https://www.taxtmi.com/caselaws?id=766315 The ITAT Pune ruled in favor of the assessee regarding IPO expenditure disallowance under section 37. The CPC had disallowed the expenditure due to variation between tax auditor's Form 3CD and ITR entries. Following precedent from Kalpesh Synthetics case, the tribunal directed deletion of the disallowance, holding that assessment officers cannot make disallowances solely based on tax audit report observations. Regarding DDT credit under section 115-O, the matter was restored to the assessing officer with directions to verify records and provide appropriate credit following due procedure. en-us Fri, 10 Jan 2025 00:00:00 +0530 Sat, 22 Feb 2025 08:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766315 The ITAT Pune ruled in favor of the assessee regarding IPO expenditure disallowance under section 37. The CPC had disallowed the expenditure due to variation between tax auditor's Form 3CD and ITR entries. Following precedent from Kalpesh Synthetics case, the tribunal directed deletion of the disallowance, holding that assessment officers cannot make disallowances solely based on tax audit report observations. Regarding DDT credit under section 115-O, the matter was restored to the assessing officer with directions to verify records and provide appropriate credit following due procedure. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766315