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ITAT Cochin

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

June 6, 2019 969 Views 0 comment Print

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 price was fixed upon negotiated sale agreement. The […]

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

May 23, 2019 3135 Views 0 comment Print

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 ‘the income […]

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

May 14, 2019 9162 Views 0 comment Print

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 Government, therefore, the provisions of section 10(10)(i), 10(10A) and 10(10AA) were fully attracted.

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

April 30, 2019 20277 Views 0 comment Print

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 imagination that it is mandatory.

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

April 4, 2019 9213 Views 1 comment Print

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 agricultural land […]

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

April 2, 2019 36258 Views 0 comment Print

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.

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

March 1, 2019 1200 Views 0 comment Print

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 […]

Disallowance cannot be made for provision for gratuity for mere non-payment

February 6, 2019 65040 Views 0 comment Print

Disallowance under section 43B could not be done  in respect of provision for gratuity made for the benefit of the employees for the reason that no actual payment was made.

No Penalty for Delay in filing of tax audit report due to Virus in computer system or for mere technical venial breach

February 5, 2019 1893 Views 0 comment Print

M/s. Johns Biwheelers Vs. ACIT (ITAT Cochin) In this case, the assessee was required to get his books of account audited and filed along with the return of income u/s. 44AB within the due date of 30/09/2013 for the assessment year 2013-14. However, the audit report was furnished only on 28/03/2014. The contention of the […]

Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

February 5, 2019 2631 Views 0 comment Print

Merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked.

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