An in-depth analysis of the Income Tax Appellate Tribunal (ITAT) Pune’s decision allowing cooperative societies to claim a tax deduction for interest income on surplus funds deposited in cooperative banks and scheduled banks under Sections 80P(2)(a)i) and 80P(2)(d) of the Income Tax Act.
Analysis of the recent ITAT Pune decision in the Mayur Wines Vs NFAC case, highlighting the importance of correct procedures in claiming partnership remuneration deductions under the Income Tax Act, 1961.
ITAT Pune held that revisionary jurisdiction under section 263 of the Income Tax Act unjustified in absence of satisfying twin conditions which is mandatory preceded the invocation of revisionary jurisdiction.
Discover the intricacies of the ITAT Pune’s recent decision in Vashi Parivaar Foundation Vs Commissioner of Income Tax(Exemptions), highlighting the importance of proving the genuineness of charitable activities for gaining tax exemption.
ITAT Pune held that the deduction u/s 36(1)(va) in respect of employee’s contribution not entitled on failure to deposit employee’s contribution before due date prescribed under the relevant statutes.
In the case of Navyug Cotton Company vs. ITO, ITAT Pune held that deduction for claimed bad debts can be allowed based on write-off, thereby eliminating the requirement to prove that debt actually became irrecoverable
ITAT Pune’s verdict in the case of Jayashri Shrikant Deshmukh Vs ACIT, underlining the importance of plausible explanation in cases involving Section 69A of the IT Act.
ITAT Pune held that clause (c) of section 200A(1) was inserted by the Finance Act, 2015 w.e.f. 01-06-2015 providing for the levy of fee u/s.234E of the Act. Accordingly, levy of fee u/s. 234E is imposable only from 01/06/2015 and not prior to that.
ITAT Pune in Pride Purple Properties, quashed retrospective determination of annual letting value of un-sold residential units. ITAT ruled that prospective amendments cannot apply retrospectively, providing clarity on taxation of real estate properties.
ITAT Pune upholds penalty under Section 271B against Santosh Swarupchand for not filing an audit report, citing contradictions in an accountant’s affidavit.
