Pradeep Kisanlal Boob Vs ACIT (ITAT Pune)
The Income Tax Appellate Tribunal (ITAT), Pune Bench, in the case of Pradeep Kisanlal Boob Vs. ACIT, has partially allowed an appeal by the assessee for statistical purposes, remanding the issue of setting off brought-forward business losses against deemed short-term capital gains (STCG) from depreciable assets back to the Assessing Officer (AO). The ruling, pronounced on May 30, 2025, addresses key aspects of permissible adjustments under Section 143(1) of the Income-tax Act, 1961, and the applicability of judicial precedents.
Case Background
Pradeep Kisanlal Boob, an individual operating a petrol pump business, filed his income tax return for Assessment Year (A.Y.) 2019-20, declaring an income of Rs. 32,31,701/-. The return was processed under Section 143(1)(a) of the Act, leading to an intimation order dated May 14, 2020. This order made two primary disallowances:
- Rs. 86,140/- under Section 36(1)(va) for delayed deposit of employees’ contribution to ESIC/PF.
- Rs. 94,03,288/- for disallowing the set-off of brought-forward business loss against short-term capital gain arising from the sale of depreciable business assets.
Consequently, the computed income was increased to Rs. 1,27,21,129/-. The assessee appealed these adjustments before the Commissioner of Income-tax (Appeals) [CIT(A)], but the appeal was unsuccessful, leading to the present appeal before the ITAT.
