In a significant ruling for taxpayers facing automated adjustments, the Income Tax Appellate Tribunal (ITAT) Pune Bench has directed the deletion of a disallowance made by the Central Processing Centre (CPC) under Section 40(a)(i) of the Income-tax Act, 1961. The tribunal held that where a subsequent detailed scrutiny assessment by the Assessing Officer (AO) has considered and accepted the taxpayer’s contentions on the same issue, that decision takes precedence.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Pune ITAT deletes deemed rental income addition on unsold flats for Kumar Properties, citing no exempt income for Section 14A disallowance.
ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction.
ITAT Pune remands Mahaveer (I) Foundation Trust’s 12A registration denial. Assessee gets chance to provide evidence on loans, expenses, and charitable activities.
ITAT Pune held that entire cash deposits into the bank account cannot be treated as income, only profit element embedded in the same should be brought to tax. Thus, addition adopting 8% profit rate confirmed. Appeal of assessee is partly allowed.
ITAT Pune remands Sai Shikshan Prasarak Mandal’s exemption case (Sec 10(23C)(iiiad)) to CIT(A), citing lack of fair hearing. Delay condoned based on Supreme Court’s Katiji precedent.
ITAT Pune rules late fee u/s 234E for TDS returns prior to June 1, 2015, invalid, citing lack of legal mechanism before Finance Act 2015.
ITAT Pune rules that Foreign Tax Credit is admissible even with delayed Form 67 filing, citing precedents. It also held that dividend income from the USA should be taxed at 25% as per DTAA, not 30%.
Pune ITAT remands Sahyogh Nagri Sahkari Patsanstha Maryadit’s appeal, ruling non-payment of advance tax alone cannot dismiss an appeal; directs re-adjudication on merits.
