ITAT Cochin

Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017

Sri. John Daniel Vs ACIT (ITAT Cochin)

The assessee contended that the Assessing Officer has rightly allowed set off of income from other sources against other heads of income because up to assessment year 2016-2017 there was no prohibition on set off of losses. It was contended that the amendment to section 115BBE of the I.T.Act restricting the set off of any loss was inserte...

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Transfer of intangible assets with right to carry on business is taxable as LTCG

ACITVs Feroke Boards Ltd. (ITAT Cochin)

ACIT Vs Feroke Boards Ltd. (ITAT Cochin) The first issue to be decided is whether the assets transferred by the assessee to M/s.Masonite Holdings Private Limited is a “financial asset” coming within the Explanation 1(i)(e) to section 2(42A) of the I.T.Act. The term “financial asset” has been described in Explanation 1(i)(d) to sec...

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Micro Finance Activity cannot be treated as charitable for Section 11 Exemption

Shalom Charitable Ministries of India Vs ACIT (ITAT Cochin)

The claim of exemption u/s 11 of the I.T.Act was denied by the Tribunal in assessee’s own case for assessment year 2007-2008 and 2009-2010 (supra). The Tribunal in the above case had held that the assessee’s activities of micro finance was not charitable in nature and was not entitled to the claim of benefit u/s 11 of the I.T.Act....

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Income from security deposit was taxable in the year of termination of dealership agreement

ACIT Vs Jojo Frozen Foods Private Limited (ITAT Cochin)

Amount paid as security deposit was taxable only on the year of termination of an agreement between the assessee and the dealer/distributor. Hence AO was not justified in treating the deposit as income each year irrespective of whether the dealership was terminated or not....

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Condonation of delay in filing appeal due to Financial crisis & Labour unrest justified

United Tropican Veneers Private Limited Vs ACIT (ITAT Cochin)

United Tropican Veneers Private Limited Vs. ACIT (ITAT Cochin) These appeals were filed by the ex-Directors of the assessee-company with a delay of 329 days. Petitions for condonation of delay were filed by the ex-Directors along with affidavits of the ex-Managing Directors stating therein that the quantum assessments and penalty orders w...

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Foreign Exchange Loss on loan for acquiring fixed assets allowable as Revenue Expense

M/s. Baby Memorial Hospital Ltd. Vs ACIT (ITAT Cochin)

Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed assets should be allowed as revenue expenditure by charging the same into the Profit and Loss account and not as capital expenditure by deducting the same from the cost of the respective fixed assets....

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ITAT Explains Meaning of Term ‘Lottery’ for Taxation & TDS deduction

Sri. Rajmohan V.V. Kumbalappalli Vs ITO (ITAT Cochin)

Before a scheme can be regarded as a lottery, there must be the element of distribution of prizes which should be by chance or lot and such distribution should be among those who had paid a price for participating in the scheme. Mere gratuitous distribution without any price having been paid by the participants for acquiring the chance an...

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ITAT explains Provisions of Deemed transfer in case of JDA under Section 2(47)(v)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) We have carefully perused the JDA entered between the assessee and the developer. As per the JDA (in page 3 para 4), the construction should have completed and the share of build up area marked for the assessee ought to have been handed over within 36 months of obtaining necessary […]...

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ITAT on higher Rate of depreciation on Set top boxes

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin)

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin) The Assessing Officer granted depreciation at the rate of 15% being machinery and plant other than those covered by sub-items (2), (3) and (8). According to the assessee, it is covered under sub-item (8)(ix)(E)(k). Sub-item (ix) of item (8) is energy saving device and (E) is electric [...

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 ITR 330 wherein ‘...

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