ITAT Pune

Delay due to improper legal advice should be condoned

DCIT Vs Atlas Copco (India) Limited (ITAT Pune)

DCIT Vs Atlas Copco (India) Limited (ITAT Pune) The assessee has raised a legal ground challenging the validity of assessment order passed u/s.143(3) r.w.s. 144C of the Income-tax Act, 1961 (hereinafter also called `the Act’). The moot point is as to whether such a long delay deserves condonation. At this stage, it is relevant to [&hell...

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No penalty for income declared in original return filed within time U/s. 139(1) post Survey

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune)

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune) The issue in the present ground is with respect to levy of penalty u/s 271(1)(c) of the Act. It is an undisputed fact that additional income of Rs.1.49 crores was offered by the assessee during the course of survey conducted on 12.01.2012. It is also a fact […]...

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Ex-Gratia Payment to prematurely retiring despite absence of Scheme allowable

DCIT Vs Prathamik Shikshak Sahakari Bank Ltd. (ITAT Pune)

DCIT Vs Prathamik Shikshak Sahakari Bank Ltd. (ITAT Pune) Brief facts relating to the issue are that the Assessing Officer was of the view that in the absence of any scheme formulated by the assessee bank, the amount paid as ex-gratia to prematurely retiring employees was not to be allowed as deduction. The case of […]...

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Section 54F exemption cannot be denied merely because bills & vouchers were not produced

Shri Govind Gangadhar Sabane Vs The Income Tax Officer (ITAT Pune)

Shri Govind Gangadhar Sabane Vs ITO (ITAT Pune) There is no dispute to the fact that one capital asset was sold and thereafter, new house was constructed. That both the Revenue Authorities in their respective orders have agreed that the Inspector had visited the site and has reported that residential house has been constructed consisting ...

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AO bound to compute total income in conformity with ALP determined by TPO

M/s. Carraro India Private Limited Vs DCIT (ITAT Pune)

In view of section 92CA(4) as substituted by Finance Act, 2007 w.e.f. 1-6-2007, AO was bound by the order passed by TPO as he is required to compute total income in conformity with the ALP determined by TPO....

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No Deemed Dividend if Assessee was not a Shareholder when amount been advanced

ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune)

ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune)  The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. It is an undisputed fact that assessee had received loan from Mahesh Ginning Pvt. Ltd., in which both the partners of the assessee also held 18.19% shares each. We find […]...

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Addition on non-CASS issues without obtaining due permission from superior authorities not sustainable

Nazare Vikas Karyakari Seva Shakari Society Ltd Vs ITO (ITAT Pune)

Addition on non-CASS issues made without obtaining due permission from superior authorities was in contravention of CBDT guidelines and, therefore, could not be sustained....

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Penalty not leviable if vagueness & ambiguity in recording of satisfaction

Chandu Laxman Chavan Vs DCIT (ITAT Pune)

Chandu Laxman Chavan Vs DCIT (ITAT Pune) While levying penalty, the Assessing Officer invoked only the charge of “furnishing inaccurate particulars of income”. It is evident that while recording satisfaction the Assessing Officer was not clear in his mind as to which charge u/s. 271(1) (c) is to be invoked for initiating penalty. The ...

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Reassessment based on Documents already in hand of AO not Valid

DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune)

DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune) A bare perusal of reasons for reopening would show that the Assessing Officer has erred in invoking the provisions of section 148 r.w.s. 147 after the expiry of four years to cover up his own follies. It is not the case of Revenue that the assessee has […]...

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Growing of hybrid seeds is Agricultural Activity

DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune)

DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) The CIT(A) while deciding the issue in the present case had in turn, relied on the decision of Pune Bench of Tribunal in ACIT Vs. Ajeet Seeds Ltd. (supra), which has been confirmed by the Hon’ble High Court. Consequently, we hold that growing of hybrid seeds in […]...

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