ITAT Pune

Subsidy received for setting up of new unit is capital receipt

M/s. Alkoplus Producers Pvt. Ltd. Vs DCIT (ITAT Pune)

On going through the language of the Explanation 10, it is manifest that it is attracted only when the object of the Scheme is to subsidize the cost of an asset and not otherwise. If the object of the Scheme is to accelerate the industrial development of the State, then the case is not caught within the mandate of the Explanation 10....

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Reassessment invalid if notice U/s. 143(2) not issued after notice u/s 147/148

ITO Vs S. M. Batha Education Trust (ITAT Pune)

ITO Vs S. M. Batha Education Trust (ITAT Pune) In the absence of pending return of income, the provisions of section 143(2) of the Act is clear that notice can be issued only when a valid return is pending for assessment. Reassessment proceedings is invalid if notice U/sec.143(2) is issued prior to filing of return […]...

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Order U/s. 201(1) & 201(1A) after one year in case of non-residents was void-ab-initio

Atlas Copco (India) Limited Vs DCIT (ITAT Pune)

Where payments in the nature of royalty/fee for technical services (FTS) were made to non -residents, an order u/s. 201 passed after one year from the end of the financial year in which the proceedings were initiated was void ab initio and liable to be quashed....

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Declaration of additional incomes when AO confronted with details of Form No. 26AS attract penalty

Manoj S. Gugale Vs ITO (ITAT Pune)

Assessee had declared additional incomes when AO confronted with details of Form No. 26AS , it could not be said that declaration of income by assessee was voluntary, therefore, levy of penalty under section 271(1)(c) on account of concealment was justified, especially in view of the fact that similar income had been earned and duly offer...

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Payment of professional fee to trustees who are doctors allowable

Parkar Medical Foundation Vs ACIT (ITAT Pune)

rofessional fee paid to the trustees, who were qualified doctors were allowable as deduction as it could not be held to be for the direct or indirect benefit of trustees....

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Addition based on documents seized from other company premises not sustainable if documents not belongs to assessee

Ekdanta Land Pvt. Ltd. Vs ITO (ITAT Pune)

Papers seized fro the premises of Group Company could not be relied upon for making additions in the hands of the assessee whose names appeared in the said documents....

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Bogus Purchase: ITAT held addition of 3% of GP as reasonable

ACIT Vs Shri Akshay Rajesh Samdariya (ITAT Pune)

ACIT Vs Shri Akshay Rajesh Samdariya (ITAT Pune) The solitary issue raised in the appeal by the Revenue and Cross objections by the assessee is against addition deleted/confirmed on account of bogus purchases. The Assessing Officer in re-assessment proceedings made addition of Rs. 2,78,55,984/- as bogus purchases purportedly made by the a...

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Scope of limited scrutiny cannot be extended without approval of administrative CIT

Suresh Jugraj Mutha Vs Addl. CIT (ITAT Pune)

Suresh Jugraj Mutha Vs Addl.CIT (ITAT Pune) Conclusion: It is outside the jurisdiction of AO converting the limited scrutiny case like the present one to the unlimited one without the approval of Administrative Commissioner of Income Tax. Facts – Assessee filed the return and the case was taken up for limited scrutiny for the purpose [&...

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No STCG in case insurance claim less than amount of actual expenditure on re-construction

M/s. K.S. Cold Storage Vs ACIT (ITAT Pune)

Where the amount of insurance claim was less than the amount of actual expenditure incurred on re-construction/renovation, no short term capital gain u/s. 45(1A) could be charged under such circumstances....

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ITAT deletes penalty on Cash loan taken from unorganized finance sector to repay lenders

M/s. P.R. Associates Vs ACIT (ITAT Pune)

M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shree Suvarna Sahakari Bank Ltd. […]...

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