ITAT Pune orders re-adjudication, emphasizing the importance of natural justice and giving Sachin Vasant Jare a chance to present his submissions.
ITAT Pune held that penalty under section 270A of the Income Tax Act duly leviable in absence of any plausible legal explanation with regard to misreporting of taxable income and increasing deductions.
ITAT held that approach adopted by NFAC merely because he granted relief in respect of one item of additions, does not mean that he can deny justice in respect of balance additions/grounds of appeal raised before him.
A detailed analysis of the ITAT Pune judgement on Dinesh Patel vs ITO involving client code modification and tax assessment.
The ITAT Pune declares the assessment order invalid in the case of Prabhakar Amruta Shillak Vs ITO for AY 2012-13. The order violated CBDT circular and was treated as never issued.
ITAT Pune held that interest income earned by the cooperative society from the investment with cooperative banks qualifies for deduction under section 80P(2)(d) of the Income Tax Act.
ITAT has held in the case of Meera Anirudha Mirgunde Vs ITO that when there is no variation in the returned and assessable income, penalty under section 271(1)(c) of the Income Tax Act is not leviable.
ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable.
ITAT Pune held that that the amount surrendered under unrecorded stock has to be brought to tax under the head “business income” and no provision u/s. 115BBE of the Income Tax Act is attracted.
ITAT Pune has set aside an NFAC order in the Kongnoli Sarva Seva Society Ltd vs ITO case. The ruling established that incorrect claims of deductions or expenses in ITR does not equate to the concealment of income
