ITAT Pune rules Section 234E late fees for TDS statements are applicable only from June 1, 2015, quashing demands for earlier periods due to lack of enabling provisions.
ITAT Pune ruled for Yash Construction Co., holding that declared income during survey, if linked to business, cannot be taxed at higher rates under Section 115BBE.
ITAT Pune rules for Late Harilal Mavjibhai Patel, confirming excess stock found during survey is business income, not subject to higher tax rates under Section 115BBE.
On hearing arguments from the both parties ITAT find some force in the arguments of the assessee. It is an admitted fact that the two concerns namely M/s. Ashoka Builders and Developers and Ashoka Engineering Co. are not related parties.
ITAT Pune held that addition towards short term capital gain based on unregistered agreement cannot be sustained since revenue has not brought any evidence on record that possession of property is actually handed over to the purchaser.
Pune ITAT ruled against reassessment for Kalpana Kadam, quashing a Section 148 notice as her share of property investment was below the ₹50 lakh threshold.
ITAT Pune held that the assessee institute is substantially funded by the Central Government and hence the assessee institute would be entitled to exemption by virtue of provisions of section 10(23C)(iiiab) of the Income Tax Act.
The ITAT Pune ruled that additional income declared during a survey at Patel Shoes Co., consisting of excess stock, cash, and furniture expenditure, is business income, not unexplained income under Sections 69/69C, overriding an initial misclassification.
ITAT Pune sets aside CIT(A) order, condoning 374-day delay due to assessee’s illness and tax practitioner’s death, remanding the case for a new hearing.
A co-operative bank’s claim for bad and doubtful debt provision under Section 36(1)(viia) has been upheld, dismissing the Revenue’s appeal. Judicial precedents played a key role.
