ITAT Cochin

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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Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

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

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertion of section 80P(4) with effect from [&h...

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Deduction U/s. 80P(2)- Primary agricultural credit society?

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

An institution registered as a Primary Agricultural Credit Society (PACS) was not entitled to obtain Banking License and, therefore, could not be considered as bank not entitled for deduction under section 80P(2)....

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Interest not claimed against against income from house property can be included in Cost of Acquisition

Babu Chandy, Baby Marine Exports Vs  Asstt. CIT (ITAT Cochin)

It is not discernable whether the interest paid for the acquisition of the impugned property has been claimed by the assessee under Chapter IVC of the Income Tax Act, 1961, namely ‘income from house property’. If the assessee had already claimed interest under the head income from house property, the same interest cannot be capitalize...

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Two flats in different locations cannot be considered as single residential house for section 54 / 54F

The Asst.Commissioner of Income-tax Vs Sri.N.S.Viswanathan (ITAT Cochin)

The learned Commissioner of Income Tax(Appeals) erred in allowing the assessees appeal relying on the decision of the Honble High Court of Karnataka in the case of Smt. K.G. Ruminiamma (2011 )331 ITR 211 when the facts of the case are distinguishable from the assessee's case. In the case of Smt. K.G Ruminiamma...

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ITAT on allowability of Diesel Expenses from House Property Income

The Asst.Commissioner of Income-tax Vs M/s Janapriya Builders (ITAT Cochin)

These appeals at the instance of the Revenue are directed against two orders of the Commissioner of Income-tax (Appeals), both dated 30.06.2016. The relevant assessment year is 2009-2010....

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Deemed dividend assessable in the hands of Partners (Beneficial Shareholders )

M/s. Kerala Transport Co. Vs. The Asst. Commissioner of Income-tax (ITAT Cochin)

Tribunal held that the beneficial shareholders of the lender company are partners of the assessee- firm and therefore the deemed dividend u/s 2(22)(e) has to be assessed only in the hands of the partners and not in the hands of the assessee- firm....

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Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin)

In an assessee- favor ruling, the Cochin bench of ITAT said that the assessee, a primary agricultural credit society is entitled to the benefit of deduction under Section 80P (2) of the Income Tax Act, with regard to interest received on deposits made by the assessee with sub treasury....

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Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin)

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors....

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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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