ITAT Pune held that difference between average price of sugar sold in the market and that sold to members at concessional rate is appropriation of profit or not needs re-consideration. Accordingly, matter restored.
ITAT Pune held that penalty under section 271AAA of the Income Tax Act leviable as assessee failed to substantiate the source as well as the manner of the undisclosed income.
ITAT Pune held that late fees u/s 234E of the Income Tax Act can be levied only prospectively with effect from 01.06.2015.
ITAT Pune held that penalty u/s 271(1)(c) of the Income Tax Act duly leviable in case the additional income is disclosed in ITR filed u/s 153A and such additional income is originated out of seized material.
ITAT Pune held that excess sugar cane prices over and above the Fair and Remunerative Price (FRP) fixed by the Government is to be determined as per latest statutory amendment in Section 155(19) of the Income Tax Act.
ITAT Pune rules that fee for default in TDS statement under Section 234E of the Income Tax Act applies only after June 1, 2015.
ITAT Pune held that it is settled legal position that interest on (Non-Performing Assets) NPAs cannot be taxed on accrual basis.
ITAT Pune held that no proper justification offered by the assessee in respect of difference of turnover reported in audit report and ITR. Accordingly, addition towards the said difference sustained.
ITAT Pune held that as enhanced cost of acquisition not substantiated with cogent evidence, the same is not allowable as cost of acquisition of transferred assets.
ITAT Pune held that the conclusion arrived by AO on his satisfaction of details furnished by the assessee, cannot be found to be erroneous simply because Pr. CIT does not feel satisfied with the said conclusion. Accordingly, invocation of revisionary jurisdiction u/s 263 unjustified.
