ITAT Pune held that payment made voluntarily by the employer out of appreciation for the employee falls outside the rigours of Section 17(3)(iii) of the Income Tax Act.
Deepak Shriniwas Mantri Vs ITO (ITAT Pune) This appeal by the assessee arises out of the order dated 26-09-2022 passed by the CIT(A) in National Faceless Appeal Centre, Delhi in relation to the assessment year 2008-09. 2. I have heard both the sides and gone through the relevant material on record. It is seen that […]
ITAT Pune held that addition on account of cash deposits unsustainable as reasonable and plausible explanation given by the assessee.
Value of goodwill is amount paid over & above tangible assets and values assigned to other intangible assets – Depreciation allowed
ITAT Pune remanded the matter as order of CIT(A) suffers from lack of verification of facts and applicability of legal provision in the subject matter.
ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income.
It is seen that the assessee is maintaining regular books of accounts. The first item is of Rs. 20,50,000/- claimed to have been received from farmers out of advances made in the preceding year.
AO observed that the assessee deposited cash of Rs.17.00 lakh in his bank account on different dates during the demonetization period.
it has been clearly brought out that this flat was never used for any business purposes of the assessee-company and whatever evidences have been produced in the form of leave and licence agreement, minutes of Board meeting, etc. fall in the category of self-serving documents.
ITAT Pune held that once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. Accordingly, claim of enhanced amount of carry forward of loss vide revised return is allowable.
