Assessee-company was involved in manufacturing tractors, agricultural equipment, and spare parts, also operated a technology center providing IT and engineering services to Deer Associates.
PCIT was not justified in assuming jurisdiction u/s 263 in the case of Bank of Maharashtra allowing deduction under Section 36(1)(via) as Assessing Officer’s (AO) assessment order was not erroneous, even if it was prejudicial to the interest of revenue.
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
In the matter abovementioned ITAT deleted addition made on account of expenditure incurred for initial public offering (IPO) which was subsequently aborted. ITAT held that this expenditure is allowable being revenue in nature.
ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even if the primary income source is interest on government grants.
ITAT Pune held that once primary reason to believe that income had escaped assessment fails then AO doesn’t possess jurisdiction to tax any other income in reassessment order. Hence, re-assessment is unsustainable and liable to be quashed.
In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that assessee was unable to submit details before CIT (A) due to unfortunate accident of CA.
ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evidence and arbitrary assumptions.
ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sadashiv Karkare vs. ITO.
ITAT Pune confirms CIT’s order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. Appeals for AYs 2013-14 & 2014-15 dismissed.
