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The Pune Bench of The Income Tax Appellate Tribunal (ITAT) canceled the penalty imposed for failure to comply with the notice. The Assessee, M/s. Sun Infrastructure Pvt. Ltd filed three appeals in opposition to the confirmation/verification of penalty of Rs.10,000/- each as per section 271(1)(b) of the Income-tax Act, 1961 imposed by the CIT(A) in […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has permitted the deduction beneath Section 35(1)(ii) of the Income Tax Act with respect to the donation. The taxpayer owner of MRC transolutions Pvt ltd furnished a donation of Rs 1.25 cr to the organization known as the school of human Human Genetics and Population Health (hereinafter […]
Kothari Wheels filed an appeal against the order of the CIT(A) concerning the disallowance of late deposit of Employees’ shares of PF and ESIC has been supported by ITAT Pune. Throughout the AY 2018-19, the CPC, Bengaluru made a disallowance of Rs. 93,37,905/- because of the late deposit of employees’ share of PF and ESIC […]
The Income Tax Appellate Tribunal (ITAT), Pune bench has ruled that according to the Central Board of Direct Tax Circular 2019, passing an assessment order without Document Identification Number (DIN) is a violation of the said Circular. Thus, the order was declared void ab initio by the bench. The appeal, opposing the assessment order, was […]
The payment was provided as an appreciation to the employee, according to the Pune Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, it does not prove the relevancy under Section 17(3)(iii) of the Income Tax Act. The bench, comprised of two judges, R.S. Syal (Vice President) and Partha Sarathi Chaudhary (Judicial Member), have noted […]
The Pune bench of Income Tax Appellate Tribunal (ITAT) would rule that the waiver of loan would not be a business income and hence the same does not get taxed under section 28(i) of the Income Tax Act 1961. Section 28(i) Income Tax Act, of 1961 is concerned with the profit and gains of any […]
Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
According to a recent decision by the Pune bench of the Income Tax Appellate Tribunal (ITAT), if the tax was not deposited, the advantage of tax deduction at source shall not be granted in the intimation under section 143(1) of the Income Tax Act of 1961. According to Section 143(1) of the Income Tax Act […]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) demanded re-adjudication, commenting that either Form 26AS or Form 16 is crucial to claim the Tax Deducted at Source ( TDS ) credit. The taxpayer claimed TDS amounting to Rs.10,45,439 was deducted by the employer i.e. M/s. Nirmal Lifestyle Ltd. from salary u/s […]
