ITAT Pune

Capital Gains taxable in Year of Transfer of Possession of Land

DCIT Vs Shivaji Bhagwanrao Jadhav (ITAT Pune)

The issue under consideration is whether Capital Gain will be taxable in the year when consideration for sale of land received irrespective of the possession of the land?...

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No Penalty can be Levied on Cash Deposits if Assessee explained Source

Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune)

Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune) No Penalty can be Levied on Cash Deposits if Assessee Explained its Source from Earlier Withdrawal and Recorded in Books of Accounts Simply because cash deposited in the bank is a little more than the cash sales, it cannot call for any addition, what to talk of […]...

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No Section 54B exemption if new land not purchased within a period of 3 years

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune)

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune) The issue under consideration is whether CIT is correct in denial of exemption u/s 54B of the Act? In the present case, the case of assessee is selected for limited scrutiny under CASS for the reason of “Deduction claimed under the head capital gains”. After claiming deduction for […]...

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Payment for VRS to employees prior to Section 35DDA Insertion fully allowed

Foseco India Limited Vs DCIT (ITAT Pune)

The issue under consideration is whether the payment made by the company to its employees under the Voluntary Retirement Scheme (VRS) is allowed as deduction?...

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ITAT dismisses ex-parte order of CIT denying Section 80G exemption

Dnyanranjan Shikshan Prasarak Mandal Vs CIT Exemptions (ITAT Pune)

Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice...

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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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