ITAT Cochin

Section 80P(2)(a) deduction not eligible on Income from house property

ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin)

ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A.Y. 2007-08, Rs.21,950/- in A.Y. 2008-09...

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Denial of carry forward of business loss for non-completion of statutory audit is unjustified

DCIT Vs Brahmos Aerospace (Thiruvananthapuram) Ltd. (ITAT Cochin)

Held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit was not completed within the prescribed period....

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Additions towards undisclosed purchases/ expense etc. goes against spirit of section 44AD

Shri Thomas Eapen Vs ITO (ITAT Cochin)

Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing Officer also accepted […]...

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Detailed examination of Loan Disbursed must before denying section 80P deduction

Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin)

Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was only minuscule. Therefore, the Assessing Of...

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Assessee can claim section 10A exemption on section 10B exemption denial

Krythium Solutions Private Limited, Vs ACIT (ITAT Cochin)

Krythium Solutions Private Limited Vs ACIT (ITAT Cochin) The issue under consideration is whether claiming deduction u/s 10A of the Income Tax Act through filing revised return is justified in law? ITAT states that the CBDT Circular No.14 (XL-35) dated 11.04.1955 has clarified that the revenue shall not take advantage of ignorance of the ...

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Inquiry into Factual Situation required to determine Section 80P Deduction Eligibility

Peruvemba Service Cooperative Bank Limited Vs ITO (ITAT Cochin)

The issue under consideration is whether the AO need to conduct an Inquiry into Factual Situation as to activities of assessee society to determine eligibility of deduction u/s 80P?...

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Addition not justified when third party retracted the statement and Assessee not given Opportunity to Cross Examine

Asstt. CIT Vs Sabari Switch Gear (P) Ltd. (ITAT Cochin)

The issue under consideration is whether the addition under section 68 is done by AO is justified in law whenm addition was based on third party statements which were retracted by them and Assessee was not given opportunity to cross examine them and when Addition are based merely on Surmises?...

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No depreciation on undivided share of Land

ACIT Vs Kunnel Engineers & Contractors (P) Ltd. (ITAT Cochin)

Depreciation under section 32 could not be claimed on an undivided share of land as assessee had shown the land separately in the block of assets which was not entitled for depreciation. ...

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Interest on investments with treasuries & Banks- Eligibility of Section 80P deduction- HC remands matter to AO

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

Interest income earned from investments with treasuries and banks is part of banking activity of the assessee, and therefore, the said interest income was eligible to be assessed as 'income from business' instead of 'income from other sources'...

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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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May 2022