ITAT Pune condones delay, remands Sujit Taware’s assessment to AO for fresh adjudication on cash deposit and property purchase.
ITAT Pune deletes capital gains addition u/s 2(47) as possession wasn’t transferred under development agreement.
ITAT Pune permits deduction of Rs. 35 lakhs under Section 80P(2)(d) for interest income from cooperative banks in Jankalyan case.
ITAT Pune remands penalty case, citing pending quantum appeal before CIT(A). Decision on under-reporting penalty deferred.
ITAT Pune held that penalty under section 270A is not leviable since neither the assessment order nor the notice issued u/sec.274 r.w.s.270A the Assessing Officer has specified the limb under which the case of the assessee falls.
ITAT Pune allows 80P(2)(d) deduction for cooperative society’s interest income from cooperative bank investments.
ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section 44AD of the Income Tax Act as parameter, is justifiable. Accordingly, order of CIT(A) uphold.
ITAT Pune held that Association of Person (AOP) taxable at Normal Rates instead of Maximum Marginal Rate (MMR) as provisions of section 167B of the Income Tax Act are not applicable. Accordingly, appeal of assessee allowed.
ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C.
ITAT Pune held that entire amount of R&D expense in India is eligible for weighted deduction u/s. 35(2AB) and R&D capital expense outside India is eligible for deduction u/s. 35(1)(iv) of the Income Tax Act.
