Sponsored
    Follow Us:

ITAT Cochin

CIT can initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

March 15, 2018 1359 Views 0 comment Print

Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision

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

February 21, 2018 2181 Views 2 comments Print

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 capitalized and added to the cost of acquisition of the property.

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

February 8, 2018 4227 Views 0 comment Print

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).

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

January 19, 2018 1827 Views 0 comment Print

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.

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

January 11, 2018 2436 Views 0 comment Print

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.

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

January 10, 2018 5061 Views 0 comment Print

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. (supra) had […]

ITAT confirms addition for cash seized by police not explained satisfactorily

November 14, 2017 1935 Views 0 comment Print

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, […]

AO justified in making addition for unexplained amount deposited in bank

November 10, 2017 2250 Views 0 comment Print

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 of […]

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

July 28, 2017 38205 Views 0 comment Print

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

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

July 24, 2017 1446 Views 0 comment Print

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).

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31