ITAT Pune held that revisionary proceedings under section 263 of the Income Tax Act rightly invoked since AO failed to make necessary enquiries and verification. Accordingly, revisionary proceedings upheld and appeal of assessee dismissed.
The ITAT Pune has remanded the M.B. Patil Constructions case for re-verification of the 80-IA deduction and deemed dividend, while upholding partial relief.
The ITAT Pune set aside a reassessment case, ruling that the notice was invalid because it lacked the correct sanction from a Principal Chief Commissioner.
ITAT Pune remands a case, ruling that a trust’s gross receipts cannot be taxed as income without allowing expenses, despite a significant delay in filing.
The ITAT Pune ruled that excess cash found during a business survey should be taxed as normal business income, not at the higher rate under Section 115BBE.
ITAT Pune upholds an estimated 8% profit on a grain merchant’s cash deposits of ₹2.61 crore, ruling against the taxing of the full amount as unexplained income.
The ITAT Pune has sent back a Rs. 28.71 lakh unexplained cash deposit case to the CIT(A), granting the assessee a fresh opportunity due to alleged unawareness of proceedings.
The ITAT ruled that a trust’s tax exemption application cannot be rejected for selecting the wrong clause. The case was remanded for a decision on merits.
ITAT Pune rules that a CIT(A) cannot remand assessments under Section 147. This power to set aside and remand is restricted only to Section 144 assessments.
The ITAT in Vir Savarkar Swimmers Club vs. ITO case ruled that even without a tax exemption, only a society’s net income is taxable, not its gross receipts.
