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ITAT Pune

ITAT restricts addition to 50% for non-furnishing of requisite detail related to refund of advances from customers

June 24, 2022 549 Views 0 comment Print

Explore Ravindra Dattu Jadhav vs. ITO case: Uncovering undisclosed income in land trading, agricultural activity dispute. ITAT Pune modifies CIT(A) order, restricts addition to 50%.

In absence of Evidence Proving Creditworthiness of Creditors additions justified

June 24, 2022 672 Views 0 comment Print

Explore the case of Nitin Madhukar Rathi vs. DCIT at ITAT Pune involving unsecured loans and unexplained cash deposits. CIT(A) partially grants relief, but Rs. 38,00,000 addition confirmed.

Subsidy for encouraging dispersal of industries to less developed areas cannot be treated as revenue receipt

June 24, 2022 927 Views 0 comment Print

Discover the ITAT Pune decision in DCIT Vs Haldex India Pvt. Ltd. case. Analysis of subsidy taxability under Package Scheme of Incentives, 2007. Learn more.

Penalty not leviable for Bonafide & Inadvertent mistake in deduction claim

June 24, 2022 5901 Views 0 comment Print

No penalty u/s.271(1)(c) can be imposed in respect of inadvertent and bona fide mistake committed by the assessee.

ITAT Allows Administrative Service Charges considering emails as evidence

June 24, 2022 522 Views 0 comment Print

Read the detailed analysis of ACIT Vs Tata Autocomp case by ITAT Pune. Disputed deduction of Rs.2.64 crore for Administrative Service charges, resolved in favor of the assessee.

Reopening based on change of opinion due to Audit Objection is invalid

June 24, 2022 3303 Views 0 comment Print

Explore ITAT Pune resolution in ACIT vs. Rohan & Rajdeep case. Deduction dispute u/s 80IA(4) for infra projects analyzed. Reopening validity examined.

If agreement for sale of immovable property not registered, it not amounts to transfer

June 24, 2022 2760 Views 0 comment Print

If an agreement for sale of immovable property is not registered, it does not amount to transfer in view of the 2001 amendment carried out to section 55A of the Transfer of Property Act and also simultaneous amendments to section 17(1A) and 49 of the Registration Act, 1908

Deduction of excessive price paid on sugarcane purchase by Co-op sugar factory

June 24, 2022 1485 Views 0 comment Print

Sant Tukaram Sahakari Sakhar Karkhana Ltd. Vs ITO (ITAT Pune) We find the issue of payment of excessive price on purchase of sugarcane by the assessee is no more resintegra in view of the judgment of Hon‟ble Supreme Court in CIT Vs. Tasgaon Taluka S.S.K. Ltd. (2019) 103 taxmann.com 57 (SC). The Hon‟ble Apex Court […]

Addition for cash found during search cannot be made to Assessee if already offered for taxation by sister concern

June 23, 2022 1062 Views 0 comment Print

Sparco Engineering Pvt. Ltd. Vs ACIT (ITAT Pune) We find an amount of Rs.3,71,94,261/- which is above the cash receipt projected by the AO offered to tax in the hands of SMAEPL in which the assessee is sister concern, in whose hands the AO made addition again is, in our opinion, not maintainable. We note […]

Miscellaneous expenses Paid by Cheques based on Self-Made Voucher allowable

June 23, 2022 4053 Views 0 comment Print

ITAT held that miscellaneous expenses Paid Through Cheques Based On Self-Made Voucher Allowable for the purpose of business are allowable.

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