DCIT Vs. Bhagyalaxmi Rolling Mill Pvt. Ltd. (ITAT Pune) The issue for adjudication in all these appeals is the assessee having received subsidy from Government of Maharashtra under Package Scheme of Incentives of 2007 (PSI-2007), Whether the said subsidy is capital receipt or a revenue receipt. The assessee-company had set up a mega project as […]
Vijay Arvind Raykar Vs ITO (ITAT Pune) The assessee is a builder. He is in the business of construction and sale of residential/ commercial properties. The AO observed that certain residential units have been sold by the assessee at a price less than the value adopted for Stamp Duty purpose by the State Government. During […]
Chemetall Rai India Limited Vs DCIT (ITAT Pune) The only question is about the denial of depreciation on two categories of Intangible assets, namely, Non-compete fees and Market information comprising of Commercial information, Customer data, Distribution network and Suppliers contract. Apart from the assessee acquiring the Chemical business of Gramos Chemicals India Limited, it transferred […]
It is apparent from bare reading of section 54F that the exemption becomes available towards capital gain arising from the transfer of any long term capital asset on purchasing or constructing one residential house in India. Thus, it is patent that in order to qualify for exemption u/s.54F, it is necessary that the new asset must be a ‘residential house’.
Yogesh Parashram Pangarkar Vs ITO (ITAT Pune) As per Income Tax Rule 6F the appellant i.e. Doctor has to maintain the books of accounts mentioned in the Rule 6F. The ld.AR submitted that the appellant is maintaining cash book and petty cash book. Even before the ld.CIT(A) the appellant had submitted that the appellant maintained […]
Hariom Associates Vs ITO (ITAT Pune) It is seen that the assessee purchased the land in the financial year ending 31-03-2006. Development expenses amounting to Rs.2.00 lakh were also incurred in that year. Before the close of the year ending on 31.3.2006, the assessee came to know about a litigation going-on on this plot. Development […]
Vandana Maruti Pathare Vs ITO (ITAT Pune) Succinctly, the factual panorama of the case is that the assessee transferred certain agricultural lands and claimed exemption u/s 54B of the Act amounting to Rs.18 lakhs. During the course of assessment proceedings, the assessee submitted that she purchased new agricultural land in the name of her sons, […]
Beena Shammi Chaudhari Vs ITO (ITAT Pune) `A registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made, and not from the time of its registration‟. A document is first executed and then submitted for registration, if required. Normally, it takes […]
Late Shri Saifulla Abubakar Inamdar Legal Heir Vs ITO (ITAT Pune) Firstly, it is relevant to mention that the assessee did not take up the issue of Inami land before the AO. It was for the first time that the assessee raised this issue before the ld. CIT(A) contending that in the absence of any […]
Bhagyalaxmi Nagri Sahakari Patsanstha Meryadit Vs ITO (ITAT Pune) The first item is the commission income from MSEDCL amounting to Rs.60,363/-. The assessee has contended in its written submissions that similar issue came up for consideration before the Pune Tribunal in Banganga Nagri Sah. Patsanstha Ltd. (ITA No.873/PUN/2014) and the Tribunal, vide its order dated […]
