ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.
Explore the legal intricacies of Carmel Convent vs. Income-tax Officer (Exemption) case decided by ITAT Cochin Bench, analyzing its implications for charitable trust exemptions.
Explore the DCIT vs K.E. Faizal case where the ITAT Cochin ruled on taxation of mutual fund gains, analyzing the application of India-UAE Double Taxation Avoidance Agreement.
The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date under Section 44AB of the Income Tax Act.
ITAT Cochin order for Karalam Service Co-operative Bank Ltd Vs ITO. Order was set aside due to CIT(A) failing to provide reasons for decision on issues raised by assessee.
ITAT Cochin held that prior to 1st June 2015, there was no provision enabling demand in respect of levy of fees u/s 234E for late filing of TDS/ TCS statement. Accordingly, imposition of late fees prior to 1st June 2015 is bad-in-law.
ITAT Cochin held that delayed audit report, due to illness of a partner and hardware damage, constituted a technical venial breach that did not result in any loss to exchequer.
ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act.
ITAT Cochin held that amendment to section 40(a)(ia) of the Income Tax Act made by the Finance Act 2020 is retrospective in nature. Accordingly, TDS deposited on or before the due date of filing return u/s 139(1) is allowable.
ITAT Cochin held that as assessee dutifully declared interest income of deceased wife’s deposit in his return, assessee is duly eligible to get credit of his deceased wife’s TDS.
