The Assessing Officer alleged incorrect claim of stamp duty expenditure without identifying any such entry in the accounts. The Tribunal deleted the addition, holding it to be based on presumption.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
The issue was whether the appellate authority could dismiss an appeal ex-parte without giving detailed reasons. The Tribunal held that a non-speaking order violates section 250(6) and restored the appeal for fresh adjudication.
Sanjay Champalal Jaiswal Vs ITO (ITAT Pune) Reopening Beyond Three Years Invalid Where Escapement Is Below ₹50 Lakh — ITAT Pune Quashes Reassessment The Pune SMC Bench of the ITAT quashed the reassessment for AY 2016-17, holding that the notice under section 148 dated 27-07-2022 was without jurisdiction, as the alleged income escaping assessment was […]
The issue was whether deduction under section 80P could be allowed when the return was filed beyond the due date. The Tribunal held that non-compliance with section 80AC made the assessment erroneous, justifying revision under section 263.
The Tribunal held that when reassessment is based on material found during a third-party search, proceedings must be initiated under Section 153C and not Section 147. Reopening under Section 147 was therefore without jurisdiction and liable to be quashed.
Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under section 68 can be made in the society’s assessment.
