ITAT Pune held that excess sugarcane price paid to the members and sale of sugarcane at concessional rate needs fresh consideration and accordingly, the matter is restored back to the file of AO.
ITAT Pune held that ex-parte order sustaining addition under section 69A of the Income Tax Act on account of non-compliance on the part of the assessee not justified since relevant notice and order were served to old e-mail of the assessee. Accordingly, matter restored back to the file of AO.
ITAT Pune has granted a fresh hearing to an assessee, citing notices sent to a wrong email ID, allowing him to explain cash deposits and property purchases.
ITAT Pune remands Life Eternal Trust’s 80G application, directing CIT(E) to provide one more opportunity for the trust to submit evidence of its activities.
It is settled proposition of law that CBDT circulars are binding on department and it has to be strictly followed by officers of department. AO cannot be permitted to travel beyond the issues for which case was selected for limited scrutiny without taking mandatory permission from concerned PCIT or Pr.CCIT.
Even if a house property is vacant for the whole of the current year, but it is let out in earlier years, then benefit of vacancy allowance u/s 23(1)(c) must be allowed and no addition towards notional rent can be made by applying section 23(1)(a) of the Income Tax Act 1961. Vivek Jain v ACIT [337 ITR 74 (AP)] distinguished.
Pune ITAT voids Rs 1 crore penalty against Karia Builders. Tribunal rules penalty proceedings are invalid if the underlying assessment is legally flawed and highlights the need for proper sanction for reassessment notices.
The ITAT Pune ruled on whether land acquisition compensation received by a partnership firm is taxable, clarifying the scope of exemptions under the RFCTLAAR Act and related circulars.
The Income Tax Appellate Tribunal (ITAT) in Pune dismissed the Revenue’s appeal against a penalty deletion, ruling it was not maintainable due to a low tax effect. The Tribunal held that the new CBDT Circulars, which do not include an exception for audit objections, are applicable to pending appeals.
The ITAT Pune ruled on whether an assessment order was erroneous and prejudicial to the revenue concerning cash deposits during the demonetization period, providing key clarifications on Section 263 of the Income Tax Act.
