ITAT Pune

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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Remission under Deferral Sales Tax Scheme is Capital Receipt & not taxable

DCIT Vs ThyssenKrupp Electrical Steel India Pvt. Ltd. (ITAT Pune)

This amount represents difference between the amount payable as shown in the books of account under the sales tax deferral scheme of Government of Maharashtra, availed by the company and that paid under the Pre- payment scheme on the basis of Net Present value of the amount due, as pe...

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Broken period interest is allowable as deduction

Prathamik Shikshak Sahakari Bank Ltd Vs ACIT, (ITAT Pune)

Hon’ble High Court of Rajasthan In CIT Vs. Bank Rajasthan Ltd (supra) and had held that broken period interest is allowable as deduction. Following the same parity of reasoning, we hold that the assessee is entitled to the claim of broken period interest of Rs.16,97,027/-. The ground of appeal No.1 raised by the assessee is thus, allow...

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Company with extraordinary events cannot be considered as comparable

Cummins Turbo Technologies Ltd. Vs DCIT (ITAT Pune)

ITAT held that on account of extra ordinary events viz. acquisition of IQ group of companies and amalgamation of Accentia Infoserve Pvt. Ltd with Accentia Technologies Ltd, the said company cannot be considered as good comparable. ...

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Sec. 11 Exemption cannot be denied fully for mutual fund investment

ito (Exemption), Vs Progressive Education Society, (ITAT Pune)

We do not find any infirmity in the order of Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) has rightly followed the law laid down in the case of Commissioner of Income Tax Vs. FR. Mullers Charitable Institutions (supra). The ld. DR could neither rebut the findings of First Appellate Authority nor any contr...

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No penalty for non deduction of TDS on sale of SIM Cards/recharge coupons at discounted rate

Vodafone Cellular Limited Vs. Additional Commissioner of Income Tax, TDS Range (ITAT Pune)

Tribunal held that sale of SIM Cards/recharge coupons at discounted rate to distributors is not commission and therefore, not liable to TDS provisions u/s. 194H of the Act. Once, the substratum for levy of penalty has eroded there is no question for sustaining the penalty....

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Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune]

The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing Officer has processed the TDS statements...

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No disallowance u/s. 14A on shares held as stock-in-trade

Shri Paresh Pritamlal Mehta Vs Income Tax Officer, (ITAT Pune)

The assessee is engaged in the business of trading in shares. dividend income was earned by the assessee on the shares held as stock-in-trade. Assessing Officer made disallowance u/s. 14A r.w. Rule 8D of the Income Tax Rules, on the tax free income earned by the assessee....

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Sec. 271AAA-No penalty where demand paid before penalty order

DCIT Vs M/s. Tapadia & Kasliwal Associates (ITAT Pune)

It was held that wherein entire tax and interest has been duly paid well within the time limit for payment of notice of demand under section 156 and well before the penalty proceedings were concluded, the assessee could not be denied the immunity under section 271AAA (2) only because entire tax, along with interest, was not paid before fi...

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WIP Valuation on receipt basis forbidden in mercantile accounting

The ACIT Vs M/s. Ambarwadikar & Co., Engineers & Contractors (ITAT Pune)

ITAT Pune held in the case The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors that It is clear that the bill raised by the assessee has been accepted by the department and for whatever reason some amount was not paid during F.Y. 2001-02 but the fact remains that there is no such dispute as claimed by the assessee....

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