ITAT Cochin

Demise of CA in 2016 not a reasonable cause for no Audit of Books for A.Y. 2009-10

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin)

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin) Admittedly in this case, no audit report has been filed for assessment year 2009-2010. It is the contention of the assessee that there was a reasonable cause as mandated u/s 273B of the I.T.Act. It was submitted by the learned AR that consequent to search and seizure […]...

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Penalty leivable u/s 271B on non-production of Audit Report in prescribed format

M/s. Peroorkada Service Cooperative Bank Ltd. Vs. ITO (ITAT Cochin)

Penalty under Section 271B was justified as assessee had not produced audit report in the prescribed format before AO and no explanation regarding the reasonable cause for not filing the audit report within the prescribed time limit was given. ...

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Capital Gain u/s 50B applicable on sale of undertaking which covers Depreciable Assets forming part of Industrial Undertaking

DCIT Vs Accelerated Freeze Drying Co. Ltd. (ITAT Cochin)

whether sale of industrial unit as a whole as a continuing business with land, building, plant, machinery and all equipment as a going business with assets and liabilities taxable under section 50B as slump sale or not?...

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Character of compulsory acquisition not changes merely because sale price was fixed through a negotiated settlement

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (ITAT Cochin)

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (Ponnamkulam House) (ITAT Cochin) The assessee’s land in question at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final...

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘...

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TDS on payments to university employees of gratuity, pension or leave salary

ITO (TDS) Vs Mahatma Gandhi University (ITAT Cochin)

Payments made by assessee-university to its employees towards death cum retirement gratuity, commutation of pension or leave salary should not be liable for TDS to the extent permitted under the provisions of section 10(10)(i), 10(10A) and 10(10AA) as the employees of assessee were found to be holding civil posts under the State Governmen...

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Section 142A: Reference of matter to DVO by AO for valuation of property is not mandatory

ACIT Vs M/s. Ardra Associates (ITAT Cochin)

provisions of section 142A of the Act provides that the Assessing Officer may refer the matter to the DVO for the purpose of estimation of the value of the asset, property or investment and get a copy of the report from the DVO. The word ‘may’ makes it discretionary to refer the matter to the DVO. It cannot be said by any stretch of i...

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Compulsory Acquisition of Urban Land eligible for Tax Benefit U/s. 10(37)

The Income Tax Officer Vs Sri.Harimurali Sreedhara Panickar (ITAT Cochin)

ITO Vs Sri. Harimurali Sreedhara Panickar (ITAT Cochin) In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultura...

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Payments to artists for taking part in reality show liable for TDS u/s 194C

M/s. Malayalam Communications Ltd. Vs ITO (TDS) (ITAT Cochin)

Payments made to various artists participating in reality show would fall under section 194C  and not under section 194J  and there was no infirmity in the action of AO as assessee had rightly deducted TDS u/s 194C....

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Deduction U/s 80IB not allowable on lease rent of industrial undertaking

Navas M. Meeran Vs ACIT (ITAT Cochin)

Navas M. Meeran Vs ACIT (ITAT Cochin) Conclusion: Lease rent received by assessee by letting out the industrial undertaking was not having any direct connection with the manufacture or production of an article or thing by assessee and the same could not be considered as business income eligible for deduction u/s. 80IB. Held: Assessee had ...

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