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ITAT Cochin

Delay in filing appeal can be condoned only based on explanation for delay

February 3, 2019 12219 Views 0 comment Print

Catholic Syrian Bank Ltd Vs DCIT (ITAT Cochin) In the present case, there were no affidavits from the concerned persons who are handling the impugned issues and who are required to take proper steps in filing the appeals before the CIT(A). In our opinion, the decision of the co-ordinate Bench is without doubt binding upon […]

Penalty justified for failure to Furnish Tax Audit Report despite Due Date extension by CBDT

January 22, 2019 1971 Views 0 comment Print

The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s 44AB of the I.T.Act. Hence, we are of the view that the penalty u/s 271B of the I.T.Act has been rightly imposed. It is ordered accordingly.

S. 195 not applies to Foreign agent commission & reimbursement of expenditure not taxable in India

January 4, 2019 1650 Views 1 comment Print

Foreign agent commission and reimbursement of expenditure were not taxable in India and hence, section 195 had no application.

ITAT explains Provisions of Deemed transfer in case of JDA under Section 2(47)(v)

December 17, 2018 2904 Views 0 comment Print

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) We have carefully perused the JDA entered between the assessee and the developer. As per the JDA (in page 3 para 4), the construction should have completed and the share of build up area marked for the assessee ought to have been handed over within 36 months of obtaining necessary […]

Interest on Delayed Payment of VAT and TDS allowable

November 24, 2018 12717 Views 0 comment Print

ITO Vs M/s. Lakshdweep Development Corporation Limited (ITAT Cochin) Interest on delayed payment of VAT and TDS is only compensatory and is not penal in nature. Therefore, the CIT(A) has correctly deleted the disallowance made for the interest expenditure claimed on delayed payment of VAT and TDS. FULL TEXT OF THE ITAT JUDGMENT These appeals […]

Running hospital with nursing school eligible for exemption U/s. 11

November 12, 2018 2046 Views 0 comment Print

M/s. MAJ Hospital Edappally Vs DCIT (ITAT Cochin) Assessee is entitled to the exemption u/s 11 of the income derived from an activity incidental to the achievement of the objects of the trust. For these reasons, we hold that the assessee’s activities of running the hospital and the nursing school are intricately connected and dependent […]

Registered Agricultural society entitled to deduction U/s. 80P(2)

November 1, 2018 630 Views 0 comment Print

ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon’ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a primary agricultural credit society, registered under the Kerala Cooperative Societies […]

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

October 25, 2018 4893 Views 0 comment Print

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)

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

October 24, 2018 714 Views 0 comment Print

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 was […]

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

October 10, 2018 678 Views 0 comment Print

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 proceedings were taken under the Land Acquisition Act, the […]

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