ITAT Cochin rules AO’s assessment must be both erroneous and prejudicial to revenue for S.263 proceedings. Delay condoned; appeal allowed for Kool Home Builders.
ITAT Cochin dismisses duplicate appeal filed by Revenue against Geojit Financial Services Ltd. for AY 2018-19, ruling it as infructuous and not maintainable.
ITAT Cochin held that disallowance under section 14A read with rule 8D of the Income Tax Rules in a mechanical manner without recording proper satisfaction is unsustainable in law. Accordingly, addition set aside.
ITAT Cochin held that denial of registration u/s. 80G to the existing trust alleging belated filing of application applying sub clause (iii) of proviso to section 80G(5) unjustified as the same apply to newly formed trust only.
ITAT Cochin held that treating section 153D of the Income Tax Act as pari-materia to section 148 mechanism without any such indication in the Act is unjustified and hence matter remanded back to CIT(A).
ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.
Explore the legal intricacies of Carmel Convent vs. Income-tax Officer (Exemption) case decided by ITAT Cochin Bench, analyzing its implications for charitable trust exemptions.
Explore the DCIT vs K.E. Faizal case where the ITAT Cochin ruled on taxation of mutual fund gains, analyzing the application of India-UAE Double Taxation Avoidance Agreement.
The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date under Section 44AB of the Income Tax Act.
ITAT Cochin order for Karalam Service Co-operative Bank Ltd Vs ITO. Order was set aside due to CIT(A) failing to provide reasons for decision on issues raised by assessee.
