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.
Tribunal remanded the matter after finding that the appellate authority dismissed the appeal mechanically without examining the assessee’s grounds.
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.
A cooperative society’s appeal for Section 80P deduction on interest from cooperative banks is allowed, citing judicial precedents from the ITAT.
ITAT Pune held that in respect of unabated assessment, no addition can be made by AO in absence of any incriminating material found during the course of search under section 132 of the Income Tax Act. Accordingly, order set aside and appeal allowed.
