ITAT Cochin

No TDS u/s. 194G on Sale of Lottery Ticket by Agent to Sub-Agent

The Assistant Commissioner of Income-tax Vs Smt. Biji Suresh (ITAT Cochin)

ACIT Vs Smt. Biji Suresh (ITAT Cochin) The provisions contained in section 194G of the Act provides for deduction of TDS by any person who is responsible for paying to any person, who is stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize on such tickets, at the […]...

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Interest on Delayed Payment of VAT and TDS allowable

ITO Vs M/s.Lakshdweep Development Corporation Limited (ITAT Cochin)

ITO Vs M/s. Lakshdweep Development Corporation Limited (ITAT Cochin) Interest on delayed payment of VAT and TDS is only compensatory and is not penal in nature. Therefore, the CIT(A) has correctly deleted the disallowance made for the interest expenditure claimed on delayed payment of VAT and TDS. FULL TEXT OF THE ITAT JUDGMENT These appe...

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CIT cannot invoke revisionary jurisdiction against draft assessment order

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin)

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) A draft order, as such, is not appealable, except to be challenged by the assessee before the DRP, which exercises the power, inter alia, to make enhancement. The very rationale in the giving the power of enhancement to the DRP is to correct the draft order […]...

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Income shown as agricultural but not proved is taxable as other Income

Sri.George M George Vs ACIT (ITAT Cochin)

Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act....

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Interest on Loans for Investment in Agricultural Land not allowable

ACIT Vs M/s. Mini Muthoottu Credit India (P) Ltd. (ITAT Cochin)

Interest expenditure could be allowed only if the loan was borrowed for the purpose of the business of the assessee and if it is used for the purchase of an asset which yielded exempted income, that interest expenditure cannot be allowed u/s. 36(1)(iii) of the Act....

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Mere Confirmation Letter not sufficient to prove Cash Credits Genuineness

M/s. Janatha Trading Corporation Vs The Deputy Commissioner of Income-tax (ITAT Cochin)

M/s. Janatha Trading Corporation Vs DCIT (ITAT Cochin) The contention of the AR is that the assessee has produced the confirmations from the partners and that being found insufficient by the AO, the AO ought to have called for more details. In other words, it was the contention of the Ld. AR that on production of […]...

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Compensation for Discontinuing Commodity Trading Business is Taxable U/s. 28(va)

M/s. Geojit Investment Services Limited Vs The Joint Commissioner of Income-tax (ITAT Cochin)

M/s. Geojit Investment Services Limited Vs JCIT (ITAT Cochin) The assessee-company in the instant case, had received the compensation for not carrying on any activities in relation to its commodity trading business. The compensation so paid for not carrying any activity in relation to any business (commodity trading business) would be tax...

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Sale of running hotel premises would amount to slump sale

The Asst. Vs M/s. Ooty Gate Hotel (ITAT Cochin)

The Asst. Vs M/s. Ooty Gate Hotel (ITAT Cochin) In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement. If the business of the vendor is sold as such as a going concern, […]...

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Income from trust properties has to be assessed in the hands of beneficiaries

M/s. Abad Trust Vs Asst. Director of Income tax -Exemption (ITAT Cochin)

The position under section 161(1) of the Act is that a trustee under a trust cannot be assessed on the aggregate income received by it as a single unit. The assessment in the name of the trustee in terms of the sub-section can be made in two ways. ...

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CIT can initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

Cochin International Airport Ltd. Vs ACIT (ITAT Cochin)

Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision...

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