ITAT Cochin

Section 142A: Reference of matter to DVO by AO for valuation of property is not mandatory

ACIT Vs M/s. Ardra Associates (ITAT Cochin)

provisions of section 142A of the Act provides that the Assessing Officer may refer the matter to the DVO for the purpose of estimation of the value of the asset, property or investment and get a copy of the report from the DVO. The word ‘may’ makes it discretionary to refer the matter to the DVO. It cannot be said by any stretch of i...

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Exemption U/s. 10(37) valid on Compulsory acquisition of agricultural land though Sale price fixed on negotiated settlement

ITO Vs. Smt. Girijakumari M (ITAT Cochin)

In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was a compulsory acquisition and the same would be en...

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Penalty justified for failure to Furnish Tax Audit Report despite Due Date extension by CBDT

M/s. The Vaikom Palliprethussery Service Cooperative Bank Limited Vs. ITO (ITAT Cochin)

The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s 44AB of the I.T.Act. Hence, we are of t...

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Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

ITO Vs Sri.Harimurali Sreedhara Panicka (ITAT Cochin)

Merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked....

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Compulsory Acquisition of Urban Land eligible for Tax Benefit U/s. 10(37)

The Income Tax Officer Vs Sri.Harimurali Sreedhara Panickar (ITAT Cochin)

ITO Vs Sri. Harimurali Sreedhara Panickar (ITAT Cochin) In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultura...

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Registered Agricultural society entitled to deduction U/s. 80P(2)

ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin)

ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon’ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a primary agricultural credit society, registe...

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Payments to artists for taking part in reality show liable for TDS u/s 194C

M/s. Malayalam Communications Ltd. Vs ITO (TDS) (ITAT Cochin)

Payments made to various artists participating in reality show would fall under section 194C  and not under section 194J  and there was no infirmity in the action of AO as assessee had rightly deducted TDS u/s 194C....

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Interest earned by banking co-op society deductible u/s 80P(2)(a)(i)

ITO Vs. M/s. Chirayinkeezhu Service Co-operative Bank Limited (ITAT Cochin)

Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)...

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Mere payment of amount not enough to claim the same as expense

M/s. K.V. Joseph & Sons Engineering Contractors Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

M/s. K.V. Joseph & Sons Engineering Contractors Vs ACIT (ITAT Cochin) In this case the assessee paid Rs. 200 lakhs as an advance payment to Mr. K.J. Paul to carry out sub contract work of road at Edapally, High Court. The plea of the assessee is that it was incurred for the purpose of business. […]...

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Deduction U/s 80IB not allowable on lease rent of industrial undertaking

Navas M. Meeran Vs ACIT (ITAT Cochin)

Navas M. Meeran Vs ACIT (ITAT Cochin) Conclusion: Lease rent received by assessee by letting out the industrial undertaking was not having any direct connection with the manufacture or production of an article or thing by assessee and the same could not be considered as business income eligible for deduction u/s. 80IB. Held: Assessee had ...

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