Tag Archives: IN THE ITAT PUNE BENCH

Cancellation Agreement and Fresh Additional Evidence Warrant Re-evaluation of Section 54F Capital Gain Exemption

By | July 27, 2026
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Cancellation Agreement and Fresh Additional Evidence Warrant Re-evaluation of Section 54F Capital Gain Exemption Issue Whether an order denying exemption under section 54F based on a development agreement should be set aside and remanded to the Assessing Officer when crucial additional evidence—including a cancellation agreement—was admitted under Rule 29 of the ITAT Rules. Facts Return… Read More »

Registration under Section 12AB cannot be cancelled retroactively, for procedural lapses, or Section 13 violations.

By | July 25, 2026
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Registration under Section 12AB cannot be cancelled retroactively, for procedural lapses, or Section 13 violations. Issue Jurisdiction under Section 12AA Post-April 1, 2021: Whether the Pr.CIT(C) had the legal power to cancel registration under Sections 12AA(3) and 12AA(4) after Section 12AA(5) rendered the section inapplicable on or after April 1, 2021. Retrospective Application of Specified… Read More »

Ex-Gratia Exemption Under Section 10(10B) Is Allowed as Capital Receipt for BSNL VRS-2019 Employees

By | July 23, 2026
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Ex-Gratia Exemption Under Section 10(10B) Is Allowed as Capital Receipt for BSNL VRS-2019 Employees Issue Whether ex-gratia compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 (BSNL VRS-2019) constitutes capital receipt in the nature of ‘Retrenchment Compensation’ fully exempt under Section 10(10B) of the Income-tax Act, 1961, rather than being restricted to… Read More »

Typographical Error in ITR Regarding First Opted Year Cannot Deny Section 115BAC New Tax Regime Benefit

By | July 22, 2026
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Typographical Error in ITR Regarding First Opted Year Cannot Deny Section 115BAC New Tax Regime Benefit Issue Whether an individual assessee who opted for the new tax regime under Section 115BAC in Assessment Year 2021-22 by filing Form 10-IE can be denied the Section 115BAC tax benefit for Assessment Year 2023-24 solely due to an… Read More »

Ex-Gratia Amount Received On Voluntary Retirement Under Employer Scheme Is Non-Taxable Capital Receipt

By | July 22, 2026
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Ex-Gratia Amount Received On Voluntary Retirement Under Employer Scheme Is Non-Taxable Capital Receipt Issue Whether ex-gratia/settlement amounts received by an employee upon opting for voluntary retirement under an employer’s financial scheme constitute a non-taxable capital receipt or taxable income under Section 56(2)(xi) / Section 17 of the Income-tax Act, 1961. Facts Background & Receipt: The… Read More »

No penalty for under-reporting is leviable on retrospective disallowance of a bona fide education cess claim.

By | July 17, 2026
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No penalty for under-reporting is leviable on retrospective disallowance of a bona fide education cess claim. Issue Whether a penalty for under-reporting income under Section 270A can be legally sustained when the deduction claimed (Education Cess) was based on prevalent judicial precedents but was subsequently disallowed by a retrospective amendment under the Finance Act, 2022.… Read More »

Income from Joint Development Agreement Treated as Stock-In-Trade Remanded for Factual Re-Adjudication

By | July 11, 2026
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Income from Joint Development Agreement Treated as Stock-In-Trade Remanded for Factual Re-Adjudication Issue Whether the revenue authorities were justified in taxing Rs. 14.33 crores as accrued business income based on a JDA and a Form 26AS entry, and whether capital gains provisions under Section 45(5A) apply when the underlying immovable property is admittedly held as… Read More »

Reassessment under Section 147 is valid if third-party seized material does not directly belong to assessee.

By | July 7, 2026
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Reassessment under Section 147 is valid if third-party seized material does not directly belong to assessee. Issue Whether the Assessing Officer can validly initiate reassessment proceedings under Section 147 based on independent investigation of third-party search data, where the seized material does not directly belong, pertain, or relate to the assessee, thereby rendering the special… Read More »

Inter-trust transfers out of accumulated funds are strictly taxable as deemed income regardless of project nomenclature.

By | July 6, 2026
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Inter-trust transfers out of accumulated funds are strictly taxable as deemed income regardless of project nomenclature. Issue Whether payments made out of accumulated income under Section 11(2) by a charitable trust to other Section 12AA-registered institutions for project implementation are hit by the restriction in Section 11(3)(d) and taxable as deemed income. Facts Income Accumulation:… Read More »

BSNL VRS 2019 payments constitute retrenchment compensation exempt under Section 10(10B), not Section 10(10C).

By | June 30, 2026
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BSNL VRS 2019 payments constitute retrenchment compensation exempt under Section 10(10B), not Section 10(10C). Issue Whether the compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 is in the nature of retrenchment compensation (capital receipt) exempt under Section 10(10B), or a voluntary retirement payment governed by Section 10(10C). Facts The assessees were… Read More »