submissions and explanations submitted by the assessee.
The Tribunal held that the assessee had a reasonable cause for non-compliance with the notices. Therefore, the penalty levied under section 272A(1)(d) was not sustainable and deserved to be deleted.
The Tribunal held that since the loans were already examined and accepted during the regular assessment under section 143(3) with supporting confirmations, and no contrary material was brought on record, the reopening and subsequent addition were not justified. The ITAT found that all loan inquiries were done in the same assessment proceeding.
The Tribunal held that the assessment order passed under Section 153C was beyond the period prescribed by law, relying on the Supreme Court judgment in CIT vs. Jasjit Singh. This judgment clarified that for 'other persons' in Section 153C, the period for filing returns is reckoned from the date of receipt of seized materials by their jurisdictional AO, not the date of search. Therefore, the assessment order was considered null and void.
The Tribunal set aside the matters to the file of the CIT(A) for de novo adjudication. The assessee was directed to submit all relevant documents and comply with notices without seeking unnecessary adjournments.
The Tribunal held that the assessee is entitled to deductions under Section 80P(2)(d) on interest earned from investments made with a cooperative bank, which is also a cooperative society. This decision was based on the established precedents from the jurisdictional High Court and a coordinate bench of the ITAT.
The Tribunal held that the matter needed to be remanded back to the Assessing Officer (AO) for verification of the additional evidence. The AO was directed to adjudicate the issues on merits after verification, providing the assessee with an opportunity of hearing.
The Tribunal found that the CIT(A) dismissed the appeal without adjudicating the grounds on merits and without correctly appreciating the applicability of section 249(4) of the Act. The Tribunal set aside the CIT(A)'s order and restored the matter for fresh adjudication.
The Tribunal set aside the order of the CIT(A) and restored the matter to the Assessing Officer for de novo assessment. The assessee was directed to furnish all relevant documents and comply with revenue authority notices.
The Tribunal observed that the assessee remained non-compliant despite being granted several opportunities. Therefore, the Tribunal set aside the matters to the CIT(A) for de novo adjudication, directing the assessee to submit all relevant evidence and comply with notices.
The Tribunal, considering the totality of facts and in the interest of justice, decided to remand the matter to the Assessing Officer for a de novo assessment. Both the assessee's appeals and the Revenue's appeal were allowed for statistical purposes with a direction for the assessee to cooperate fully.
The Tribunal, considering the totality of facts and in the interest of justice, decided to remand the matter to the Assessing Officer for a de novo assessment. Both the assessee's appeals and the Revenue's appeal were allowed for statistical purposes with a direction for the assessee to cooperate fully.
The Tribunal set aside the matters to the file of the CIT(A) for de novo adjudication. The assessee was directed to submit all relevant documents and comply with notices without seeking unnecessary adjournments.
The Tribunal set aside the matters to the file of the CIT(A) for de novo adjudication. The assessee was directed to submit all relevant documents and comply with notices without seeking unnecessary adjournments.
The Tribunal, considering the totality of facts and in the interest of justice, decided to remand the matter to the Assessing Officer for a de novo assessment. Both the assessee's appeals and the Revenue's appeal were allowed for statistical purposes with a direction for the assessee to cooperate fully.
The Tribunal held that the assessee is entitled to deductions under Section 80P(2)(d) on interest earned from investments made with a cooperative bank, which is also a cooperative society. This decision was based on the established precedents from the jurisdictional High Court and a coordinate bench of the ITAT.
The Tribunal set aside the order of the Ld. CIT(A) and restored the matter to the Assessing Officer (AO) for de novo adjudication. The assessee was directed to submit all relevant details and documents to the AO.
The Tribunal upheld the reopening of assessment, noting the assessee's failure to provide details of farmers or the broker. While the assessee's appeal would otherwise fail, the matter was allowed for statistical purposes to enable the assessee to produce all details before the AO for de novo consideration.
The Tribunal found that based on the evidence provided, including sale confirmations, bank statements, and the extent of land owned, it could reasonably be presumed that the assessee earned the declared agricultural income. Therefore, no addition was warranted.
The Tribunal observed that the assessee remained non-compliant despite being granted several opportunities. Therefore, the Tribunal set aside the matters to the CIT(A) for de novo adjudication, directing the assessee to submit all relevant evidence and comply with notices.
The Tribunal held that the cash deposits in the bank account were duly reflected in the Income Tax Return filed by the proprietor of the firm. Therefore, no addition was warranted in the hands of the firm.
The Tribunal held that no addition was called for regarding unsecured loans, citing a Gujarat High Court judgment where loan repayments were made. Regarding interest disallowance, the Tribunal directed the AO to modify the disallowance, acknowledging that only a portion of the investment was funded by loans, not the entire amount claimed by the AO.
The tribunal held that the cash deposit was directly correlated with prior cash withdrawals, thus no addition was warranted. Similarly, the contractual receipts were explained and arose from execution of work, making further addition unnecessary.
The Tribunal noted that the CIT(A) dismissed the appeal solely on the grounds of delay without considering the merits. However, it also acknowledged the assessee's non-cooperation during assessment proceedings. To ensure justice, the Tribunal restored the matter to the Assessing Officer for de novo assessment after providing a proper opportunity of being heard.