ITAT Cochin

Levy of penalty under section 158BFA (2) on undisclosed income returned for non-payment of tax thereon

DCIT Vs Heera Constructions Co. (P.) Ltd. (ITAT Cochin)

Provided further that the provisions of the preceding proviso shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income show in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined which is in excess of the amount of undisclosed income ...

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Undisclosed income of the partnership firm can not be assessed in the hand of the partners

ACIT Vs Shri K. T. Joseph (ITAT Cochin)

Whether, in the facts and circumstances of the case, the CIT(Appeals) is justified in holding that no addition can be made in the hands of the assessee towards undisclosed income from the liquor business carried on by the firms M/s. Malabar Associates....

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If assessee has no enforceable right to receive interest then there can not be accrual of income

ACIT Vs Travancore Titanium Products Ltd. (ITAT cochin)

I entirely agree that unless and until the terms and conditions of advance are known and agreed between the parties or through Government of Kerala, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. This is well settled position....

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Term Loan waiver availed by the assessee is not assessable income

Accelerated Freez & Drying Co. Ltd. Vs DCIT (ITAT Cochin)

19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be d...

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Charter ship hire payments not royalty within the meaning of section 9 of IT Act

ACIT Vs Kin Ship Services (I) Pvt. Ltd. (ITAT Cochin)

12. Section 9(l)(vi)(c) provides that any income by way of royalty payable by a person who is a resident except where the royalty is payable in respect of any right, property or information used or services utilized for the purpose of a business or profession carried on by such person outside India or for the purposes of business or profe...

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Statutory date for FMV of a property cannot be substituted with a subsequent conversion date by issuing notification

Arun Sunny Vs DCIT (ITAT Cochin)

19. We heard both sides in detail and considered the issue in the light of the facts of the present case and in the light of various judicial pronouncements relied on by the assessee as well was the Revenue. The assessee purchased the property in 1975. The Notification declaring the said property in the category of capital asset was made ...

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Applicability TDS charges on pre-paid mobile cellular services provided by a service provider through its distributor’s network

Vodafone Essar Cellular Ltd. Vs ACIT (ITAT Cochin)

. There is no dispute or dis-agreement regarding the nature of transactions entered into between the assessee and its distributors. The assessee company, by virtue of the licence issued by the Department of Telecommunications, Government of India, is engaged in providing Mobile telephone services to the public at large. The Govt, of India...

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Applicability of provisions of section 194H on post-paid services and pre-paid package

Vodafone Essar Cellular Ltd. Vs ACIT (ITAT Cochin)

25. There is no dispute or dis-agreement regarding the nature of transactions entered into between the assessee and its distributors. The assessee company, by virtue of the licence issued by the Department of Telecommunications, Government of India, is engaged in providing Mobile telephone services to the public at large. The Govt, of Ind...

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Allowability of exemption under section 11(1)(a) of IT Act claimed by a society having both charitable as well as religious objectives

Calicut Islamic Cultural Society Vs. ACIT (ITAT Cochin)

When the legislature has categorically defined the purposes like religious and charitable and if the assessee-society is engaged as per their objects in mixed activities, which are partly charitable and partly religious, it cannot be said that section 11(1)(a) does not contemplate such situation....

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CIT cannot deny exemption U/s. 11 for violation of provisions of Section 13(1)(c)

George Educational, Medical & Charitable Society Vs Assistant Director Of Income Tax (ITAT - Cochin)

It was held that while granting registration under section 12A of the Act where the objects of the assessee society were genuine, merely because it had incurred certain expenditure, which fell within the category of benefit to a person under section 13(3) of the Act and hence, the assessee society was held to be hit by the provisions of s...

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