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.
Janata Urban Co-op. Bank Ltd. Vs ACIT (ITAT Pune) The impugned order was passed in 2017, the appeal was filed in 2021. The assessee has filed return of income which clearly shows that the assessee is supported by professionals having expertise in Income Tax procedures. The delay of 685 days cannot be accepted as the […]
ITAT Pune held that payment of Education Cess (including secondary and higher secondary education), is an additional surcharge levied on income-tax and hence it partakes the character of Income-tax, and accordingly is not allowable deduction.
