Shri Vinit Ranawat vs. ACIT (ITAT Pune)- Referring to the provisions of section 153A he submitted that the same is to be invoked for making an assessment of the person searched on the basis of the material found during the course of search on that person.
In case of Prabhat Chandra S Jain Vs. ACIT Pune bench of ITAT have held that where it is not established that name PC Jain of Mumbai written in the said document was in fact the assessee before us and in the absence of any evidence having been found to establish that the assessee
ITAT Delhi held in the case American Express (India) Private Limited vs. DCIT that even though the assessee in its TP study has included the turnover filter of less than Rs.1 crore, the assessee has given reasons for inclusion of these two companies in the list of comparables
Hon’ble Tribunal held that whenever the consideration is received in advance for the particular sale, The money will be taxed in the year in which the sale is made and not in the assessment year in which the advances are received.
In the case of M/s. Kailash Vahan Udyog Ltd. Vs. DCIT Pune Bench of ITAT have held that according to the provisions of section 115JB Explanation 1 Clause (iii) while computing book profit, the amount of loss brought forward (before depreciation) or unabsorbed depreciation
It was held that wherein entire tax and interest has been duly paid well within the time limit for payment of notice of demand under section 156 and well before the penalty proceedings were concluded, the assessee could not be denied the immunity under section 271AAA (2) only because entire tax, along with interest, was not paid before filing of income tax return or, for that purpose, before concluding the assessment proceedings.
ITAT Pune held in the case The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors that It is clear that the bill raised by the assessee has been accepted by the department and for whatever reason some amount was not paid during F.Y. 2001-02 but the fact remains that there is no such dispute as claimed by the assessee.
Deccan Education Society Vs. Addl. CIT (ITAT Pune) Hon’ble ITAT observed that Merely because some of the donors stated that they have given the donation for admission will not disentitle the society from getting exemption which exists solely for educational purposes
Appeals filed by the assessee were withdrawn. The Revenue filed the appeal. Facts of the case were that the assessee company was engaged in the business of running a mall. A TDS survey was conducted on 15-11-2012 during which it was observed that the assessee company had deducted tax on professional fees u/s.194J at lower rate than as required by the section.
Assessee is not liable to penalty u/s 271(1)(c) of the I.T. Act since the same was not based on any incriminating material found during the course of search. The addition was based on the basis of loan creditors found from the balance sheet already filed prior to the search along with the original return of income.
