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R.K. Panda

Taxpayer Not Well Versed with Income Tax Proceedings: ITAT Gives Final Opportunity, Directs Compliance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, gave the assessee-appellant a final opportunity to comply and participate in the proceedings...

Vodafone Distributor Fails to Explain ₹51.80 Lakh Cash Deposits: ITAT Upholds 8% Income Estimation...

ITAT Weekly Round-up

Agreement Value at Booking Exceeded Stamp Duty Value: ITAT Deletes ₹38.69L Addition on Sale of 12...

₹14 Lakh Cash Loan Addition Deleted: ITAT Holds Seized Cheques Belong to Director Personally, Not...

ITAT slashes Tax Demand on Builder LLP, Rejects 'On-Money' Extrapolation Due to Lack of Evidence [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has significantly reduced the tax demand on Meenamani Ganga Builder LLP, ruling that the Income Tax Department could not justify its additions...

ITAT Slashes Tax Demand: Pune Developer’s Rs.1.1 Cr Cash Deposits Partly Accepted as Business Income [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) reduced a tax demand on a plot seller by 77%, ruling that cash deposits in rural land transactions can't be entirely treated as unexplained...

ITAT Deletes Rs.22.93 Lakh Penalty on Builder, Cites Auditor’s Mistake & Lack of Intent to Evade Tax [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has cancelled a penalty of Rs.22.93 lakh that was imposed on Silver Oak Buildcon Private Limited, a construction company based in Pune. The...

ITAT Sets Aside Order Passed by CIT(A) for Ignoring Assessee's Consistent Business Practice: Directs Re-examination of TDS Claim [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Pune Bench has set aside the order passed by the Commissioner of Income Tax (Appeals), CIT(A) and directed a fresh examination of...

Capitalized R&D expenditure can be claimed u/s 35(1)(iv) if disallowed u/s 35(2AB): ITAT [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) ruled that capitalized R&D expenditure can be claimed under Section 35(1)(iv) of the Income Tax Act, 1961 if disallowed under Section...

ITAT sets aside PCIT’s Section 263 Order, Holds Bank of Maharashtra’s ₹1137 Crore Deduction for Bad and Doubtful Debts [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has set aside the Principal Commissioner of Income Tax (PCIT) revision order under Section 263 of the Income Tax Act, 1961, in the case of...

CPC Assessed Income under New Regime via Form 10IE: ITAT sets aside Order as Return Filed under Old Regime, Conditions of S. 115 BAC Not Fully Met [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the assessment order which was assessed under the new regime citing that the return was filed under the new regime and conditions...