The ITAT Pune ruling confirms that payments made for admissions are not considered donations to a Charitable Trust, leading to an income tax addition. Explore the full analysis and implications of the judgment in this detailed review.
ITAT Pune in case of Rajendra Supadu Jadhav Vs DCIT allows section 54F deduction based on date of assignment deed for transfer of lease rights in MIDC plots.
An in-depth review of ITAT Pune’s ruling in Jayant Hari Mulay vs DCIT, focusing on the key takeaway that compensation paid to a landlord for delayed handover of flats is deductible as part of work-in-progress.
The tribunal examined previous precedents such as The Vainganga Nagari Sahakari Pat Sanstha Ltd. Vs. ITO, and found the deduction on interest income received from nominal members has been allowed in these cases. Furthermore, the tribunal took into account that the Kerala Act and Maharashtra Act consider ‘Nominal Members’ within the ambit of ‘Members’, thereby making such interest income eligible for deduction u/s 80P(2)(a)(i).
ITAT Pune calls for re-examination in the case of Kunashni Foundation Vs CIT after the rejection of applications under Section 80G and 12A of the Income Tax Act. The appellant argued a lack of opportunity to present evidence.
ITAT Pune held that onus of proving the genuineness of transaction of receipt of donation not discharged. Accordingly, held that all cash donation transactions are sham, a make believe story, a device adopted created to sleeve undisclosed income through anonymous donations.
ITAT Pune held that addition towards on-money receipts sustained based on seized document by invoking the statute presumption under section 292C of the Income Tax Act.
ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law.
ITAT Pune discussed the cost of acquisition of two plots allotted against compulsory acquisition of land. Matter remanded in absence of availability of figures of fair market value of two plots which is cost of acquisition in second transaction.
The ITAT ruling emphasizes the necessity of incorporating a Document Identification Number (DIN) in tax communication, as stipulated in the CBDT Circular 2019. Explore the detailed analysis and implications of the case.
