ITAT Cochin

To Claim deduction U/s. 80P Society has to file its return of Income

The Kadachira Service Co-op Bank Ltd Vs ITO, Wd. 1 (ITAT Cochin)

It is settled principles of law that in order to avail benefits under the beneficial provision, the conditions provided by the legislature has to be complied with. Therefore, this Tribunal is of the considered opinion that in view of the mandatory provisions contained in section 139(1) r.w.s. 80A(5) of the Act it is mandatory for every co...

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No TDs u/s. 194C if contract is for hiring of Lorries only and not for carriage of goods

Deputy Commissioner of Income-tax Vs Reez Karakkattil Raghavan (ITAT Cochin)

In the case before the Kerala High Court, the question arose for consideration was whether a transport contract for mere carriage of goods without loading and unloading facility would amount to carrying out any work within the meaning of section 194C(1) of the Act. ...

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Fixed deposit cannot be considered as deposit in capital gain bond to claim exemption U/s. 54EC

R. Vidhyadharan Vs Deputy Commissioner of Income-tax (ITAT Cochin)

The taxpayers have deposited the amount in the fixed deposit in State Bank of Travancore, Pettah Branch, Trivandrum. The amount was not deposited in the capital gain bond. The claim of the taxpayers before this Tribunal is that the money was intended to be deposited in the capital gain bond. However, the bank deposited the amount in the f...

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Coaching institute cannot be treated &registered as a charitable institution

M Star Charitable Society Vs Commissioner of Income-tax (ITAT Cochin)

From the above judgment of the Apex Court it would be abundantly clear that there should be a systematic instruction to the students by way of normal schooling. Mere coaching classes may provide some kind of knowledge to the students. But that kind of acquisition of knowledge through coaching classes cannot fall within the meaning of "edu...

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S. 194H No TDS on discount given by IATA agent on Purchase of Ticket by retail customers, group passengers & small time agents

The Assistant Commissioner of Income-tax (TDS) Vs Al Hind Tours & Travels Pvt. Ltd. (ITAT Cochin)

There is no dispute with regard to the fact that the assessee herein is a IATA agent and it is authorised to sell air tickets at a price range that are usually fixed by the airline companies. It is also a fact that the competition between different airline companies has increased due to presence of a number of airline companies and the sa...

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Extension of time to submit ITR-V cannot validate a time-barred S.143(2) notice

M/s E.K.K. & Co Vs. The A.C.I.T. (ITAT Cochin)

The scheme frame by the CBDT clearly says that where the return was filed electronically with digital signature the acknowledgment generated electronically shall be evidence for filing of the return. Wherever, the return was filed electronically without digital signature, on successful transmission, the computer shall generate acknowledge...

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Provision for bad & doubtful debts not allowable unless provided in Books of Accounts

The Kottakkal Co-op Urban Bank Ltd. Vs. The Income Tax Officer (ITAT Cochin)

We have carefully gone through sec. 36(1)(viia) of the Act. The deduction under that section is allowed in respect of any provision for bad and doubtful debts made by the assessee. Hence, the condition for allowing any deduction is the creation of any provision for bad and doubtful debts, which can only be created in the books of accounts...

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Section 80-IA(7) provides for determination of amount of deduction not for deduction actually allowable

Hotel & Allied Trades (P.) Ltd. Vs Deputy Commissioner of Income-tax, Circle-1(1) (ITAT Cochin)

A combined reading of the provisions of sub sec. 7 of sec. 80-IA and sec. 80AB would suggest that (a) the Profits and gains of an eligible business, to which the provisions of sec. 80-IA(1) shall apply, shall be restricted to the amount of income of that nature that is included in the Gross total income and...

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Commercial property renting by bank is not a banking activity

Income Tax Officer, Ward 1(1), Trivandrum Vs Kerala State Co-op. Bank Ltd. (ITAT Cochin)

Business of the taxpayer is banking and the business connection between the tenant and taxpayer has nothing to do with banking operation carried on by the taxpayer. Further, the Kerala High Court in Kottayam District Co-operative Bank Ltd. v. CIT [1991] 188 ITR 568 has also taken a similar view. Therefore, this Tribunal is of the consider...

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No penalty & Interest for non deduction of TDS if Deductee-payee having no tax liability

Thomas Muthoot Vs Deputy Commissioner of Income-tax (ITAT Cochin)

There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation, exception being the MAT provisions in the case of companies. What is required to be seen as per the circular issued by CBDT and which was approved by Supreme Court in Hin...

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June 2022