The ITAT Pune held that applying presumptive taxation under Section 44AD to government-collected stamp duty and registration charges was unjustified. The case was remanded for fresh examination, considering subsequent years where identical transactions were accepted without additions.
The Tribunal concluded that section 189 is only a machinery provision and cannot be invoked to assess alleged income arising long after a firm has ceased to exist. Since no evidence showed any business activity post-2012, the reopening for AY 2017-18 was invalid. The order quashing the reassessment also nullified the related addition and penalty.
The Tribunal ruled that a cess deduction claim based on favourable jurisprudence cannot trigger penalty. Compliance with Section 155(18), including timely Form 69 filing, protected the assessee from under-reporting allegations.
Difference between ready reckoner and stamp duty value was wrongly treated as misreported income. Tribunal ordered fresh adjudication, allowing assessee to present sale deeds, purchase deed, and bank statements.
This case examines whether the PCIT could revise an assessment under section 263 when the AO allowed interest income deduction under section 80P. The ITAT ruled that the AO’s order was a plausible view, and both conditions for invoking section 263 were not met.
The ITAT remitted the issue to the CIT(A), noting that exemption provisions were wrongly applied to a non-qualifying investor. The takeaway is that exemption claims in share premium cases must match statutory definitions and evidence.
ITAT Pune reverses CIT(E) order, granting 80G approval to a trust, ruling that minor religious expenditures do not negate predominant charitable activities.
The Tribunal held that delay in submitting Form 10B is curable, allowing the trust to claim income application under Section 11(1)(a) as it was filed prior to completion of assessment proceedings.
Tribunal found the appellate order non-speaking, failing to consider multiple submissions including 54F claims and compensation deductions. The matter is remanded for comprehensive review and proper opportunity of hearing.
ITAT Pune allowed a retired PSU bank employee to claim leave encashment exemption of Rs. 6,97,100 under Section 10(10AA) after limit was revised from Rs. 3,00,000 to Rs. 25,00,000. The ruling confirms that updated notifications can affect eligible deductions.
