The ITAT Cochin has dismissed an appeal from a chit fund company, upholding a 90% disallowance of commission expenses due to a lack of supporting documentation and unreasonableness.
The ITAT Cochin bench addresses whether a cooperative society tax return filed after the original due date but within a CBDT-extended deadline for Kerala flood victims is eligible for Section 80P deduction. The tribunal rules the return was timely allowing the deduction.
The ITAT, Cochin, dismisses South Indian Bank’s appeal, ruling that an Assessing Officer must not exceed the scope of a Section 263 revision order.
Discover the ITAT Cochin’s ruling in the case of Mina Wood Industries, which clarifies that payments made to state government undertakings are not subject to tax disallowance, citing judicial precedents from the Delhi and Gujarat High Courts.
Read about ITAT Cochin’s decision in Prabheesh Nair vs. ITO, where court set aside a tax appeal dismissal and mandated a new hearing, underscoring legal requirement for appellate authorities to pass reasoned orders.
The ITAT Cochin ruled that interest on delayed payments of TDS and other statutory dues is compensatory and an allowable business expenditure under the Income Tax Act.
ITAT Cochin has quashed a tax demand, ruling that cooperative banks can claim a deduction under Section 80P for interest earned from District Co-operative Banks and Treasury, citing a Kerala High Court precedent.
The ITAT quashed a final assessment order against a company that no longer existed due to amalgamation, ruling the order void despite departmental knowledge of the merger.
The ITAT Cochin bench has set aside the rejection of Quilon Poor Home’s S.12A and 80G claims, citing a genuine delay in producing a 70-year-old trust deed.
CIT(A) dismissed the appeals and upheld the assessments with the additions. It was held that search assessments were legally valid, JCIT had granted proper approval after due consideration, and the additions were based on incriminating material found during the search.
