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2017 (5) TMI 1567 - ITAT JAIPUR The Tribunal upheld the reopening of assessment under Section 147 of the IT Act due to the omission of amortization of mining and leasehold land. It directed the treatment of such expenses as capital expenditure. Receipts from the sale of Carbon Emission Reduction Certificates were held as capital and not eligible for deduction under Section 80IA. Various expenses were disallowed for not being wholly and exclusively for business purposes. The Tribunal directed the AO to verify specific claims and follow precedents in allowing deductions. The decisions were based on legal principles and case-specific facts, leading to partial allowance of appeals with specific directions for reassessment.
1997 (12) TMI 638 - DELHI HIGH COURT The Supreme Court upheld the constitutional validity of Chapter XX-C of the Income-tax Act, allowing pre-emptive purchase of properties to counter tax evasion. The court emphasized the importance of proper valuation methods, burden of proof, and adherence to principles of natural justice. Several orders were quashed due to arbitrary valuation methods and errors in comparing properties. Non-payment within the stipulated period led to the abrogation of purchase orders. Writ petitions were allowed, directing the authority to issue no objection certificates to the parties.
2012 (12) TMI 1125 - ITAT CHENNAI The Revenue's appeal was dismissed as the Tribunal upheld the CIT(A)'s decision to delete the addition made under section 2(22)(e) of the Act, ruling that the amount received was not deemed dividend but a business expedience arrangement. Regarding the disallowance of interest expenditure under section 14A read with Rule 8D, the Tribunal remitted the issue back to the Assessing Officer for a fresh decision, emphasizing the correct interpretation of the law. The Cross Objections of the assessee were accepted for statistical purposes.
2010 (3) TMI 937 - ITAT AHMEDABAD The Tribunal dismissed the assessee's appeal and partly allowed the Revenue's appeal. The addition of Rs. 63,88,777 was sustained, and the set-off of Rs. 11,91,746 was disallowed. The Tribunal upheld the application of the gross profit rate to unaccounted sales and the rejection of the books of account under section 145. The Tribunal emphasized that the entire unaccounted sales could not be treated as profit, aligning with the Gujarat High Court's decision in CIT v. President Industries.
2023 (11) TMI 803 - ITAT DELHI The Tribunal allowed the assessee's appeal on the disallowance of maintenance expenses, recognizing that maintenance and rental activities were separate and identifiable, thus no disallowance was warranted. It dismissed the Revenue's appeal regarding the disallowance of depreciation on fixed assets, affirming that the assets were used for maintenance and hire, classified under "Business Income," and that the AO's disallowance was erroneous. The Tribunal directed the AO to compute the allowance per CIT(A)'s directions, emphasizing the consistent treatment of expenses in prior years.
2017 (1) TMI 1404 - ITAT HYDERABAD The Tribunal allowed the assessee's deduction for gratuity payment, loss on valuation of mutual funds, and interest on non-performing assets (NPAs). However, the disallowance of provision for standard assets and claim under Section 36(1)(viia) was upheld. The additional deduction for salary arrears was remitted for reconsideration, while the Revenue's appeal on broken period interest and provision for staff frauds was dismissed.
1954 (12) TMI 26 - MYSORE HIGH COURT The court allowed the petitions, holding that the notices issued for re-assessment under section 34 of the Mysore Income-tax Act were without jurisdiction. Writs were issued quashing the proceedings initiated by the Income-tax authorities, and costs were awarded to the petitioners.
2022 (12) TMI 425 - ITAT BANGALORE The Tribunal upheld the initiation of Section 263 proceedings, agreeing that the Assessing Officer's order was erroneous and prejudicial to the revenue's interest. The Tribunal also supported the Principal Commissioner of Income Tax's direction for a fresh assessment due to errors in valuation and lack of proper inquiry. However, in a subsequent appeal, the Tribunal allowed the appeal, finding that the Assessing Officer's completion of the assessment without waiting for the Department Valuation Officer's report was justified under statutory time constraints, deeming the order not erroneous or prejudicial to revenue.
2020 (2) TMI 786 - ITAT CHANDIGARH The Tribunal allowed the appeals of the assessee, holding that the initiation of proceedings under section 153A was invalid due to the absence of incriminating material found during the search. Additionally, the additions under sections 68 and 69C were deemed unjustified as they were based on presumptions and lacked concrete evidence. The Tribunal concluded that the AO violated the principles of natural justice by not allowing the assessee to cross-examine witnesses, leading to the decisions being unsupported.
2017 (9) TMI 1284 - ITAT MUMBAI The Tribunal allowed the assessee's appeals concerning disallowances under Sections 40(b) and 40(a)(ia), additions of unsecured loans under Section 68, and adjustments to negative peak cash balance. The Tribunal confirmed the deletion of additions related to agricultural income and a tripartite agreement for selling development rights. Additionally, the Tribunal partly allowed appeals regarding the disallowance of work-in-progress and other adjustments based on seized material.
