ITAT Pune

Mere furnishing of confirmations & PAN not sufficient to prove creditworthiness of creditors

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune)

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune) Mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements...

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Sec 10A / 10B: Bar in section 92CA(4) not applies to suo motu TP adjustments

Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune)

Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune) Now, coming to the second claim of deduction under section 10B/10A of the Act on TP adjustment of Rs 64,07,399/-. The assessee on its own motion had offered adjustment on account of transfer pricing provision to the extent of Rs 64,07,399/-. The computation of income is placed […]...

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Assessee entitled to claim additional depreciation on windmill

Giriraj Enterprises Vs. Dy. CIT (ITAT Pune)

Process of generation of electricity is akin to manufacture or production of an article or ‘thing’, therefore, assessee was entitled to claim additional depreciation under section 32(1)(iia) on windmill even prior to amendment of section 32(1)(iia) by Finance Act, 2012 as said amendment is only clarificatory in nature....

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Reassessment Notice U/s. 148 merely on directions from JCIT or CIT is invalid

Agfa India (P) Ltd. Vs. Asst. CIT (ITAT Pune)

Where reassessment proceedings were initiated on the directions from JCIT or CIT and AO had not carried out any independent exercise to examine fresh material to come to a conclusion that the assessment warrants reopening on account of escapement of income, the reassessment was bad in law....

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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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