ITAT Pune

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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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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