ITAT Pune

Section 54F: Reinvestment in name of wife allowed but not in the name of son

Sakharam Bhondve Vs ITO (ITAT Pune)

Sakharam Bhondve Vs ITO (ITAT Pune) The issue under consideration is whether the deduction u/s 54F for reinvestment against Capital gain in the name of wife and son will be allowed or not? As per the judgement of the Hon’ble Bombay High Court in the case of Kamal Wahal (supra): “It also noted that a […]...

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No Section 263 revision for difference of opinion between AO & CIT

Maharashtra Engineering Vs PCIT (ITAT Pune)

Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act....

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No Section 147 Assessment in absence of reasons for escapement of income

Kailash Kanhaiyalal Gidwani Vs ACIT (ITAT Pune)

Existence of reasons for escapement of income are sine qua non to embark upon the assessment or reassessment u/s 147 of the Act. Change or no change of opinion, as argued by the ld. DR, are the factors to be considered after fulfilling the jurisdictional condition of there being an escapement of income, in the absence of which no assessme...

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CIT (A) cannot admit additional evidences without calling remand report from AO

ITO Vs Manish Jeevan Bhaliya (ITAT Pune)

The appeal preferred by the Revenue. The issue under consideration is with regard to the bogus purchases conducted by the assessee and as per revenue CIT(Appeals) has erred in granting relief to the assessee without dealing specifically with the facts of the case and even not calling for any remand report from the Assessing Officer....

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Tax credit to be granted in the year in which income is assessed

M/s. Mahesh Software Systems Vs ACIT Pune (ITAT Pune)

Many a times, we come across cases where the invoice has been raised close to the cut-off date, i.e. closer to the end of a financial year and the customer has accounted for and paid the invoice amount, as well as deducted and deposited the tax at applicable rates in the subsequent financial year....

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No section 68 addition for loan transaction with father on mere suspicion

Girish Madhukar Rathi Vs DCIT (ITAT Pune)

The issue under consideration is that confirming the addition made u/s 68 by A.O. in respect of the loan taken from father of the appellant on mere suspicion....

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Section 80P deduction allowable to co-op credit societies despite loans to nominal members

Sarroday Gramin Bigarsheti Sahakari Path Sanstha Maryadit Vs ITO (ITAT Pune)

Assesse-cooperative society registered under the Maharashtra Co-op. Society Act, 1960 was entitled for exemption under section 80P on giving of loans to members/nominal members as the definition of  ‘member’ given in section 2(19) of the Maharashtra Co­operative Societies Act took within its sweep even a nominal member, associate me...

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IT Support Services to Indian Entities by Foreign company cannot be taxed in India

Faurecia Systems D'echappement Vs ACIT (ITAT Pune)

The issue raised by the assessee challenging the action of AO in holding the income from providing IT support services as taxable for fees for technical services....

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Stamp duty value considered as full value of consideration if amount received via bank

Jagdish Dhanajirao Jadhav Vs ITO (ITAT Pune)

It is evident that the benefit of first proviso would be allowed only if the condition as stipulated in second proviso is satisfied. In other words, the stamp value on the date of agreement to sell shall be considered as full value of consideration only if the amount of consideration or part of such consideration was received by the asses...

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License Fees received for use of IT Parks assessable as Business Income

DCIT Vs Magarpatta Township Development and Construction Company Limited (ITAT Pune)

Assessee is a company which had undertaken development of integrated township. The assessee had claimed the license fees received from the persons for the use of the IT Parks provided along with various infra structural and other facilities and services under the head 'Income from business'. However, the AO had considered the same under t...

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