M/S. L.B. KUNJIR,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7, PUNE, PUNE

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ITA 417/PUN/2024Status: DisposedITAT Pune05 July 2024AY 2015-16Bench: SHRI R. K. PANDA (Vice President), MS ASTHA CHANDRA (Judicial Member)30 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the CIT(A)'s deletion of the addition made by the AO on account of unexplained investment was correct. It also upheld the CIT(A)'s decision to allow deduction under Section 80IA, following previous rulings and CBDT circulars.

What were the facts?

The assessee, a partnership firm, declared additional income during a survey related to work in progress. The Assessing Officer treated this as unexplained investment under Section 69B and disallowed it as opening stock in the subsequent year. The Revenue also disputed the deduction claimed under Section 80IA for windmills.

What were the issues?

Whether excess stock declared during survey constitutes unexplained investment taxable under Section 69B and if deduction under Section 80IA for windmills should be allowed independently for each windmill.

Which sections of the Income-tax Act were involved?

Section 69B,Section 115BBE,Section 80IA,Section 271(1)(c)

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Cases cited in this judgment(7)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Nikhil Pathak
For Respondent: Shri Ramnath P Murkunde

Heard together (4 matters)

ITA No. 1374/PUN/2017
ITA No.76/PUN/2019
ITA No. 2614/PUN/2017
ITA No. 07/PUN/2018

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: अपीलार्थी / The Appellant; 1. 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT, Pune 4. DR, ITAT, „A‟ Bench, Pune 5. गार्ड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 01.07.2024 Sr. PS/PS 2 Draft placed before author 04.07.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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