ITAT Pune held that late filing of Form 10B cannot result in taxing the entire gross receipts; assessment must be made on net surplus after allowing expenses.
ITAT Pune sent back the issue of alleged bogus purchases for A.Y. 2017-18, directing AO to examine GST closure letters, transportation evidence, and other supporting documents to determine genuineness.
ITAT Pune ruled that the Maharashtra PSI-2007 subsidy of ₹37.85 crore is a capital receipt. The order reversed CIT(A) and AO’s revenue treatment, protecting the assessee from taxation.
Tribunal quashed CIT(A)’s cryptic order that upheld addition based solely on IDS declaration. The case is remanded to ensure a fair hearing, full analysis of the Joint Development Agreement, and accurate determination of tax liability.
The Tribunal held that the CIT(A) failed to give a reasoned order on land ownership and capital-asset status. The case is remanded for fresh adjudication and proper hearing.
The ITAT held that without pinpointing specific defects in books or vouchers, an arbitrary ₹50 lakh disallowance cannot stand. The ruling confirms that estimation cannot replace factual verification.
A genuine FTC claim of ₹1.03 crore was partly disallowed due to a technical placement error in Form 67. The Tribunal restored the claim and sent it to the AO for verification and proper allowance.
ITAT held that the assessee operated as a commission agent, not a trader, making Section 44AD inapplicable. A reasonable 5% estimation on cash deposits was upheld.
The ITAT ruled that unresolved legal grounds—especially on reassessment validity—must first be decided by the CIT(A). The ₹3.32 crore Section 69A addition is remanded for proper adjudication.
ITAT confirmed Rs.2.92 crore long-term capital gain as the assessee failed to prove that the land sold was used for agriculture, sustaining the AO’s and CIT(A)’s orders.
