ITAT Cochin

Interest earned by banking co-op society deductible u/s 80P(2)(a)(i)

ITO Vs. M/s. Chirayinkeezhu Service Co-operative Bank Limited (ITAT Cochin)

Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)...

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It cannot be said that Land was not compulsorily acquired merely because Price was negotiated

ACIT Vs. Smt. Jayasree Sreedharan (ITAT Cochin)

ACIT Vs Smt. Jayasree Sreedharan  (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 agricultural land ...

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Mere Price negotiation do not change nature of compulsory acquisition of urban agricultural land

Smt. Girijakumari M. Vs ITO (ITAT Cochi)

Smt. Girijakumari M. Vs ITO (ITAT Cochi) Compensation for compulsory acquisition of urban agricultural land eligible for section 10(37) benefit The assessee’s 70 cents of land at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition procee...

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Exemption U/s. 10(37) valid on Compulsory acquisition of agricultural land though Sale price fixed on negotiated settlement

ITO Vs. Smt. Girijakumari M (ITAT Cochin)

In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, 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 agricultural land was a compulsory acquisition and the same would be en...

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No Sec 80P Deduction to Co-operative Society Operating in more than One Taluk

ITOVs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin)

ITO Vs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin) Section 80P(2)(a)(i) was denied for two reasons by the Assessing Officer. The CIT(A) while allowing the claim of the assessee had not adjudicated the issue whether the assessee can be granted deduction u/s 80P, when the assessee’s area of operat...

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Income shown as agricultural but not proved is taxable as other Income

Sri.George M George Vs ACIT (ITAT Cochin)

Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act....

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CIT cannot invoke revisionary jurisdiction against draft assessment order

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin)

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) A draft order, as such, is not appealable, except to be challenged by the assessee before the DRP, which exercises the power, inter alia, to make enhancement. The very rationale in the giving the power of enhancement to the DRP is to correct the draft order […]...

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No TDS u/s. 194G on Sale of Lottery Ticket by Agent to Sub-Agent

The Assistant Commissioner of Income-tax Vs Smt. Biji Suresh (ITAT Cochin)

ACIT Vs Smt. Biji Suresh (ITAT Cochin) The provisions contained in section 194G of the Act provides for deduction of TDS by any person who is responsible for paying to any person, who is stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize on such tickets, at the […]...

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Mere Confirmation Letter not sufficient to prove Cash Credits Genuineness

M/s. Janatha Trading Corporation Vs The Deputy Commissioner of Income-tax (ITAT Cochin)

M/s. Janatha Trading Corporation Vs DCIT (ITAT Cochin) The contention of the AR is that the assessee has produced the confirmations from the partners and that being found insufficient by the AO, the AO ought to have called for more details. In other words, it was the contention of the Ld. AR that on production of […]...

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Interest on Loans for Investment in Agricultural Land not allowable

ACIT Vs M/s. Mini Muthoottu Credit India (P) Ltd. (ITAT Cochin)

Interest expenditure could be allowed only if the loan was borrowed for the purpose of the business of the assessee and if it is used for the purchase of an asset which yielded exempted income, that interest expenditure cannot be allowed u/s. 36(1)(iii) of the Act....

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