ITAT Pune

Exemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years

Majid Khan Nisar Khan Vs ITO (ITAT Pune)

Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale of […]...

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Depreciation eligible on Right to collect toll for specified period as it is intangible Asset

Ashoka Infrastructure Ltd. Vs. Asst. CIT (ITAT Pune)

As assessee was not the owner of toll road, but had been given the right to develop, maintain and operate the toll road and to further collect the toll for the specified period, then this right was an intangible asset falling under section 32(1)(ii) and expenditure on development, construction and maintenance of infrastructure facility as...

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ITAT disallows proportionate interest for Interest free advances given to sister concerns

H.I. Tamboli & Co. Vs Asstt. CIT (ITAT Pune)

Assessee is a partnership firm stated to be engaged in the business of manufacturing and selling of tobacco products. Assessee electronically filed its return of income for assessment year 2007-08 on 31-10-2007 declaring total income of Rs. 15,20,628....

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For depreciation slump sale price needs to be bifurcated between tangible and intangible assets in a systematic manner

Johnson Matthey Chemicals India Pvt. Ltd Vs DCIT (ITAT Pune)

After the slump price has been attributed first to the value of tangible assets, then the balance is to be attributed to intangible assets and once the same is done and whether it is under the umbrella of know-how, trademarks, patents or goodwill, it makes no difference since all these are covered under the umbrella of intangible assets, ...

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Directions of JCIT or CIT cannot only be reason to believe for reopening of assessment

Agfa India Pvt. Ltd. (now merged with Afga Healthcare India Pvt. Ltd.) V/s. ACIT (ITAT Pune)

In the present case, a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions of section 147 of the Act. The AO has issued notice under section 148 of the Act on the directions of JCIT and CIT. The learned Members of the ITAT held that in our considered opinion the notice issu...

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Nature of Agricultural income would not change merely because operation were done in a greenhouse

Asst. CIT Vs. KF Bio plant Pvt. Ltd. (ITAT Pune)

Assessee was engaged in the business of plant floriculture and tissue culture, and claimed exemption of income under section 10(1) for being agricultural income, AO was not justified in disallowing exemption on the ground that basic operation were done in greenhouse since involvement of greenhouse would not change the nature of operations...

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S. 271B No penalty Failure to get accounts audited for Bona fide belief that assessee not liable to get audited

Manoj S. Gugale Vs. ITO (ITAT Pune)

The issue is with respect to levy of penalty under section 271B of the Act. It is an undisputed fact that assessee is engaged in the business of Advertising Agency and during the year under consideration the commission earned from the Advertising Agency was not in excess of the limits prescribed under section 44AB for the purpose of getti...

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Section 40A(3): Cash Payment- Person means individual truck driver

ITO Vs. Dhanshree Ispat (ITAT Pune)

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted....

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Surplus generation from charitable activities did not dis-entitle assessee from registration U/s. 12A

Yashaswi Education Society Vs CIT (ITAT Pune)

This appeal by the assessee is directed against the order of Commissioner of Income Tax -I, Pune dated 29-11-2013 rejecting the application of the assessee for grant of registration under section 12AA(1)(b)(ii) of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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Expense on PF in respect of Contractual Labors is allowable

M/s. Ratilal Bhagwandas Construction Co. Pvt. Ltd. Vs ITO (OSD) (ITAT Pune)

Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be disallowed? ...

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