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ITAT Nagpur

Latest Posts in ITAT Nagpur

Applicability of Sections 41(1) & 68 on Lease and Booking Advances as Ceased Liabilities – ITAT Ruling

March 2, 2025 315 Views 0 comment Print

ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation and unexplained cash credits analyzed.

ITAT Nagpur Upholds Section 153C proceedings & Section 69A income additions

February 28, 2025 363 Views 0 comment Print

ITAT Nagpur allows Revenue’s appeal in ACIT Vs Unique Realities Builders & Developers, validating Section 153C proceedings and Section 69A income additions.

PCIT Cannot invoke Section 263 to Change Profit Estimation Rate: ITAT Nagpur

February 26, 2025 351 Views 0 comment Print

Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.

ITAT Nagpur Directs Fresh Assessment: Assessee’s Gain Shouldn’t Come from AO’s Error

February 20, 2025 2943 Views 0 comment Print

Analysis of Section 263 proceedings in a case involving a builder and developer. Learn why the PCIT directed reassessment for AY 2016–17 and key judicial observations.

No addition u/s 68 as contribution to share capital was genuine

February 17, 2025 210 Views 0 comment Print

Addition made in the case of assessee was held to be unjustified. Assessee had established and satisfied all the three ingredients being identity, creditworthiness and genuineness of share capital contribution to explain credit in terms of provisions of section 68.

ITAT Nagpur Grants Section 80P Deduction to Police Pat Sanstha

February 14, 2025 450 Views 0 comment Print

ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO’s disallowance was unjustified.

Section 12A(1)(b) Amendment: Returns Filed Under Sections 139(1) or 139(4) Deemed Compliant

February 9, 2025 477 Views 0 comment Print

ITAT Nagpur ruled in favor of Panchmurti Education Society, allowing exemption under Sections 11 & 12 of the IT Act despite delayed return filing.

Section 68 Addition without granting cross-examination opportunity untenable: ITAT Nagpur

January 17, 2025 222 Views 0 comment Print

ITAT Nagpur held that addition under section 68 of the Income Tax Act without providing an opportunity to assessee to cross-examine the person whose statement was relied upon is untenable in law and hence liable to be deleted.

Disallowance due to delayed payment of employees’ contribution to PF and ESIC justified

December 26, 2024 312 Views 0 comment Print

After the receipt of intimation, the assessee found mistake in the Tax Audit Report in which the Tax Auditor has mistakenly filled the due date of payment in column of actual date of payment and vice-versa.

Interest from co-operative bank eligible for deduction u/s. 80P: ITAT Nagpur

December 26, 2024 390 Views 0 comment Print

ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.

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