2017 (4) TMI 1010 - ITAT JAIPUR The ITAT dismissed the revenue's appeal and partly allowed the assessee's appeal. It upheld the allowance of depreciation on plant and machinery during factory closure, the write-off of sundry debtors, loans, advances, and fixed assets, and the interest amount disallowance was deleted. The ITAT admitted additional grounds on extraordinary income for further assessment by the AO. The order was pronounced on 11/04/2017.
2024 (1) TMI 482 - ITAT MUMBAI The Tribunal ruled in favor of the assessee on several issues, including the allowance of estimated depreciation on obsolete assets, bad debts, Modvat adjustment, and the deletion of disallowance under Section 40A(2). The Tribunal also upheld the assessee's position on the application of Section 50C for capital gains and quashed penalties under Section 271(1)(c) due to vague notices. However, it upheld the revenue's position on the inclusion of interest under Section 244(1A) and the enhancement of long-term capital gain. Some issues, like leave encashment payment, were remitted for further assessment.
2022 (2) TMI 591 - ITAT DELHI The Tribunal directed fresh adjudication on various issues, including legality of assessment proceedings under section 153A, additions for unexplained money under section 69A, interest income on loans given, disallowance of interest on housing loans, and identity of unsecured loans. The Tribunal emphasized the principle of telescoping to offset unexplained money against other profits and stressed the importance of corroborative evidence for additions based on rough notings and presumptions. The Tribunal upheld some additions while restoring others for further examination by the Assessing Officer.
2016 (5) TMI 722 - ITAT VISAKHAPATNAM The Tribunal rectified an oversight in an order under Section 254(2) of the Income-Tax Act, recalling it for reconsideration based on a Supreme Court judgment. Regarding the classification of an amount as deemed dividend under Section 2(22)(e) of the Act, the Tribunal upheld the Assessing Officer's decision, treating the amount as deemed dividend due to lack of substantiated evidence supporting the claim of an advance for property sale. The Tribunal dismissed the appeal and affirmed the classification of the amount as deemed dividend.
2016 (1) TMI 1284 - ITAT DELHI The Tribunal allowed the appeals of the assessees, holding that the initiation of proceedings and issuance of notice under Section 153C of the Income Tax Act was void ab initio. The Tribunal quashed the assessment orders and held that the additions made by the AO were beyond the scope of assessment as no addition was based on seized documents. Additionally, the Tribunal found that the documents mentioned in the satisfaction notes did not belong to the assessee, and the absence of satisfaction recorded by the AO of the searched person rendered the proceedings invalid.
2019 (11) TMI 35 - GUJARAT HIGH COURT The Court held that the activities of the Cricket Associations were charitable under Section 2(15) of the Income Tax Act, 1961. The income received from BCCI was deemed corpus donations under Section 11(1)(d), and the infrastructure subsidy from BCCI was classified as capital receipts. The Revenue's appeals were dismissed, and the Court ruled in favor of the assessees, affirming that the associations' activities were not commercial in nature and met the criteria for charitable status and exemption under the Income Tax Act.
2019 (6) TMI 351 - ITAT INDORE The Tribunal upheld the validity of reassessment proceedings under Section 147 of the Income Tax Act, dismissing challenges raised by 14 assessees. It ruled against protective additions based on "dumb documents" unrelated to the assessees, deleting additions totaling ?8,07,43,547. The Tribunal set aside the disallowance of expenses totaling ?45,24,621 for further adjudication by the CIT(A). Additionally, it found that the CIT(A) exceeded her jurisdiction by directing the reopening of cases for subsequent assessment years, leading to the allowance of this common issue raised by the assessees.
2017 (1) TMI 315 - ITAT MUMBAI The Tribunal quashed the revisionary proceedings under Section 263, finding the assessment order not erroneous or prejudicial to Revenue interests. The appeals of the assessee were allowed regarding the computation of deductions under Section 10A and the admissibility of loss on disposal of investments. The Tribunal emphasized the distinction between lack of inquiry and inadequate inquiry by the Assessing Officer, ultimately ruling in favor of the assessee on all contested issues.
Income-tax (Second Amendment) Rules, 2024 - Modes of filing of ITR and Substitution of ITR-2, ITR-3 and ITR-5 forms The Income-tax (Second Amendment) Rules, 2024, effective from April 1, 2024, introduce changes to the Income-tax Rules, 1962. The amendments specify new modes for filing Income Tax Returns (ITR) for individuals and Hindu Undivided Families. Returns can be filed electronically under a digital signature, via electronic verification code, or by submitting verification in Form ITR-V. Additionally, paper form submission is an option for individuals aged eighty or above using Form SAHAJ (ITR-1) or SUGAM (ITR-4). The forms for ITR-2, ITR-3, and ITR-5 have been substituted with new versions.
2015 (8) TMI 1078 - ITAT AHMEDABAD The ITAT dismissed the Revenue's appeal for both A.Y. 2003-04 and 2004-05, upholding the CIT(A)'s decision to delete the addition of deemed dividend u/s 2(22)(e) of the Income Tax Act. The ITAT emphasized the importance of shareholding structure in determining the applicability of deemed dividend provisions, stating that the Assessee not being a shareholder in the lending company precluded the assessment of deemed dividend in their hands.
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