Pune ITAT ruled against adding the perquisite value of rent-free accommodation, finding that the amount was already included and taxed as part of the directors’ disclosed salary.
ITAT Pune held that assessee was engaged in livestock transport on commission basis and not in trading, directing AO to apply 1.5% profit rate instead of 8% estimated earlier.
The ITAT set aside the rejection of Life Eternal Trusts 80G registration and remanded the case to re-evaluate if the trusts religious expenses exceeded the 5% limit. The Tribunal instructed the CIT to consider the trust’s new evidence on expense miscategorization.
ITAT Pune annulled reassessment proceedings, holding that approval by PCIT instead of PCCIT for notices issued after three years was contrary to Section 151.
ITAT Pune held that interest credited on fixed deposits in assessee’s name remains taxable, even if underlying development agreement was later cancelled, as assessee retained ownership of account and TDS was deducted under her PAN.
Tribunal ruled that merely selling agricultural land does not make it a business transaction. It directed AO to reassess whether land was held for investment or trade based on intention, frequency and surrounding facts.
ITAT Pune set aside an addition of Rs.38.26 lakh, accepting new evidence (affidavits from the assessee and a clerk) that the agricultural income shown in the return was a clerical error. The Tribunal ruled that no person should be taxed on income that never existed and remanded the case to the AO for fresh verification and de novo assessment.
ITAT Pune deleted the penalty of Rs.2.74 lakh imposed under Section 270A(9) for misreporting income related to delayed PF/ESIC payments. The Tribunal ruled that since the assessee’s claim was based on prevailing High Court judgments and the issue was debatable until the Supreme Court ruling, the mere disallowance of expenditure, where all particulars were disclosed, does not attract a misreporting penalty.
ITAT Pune set aside the rejection of a final 80G approval application, ruling that a technical delay caused by withdrawing and refiling the application due to a typographical error should be condoned. The Tribunal held that rejecting the application on mere procedural lapse, despite the original filing being on time, defeats the purpose of the law.
ITO Vs Lalit Raghunathrao Shinde (ITAT Pune) Same Income, Two Hands? Not Allowed – ITAT Pune Quashes Double Taxation on 26AS Mismatch- Receipts Taxed in Company’s Books Can’t Be Reassessed in Individual’s Hands In a second round of litigation, ITAT Pune held that the same income cannot be taxed twice merely because of a mismatch in […]
