ITAT Pune held that profits and gains arising from transfer of interest in Hydro Projects is income from business and not income under the head ‘short term capital gains’.
ITAT Pune held that information from the office of DIT (Inv.)-II is a tangible information enabling AO to form a belief that income has escaped assessment and hence proceedings of re-assessment justified.
Bablu Kumar Harinarayan Gupta Vs ITO (ITAT Pune) ITAT held that it is not fit case for levy of penalty u/s 271B merely because the appellant was unable to substantiate the submission that the appellant is only commission agent because there is no obligation on the part of the assessee to get the accounts audited […]
In the present case, it has been categorically established that, the amount of bogus purchases ₹64,33,495/- is debited to P&L by fictitious tax invoices
ITAT Pune held that customs duty drawback relating to preceding assessment years can be written-off ‘as prior period item’.
ITAT Pune held that interest income of co-operative society from investments/ deposits parked with co-operative bank is allowable as deduction to co-operative society under section 80P(2)(d) of the Income Tax Act.
There is no provision under the head Profits and Gains from business or profession which deems the rental income from unsold flats held as stock as Business income.
In this case employee’s contribution to PF was not deposited before due date mentioned in Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Hence, impugned amount has been rightly disallowed by AO.
Parvez Peerpasha Inamdar Vs PCIT (ITAT Pune) It is seen that the only reason taken note of by the ld. PCIT for revising the assessment order is that the assessee had deposited Rs.92.25 lakh in his savings bank account which was not properly examined by the AO. The assessee categorically submitted before the AO that […]
The assessee pleaded a reasonable cause before the AO that the audit could not be carried out because of ill-health of his wife, which further worsened the family problems. Section 271B is subject to provisions of section 273B which provides that in case of a reasonable cause, penalty under the concerned section need not be imposed.
