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ITAT Cochin

Latest Posts in ITAT Cochin

Analysis of Carmel Convent Vs. ITO (Exemption) & Its Implications for Charitable Trust Exemptions

April 10, 2024 801 Views 0 comment Print

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.

UAE Resident Assessee: Mutual Fund STCG Tax Exemption under India-UAE DTAA

February 19, 2024 2337 Views 0 comment Print

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.

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

July 14, 2023 795 Views 0 comment Print

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

July 14, 2023 249 Views 0 comment Print

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

July 4, 2023 615 Views 0 comment Print

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

May 25, 2023 828 Views 0 comment Print

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)

May 18, 2023 1287 Views 0 comment Print

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

April 29, 2023 6870 Views 1 comment Print

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

April 11, 2023 3072 Views 0 comment Print

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

April 9, 2023 1149 Views 0 comment Print

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.

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