ITAT Pune ruling on Sheetal Collection clarifies no written retraction is needed for statements under Section 133A of the Income-tax Act.
Assessee had claimed a tax exemption under Section 10(23C)(vi) which allowed tax exemptions for educational institutions provided certain conditions prescribed by the Chief Commissioner of Income Tax (CCIT) were met.
ITAT Pune held that exemption under section 54F of the Income Tax Act entirely allowed as entire amount re-invested by the assessee and name of the son taken only as a proforma purchaser.
Assessee-company was carrying out the business of manufacturing and trading of dies and pigments, but no business activity was carried out during the period when the assessment proceedings were carried out.
ITAT Pune held that addition in respect of share capital not sustainable as no incriminating material found during course of search regarding non-genuine share capital. Accordingly, addition towards the same deleted.
ITAT Pune nullifies AO’s Rs.3.36 lakh addition for cash purchases, citing lack of evidence and failure to provide requested information.
ITAT Pune sends case back to CIT(A) after hearing notices sent to registered email went unnoticed, leading to non-appearance by the taxpayer.
ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge the onus cast upon it in terms of provisions of section 68 of the Income Tax Act.
ITAT Pune directed addition u/s. 68 of the Income Tax Act towards unsecured loans as appellate deliberately withhold information from NFAC and NFAC failed to examine the nature of transaction and passed order in perfunctory manner.
ITAT Pune rules in favor of Ashok Ravsaheb Tambe, deleting addition of cash deposits during demonetization, explained as proceeds from a gold loan.
