ITAT Cochin

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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Interest on Bank Deposit earned by Assessee Engaged in Money Lending is Business Income

Muthoot Bankers Vs. ACIT (ITAT Cochin)

whether the interest on bank deposit earned by assessee engaged in money lending covered under head of Business Income or Income from Other Sources?...

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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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Capital Gain u/s 50B applicable on sale of undertaking which covers Depreciable Assets forming part of Industrial Undertaking

DCIT Vs Accelerated Freeze Drying Co. Ltd. (ITAT Cochin)

whether sale of industrial unit as a whole as a continuing business with land, building, plant, machinery and all equipment as a going business with assets and liabilities taxable under section 50B as slump sale or not?...

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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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Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017

Sri. John Daniel Vs ACIT (ITAT Cochin)

The assessee contended that the Assessing Officer has rightly allowed set off of income from other sources against other heads of income because up to assessment year 2016-2017 there was no prohibition on set off of losses. It was contended that the amendment to section 115BBE of the I.T.Act restricting the set off of any loss was inserte...

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September 2020