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ITAT Cochin

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 38202 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).

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

June 15, 2017 4395 Views 0 comment Print

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.

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

June 8, 2017 5370 Views 0 comment Print

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’.

Unaccounted Money Received on Sale of Agricultural Land is not Taxable

April 24, 2017 12054 Views 0 comment Print

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.

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

March 22, 2017 1797 Views 0 comment Print

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 by the Id. Assessing Officer, with another view.

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