ITAT Cochin

ITAT confirms addition for cash seized by police not explained satisfactorily

Sri. P.P.Sharafuddin Vs. ITO (ITAT Cochin)

Sri. P.P.Sharafuddin Vs. ITO (ITAT Cochin) The amount of Rs. 14 lakh was seized by the police from the assessee on 03.03.2008. At the time of seizure, the assessee did not mention that the amount seized belongs to his uncle. Because of the suspicious behavior and lack of explanation on the part of the assessee, […]...

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AO justified in making addition for unexplained amount deposited in bank

George Alexander Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

George Alexander Vs ACIT (ITAT Cochin)  The Assessing Officer in para 6 of the assessment order had catalogued the unexplained deposits in various bank accounts. While working out the unexplained deposits in the bank accounts of the assessee, the Assessing Officer had given due credit to the income declared by the assessee in the return...

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Deduction U/s. 80P(2) cannot be denied to registered Primary Agricultural Credit Society for doing banking business

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

ITAT held that as the assessee had produced a certificate showing that it was registered as Primary Agricultural Credit Society under the provision of Co-operative Societies Act, therefore, the assessee was entitled to the benefit of deduction under section 80P(2)....

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Reimbursement of Actual Expenditure does not attract Section 194C & 40(a)(ia)

ACIT (TDS) Vs St. Mary's Rubbers Private Limited (ITAT Cochin)

Ld. AR submitted that the Delhi Bench of the Tribunal in the case of ITO vs. Deepak Bhargawa in I.T.A. No.343/Del/2012 dated 13.11.2014 had clearly held that section 194C would not be applicable for reimbursement of expenditure....

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No TDS required to to be deducted on Reimbursement of expenses against separate bills to C&F agents

ACIT (TDS) Vs St. Mary's Rubbers Private Limited (ITAT Cochin)

Reimbursement of expenses against separate bills to C&F agents doesn't require TDS and hence no dis allowance u/s 40(a)(1a)... ITAT Cochin bench held in the case of St. Mary's Rubbers dismissing revenue's appeal...

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Secret reference fees paid by diagnostic centre to Doctors is liable to TDS

M/s. Parco Diagnostics & Research Centre Pvt. Ltd. Vs The Deputy Commissioner of Income-tax(TDS), (ITAT Cochine)

he payment made by the assessee as referral fees is directly proportionate or percentage of an amount received by the assessee for providing CT scan and MRI scan and such payment comes within the term 'Commission or Brokerage'....

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Unaccounted Money Received on Sale of Agricultural Land is not Taxable

Income-tax Officer Vs Shri Abraham Varghese Charuvil (ITAT Cochin)

Any surplus money arising to an assessee on sale of agricultural land would always partake the character of agricultural income itself. The consideration stated in the Registered Sale Deed was agricultrual income. Likewise, the on money also should be treated as agricultural income. ...

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Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin)

Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon'ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invoked for substituting a lawful view taken...

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Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)

Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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Allowability of Loss on sale of shares of wholly-owned subsidiary

Apollo Tyres Ltd. Vs. ACIT (ITAT Cochin)

In the case of Apollo Tyres Ltd vs. ACIT , ITAT Cochin held that The loss on sale of shares of a wholly-owned subsidiary is allowable under Section 37(1) of Income Tax Act, 1961 as a business loss if the investment in the subsidiary was made for commercial purposes....

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