ITAT Cochin

ITAT upholds penalty for failure to furnish audit report without reasonable cause

Paravur Service Cooperative Bank Ltd Vs ITO (ITAT Cochin)

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 Sets Aside CIT(A) Order for Lack of Reasoning on Issues Raised

Karalam Service Co-operative Bank Ltd Vs ITO (ITAT Cochin)

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....

Imposition of late fees for delay in filing of TDS/ TCS statement prior to 01.06.2015 is bad-in-law

St. Alphonsa Timbers & Traders  Pvt Ltd Vs ITO (ITAT Cochin)

ITAT Cochin held that prior to 1st June 2015, there was no provision enabling demand in respect of levy of fees u/s 234E for late filing of TDS/ TCS statement. Accordingly, imposition of late fees prior to 1st June 2015 is bad-in-law....

No Section 271B penalty for delay due to illness of a partner & hardware damage

Attinkara Electronics Vs ITO (ITAT Cochin)

ITAT Cochin held that delayed audit report, due to illness of a partner and hardware damage, constituted a technical venial breach that did not result in any loss to exchequer....

Benefit of deduction of 7.5% of total income available to co-operative banks u/s. 36(1)(viia)

Kodungallur Town Co-op Bank Ltd Vs ACIT (ITAT Cochin)

ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act....

Amendment to section 40(a)(ia) vide Finance Act 2020 is retrospective in nature

Hi-Lite Builders Pvt Ltd Vs DCIT (ITAT Cochin)

ITAT Cochin held that amendment to section 40(a)(ia) of the Income Tax Act made by the Finance Act 2020 is retrospective in nature. Accordingly, TDS deposited on or before the due date of filing return u/s 139(1) is allowable....

Assessee can claim TDS credit of Interest income of deceased wife reflected in return

Prem Mukundan Vs ITO (ITAT Cochin)

ITAT Cochin held that as assessee dutifully declared interest income of deceased wife’s deposit in his return, assessee is duly eligible to get credit of his deceased wife’s TDS....

Freezer deposits taxable in year of termination of agreement between supplier & distributor

ITO Vs Snofield Foods Pvt. Ltd. (ITAT Cochin)

ITAT Cochin held that freezer deposits is taxable only on the year of termination of the agreement between the assessee (supplier) and the dealer/ distributor....

Late fee u/s 234E for processing for period prior to 1st June 2015 unsustainable

Kerala Gramin Bank Vs ITO (ITAT Cochin)

ITAT Cochin held that levy of late fee under section 234E for processing for period prior to 1st June 2015 is unsustainable and bad-in-law....

Deduction u/s 54F not deniable on ground of pre-owning of residential house in foreign

Smt. Maries Joseph Vs DCIT (ITAT Cochin)

ITAT Cochin held that as per condition mentioned in section 54F deduction is not available if the assessee owns more than one residential house, other than the new asset. The same should be interpreted to mean ownership of residential houses in India. Accordingly, deduction u/s. 54F not deniable if assessee owns two residential houses in ...

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