ITAT Pune quashes Section 271(1)(c) penalty on Intervalve Poonawalla for leave encashment disallowance, citing full disclosure and judicial precedents.
The ITAT Pune has set aside an income tax addition of Rs. 41 Lakh in demonetized notes for Dashrath Kisanrao, remanding the case to the AO for fresh verification of bank deposit certificates.
ITAT Pune remands Snehbandh Foundation’s 12AB/80G registration denial, citing lack of proper hearing on trustee loans and directing reconsideration in light of judicial precedent.
Assessee then filed an appeal before Tribunal. It was held that assessee had included net gain of ₹17.02 crore from foreign currency transactions and translations in its operating income, but DRP had rejected the claim.
ITAT Pune allows Mahanagar Constructions’ appeal, ruling that notional rental income from unsold flats held as stock in trade cannot be taxed as ‘Income from House Property’ for AY 2014-15, citing judicial precedents.
Pune ITAT rules on Cosmopolis Construction appeals, holding that notional rent on unsold stock-in-trade is business income, not ‘Income from House Property’.
In a significant ruling for taxpayers facing automated adjustments, the Income Tax Appellate Tribunal (ITAT) Pune Bench has directed the deletion of a disallowance made by the Central Processing Centre (CPC) under Section 40(a)(i) of the Income-tax Act, 1961. The tribunal held that where a subsequent detailed scrutiny assessment by the Assessing Officer (AO) has considered and accepted the taxpayer’s contentions on the same issue, that decision takes precedence.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Pune ITAT deletes deemed rental income addition on unsold flats for Kumar Properties, citing no exempt income for Section 14A disallowance.
ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction.
