Search Results For: ITAT Cochin


ACIT vs. St. Mary’s Rubbers Private Ltd (ITAT Cochin)

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DATE: June 15, 2017 (Date of pronouncement)
DATE: July 29, 2017 (Date of publication)
AY: 2011-12
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CITATION:
S. 40(a)(ia): Amounts paid by way of reimbursement of expenses do not constitute income in the hands of the recipient. Consequently, the payer is under no obligation to deduct TDS u/s 194C and no disallowance of the expenditure can be made u/s 40(a)(ia). CBDT Circular No.715 dated 08.08.1995 distinguished

The Tribunal, while giving the above decision, had also considered the effect of CBDT Circular No.715 dated 08.08.1995 and also ruled that the said Circular was applicable only where consolidated bills were raised inclusive of contractual payments and re-imbursement of actual expenditure. Same view was taken by the Bangalore Bench of this Tribunal in the case of DCIT vs. Dhanyaa Seeds (P) Ltd. (supra). Hon’ble Gujarat High Court in the case of Pr. CIT vs. Consumer Marketing (India) (P.) Ltd.(supra) held that when separate bills are there for reimbursement of expenditure received by C&F agent, TDS was not required to be made on reimbursement

Posted in All Judgements, Tribunal

ITO vs. Abraham Varghese Charuvil (ITAT Cochin)

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DATE: April 26, 2017 (Date of pronouncement)
DATE: May 1, 2017 (Date of publication)
AY: 2013-14
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CITATION:
S. 68/ 2(14): "On Money" received by an assessee for sale of agricultural land has to be treated as "agricultural income" and exempted from tax if the facts show that the assessee has no other source for the receipt

The payment of on-money is an unfortunate practice in most part of our country, and none can deny this factual situation. It is the case of the assessee that the buyers were insisting on reducing the sale consideration to be disclosed in the sale deed for the purpose of reducing stamp duty payment. This contention of the assessee cannot be totally brushed aside

Posted in All Judgements, Tribunal

Apollo Tyres Ltd vs. ACIT (ITAT Cochin)

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DATE: January 10, 2017 (Date of pronouncement)
DATE: January 11, 2017 (Date of publication)
AY: 2010-11
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CITATION:
S. 37(1): The loss on sale of shares of a wholly-owned subsidiary is allowable as a business loss if the investment in the subsidiary was made for commercial purposes

The objective of ATAG was undertaking sales and marketing related activities for the brand of the appellant in Singapore. The said factual assertion has not been rebutted by the AO in the impugned assessment order. There is nothing on record to show that the said subsidiary company was doing any activity completely independent and unrelated to the activities carried out by the appellant company. Thus, the claim of the appellant that the investment was made for commercial purposes and not for purpose of accretion of investment cannot be rejected

Posted in All Judgements, Tribunal

Little Servants of Divine Providence Providence Charitable Trust vs. ITO (ITAT Cochin)

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DATE: September 9, 2016 (Date of pronouncement)
DATE: September 20, 2016 (Date of publication)
AY: 2013-14
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CITATION:
S. 234E: Prior to the amendment to s. 200A w.e.f. 01.06.2015, the fee for default in filing TDS statements cannot be recovered from the assessee-deductor

The issue is whether such a levy could be effected in the course of intimation under section 200A. The answer is clearly in negative. No other provision enabling a demand in respect of this levy has been pointed out to us and it is thus an admitted position that in the absence of the enabling provision under section 200A, no such levy could be effected. As intimation under section 200A, raising a demand or directing a refund to the tax deductor, can only be passed within one year from he end of the financial year within which the related TDS statement is filed, and as the related TDS statement was filed on 19th February 2014, such a levy could only have been made at best within 31st March 2015. That time has already elapsed and the defect is thus not curable even at this stage

Posted in All Judgements, Tribunal

Kumarakom Lake Resort Pvt. Ltd vs. ACIT (ITAT Cochin)

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DATE: March 1, 2016 (Date of pronouncement)
DATE: April 18, 2016 (Date of publication)
AY: 2007-08
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CITATION:
S. 80-IB(7): Amounts by way of rent and other misc items, though shown as "other income" in the books, constitutes "key revenue category" as per ICAI Guidelines and are "derived" from the business of the hotel

Thus it can be seen from the above that, rent received by the assessee of Rs.180,000/- from Heritage Shop which represents rental income from Curio Shop and of Rs.120,000/- for the space and amenities given to Kumarakom Water Transport Pvt. Ltd. will fall within the key revenue generation category of ‘Space Rentals’ and ‘Arcade revenue’ and ‘Housekeeping bill’ for a hotel industry. Revenue from staff mess of Rs.7,139/- will also fall within the key revenue generation category of ‘Food and Beverages’ for a hotel industry. Revenue from staff telephone of R.90,048/- will fall within the key revenue category of ‘Communication revenue (both telephone & internet)’ as per ICAI guidelines

Posted in All Judgements, Tribunal

The Ramanthali Service Co-operative Bank Ltd vs. ITO (ITAT Cochin)

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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 40(a)(ia) second proviso is not retrospective & so payment of TDS before due date of ROI does not prevent disallowance. Law laid down in Vector Shipping cannot be followed

(i) The next question arises for consideration is whether the second proviso to section 40(a)(ia) as incorporated by Finance Act, 2012 is retrospective in operation or prospective in operation. We are conscious that some of the benches of this Tribunal

Posted in All Judgements, Tribunal

Mathewsons Exports & Imports vs. ACIT (ITAT Cochin)

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DATE: October 21, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2006-07
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CITATION:
charter hire payment is not assessable as royalty, there is no obligation to deduct TDS and no disallowance u/s 40(a)(i) can be made

It is very clear that the payments made by the assessee company were in the nature of simple payments for chartering ships on hire for doing the business outside India. Therefore, the payments do not satisfy the test laid down

Posted in All Judgements, Tribunal

Padinjarekara Agencies Pvt. Ltd vs. ACIT (ITAT Cochin)

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2005-06
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CITATION:
S. 115JB: AO entitled to tinker with P&L A/c if assessee's claim not permitted by accounting principles

The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.in order to enable anybody to understand

Posted in All Judgements, Tribunal

Geojit Investment Services Ltd vs. ACIT (ITAT Cochin)

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DATE: August 28, 2014 (Date of pronouncement)
DATE: October 15, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 14A: In applying Rule 8D(2)(ii) interest expenses directly attributable to tax exempt income as also directly attributable to taxable income, are required to be excluded from computation of common interest expenses to be allocated.

(1) S. 14 A (2) requires the AO to determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be

Posted in All Judgements, Tribunal

M. Ahammedkutty vs. ITO (ITAT Cochin)

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08
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CITATION:
U/s 45(4), capital gains on transfer of capital assets on dissolution of firm has to be worked out on the basis of the fair market value of the capital asset on the date of transfer

(i) Dissolution and retirement are two different concepts. In the case of retirement, the retiring partner goes out of the firm but the remaining partners continue to carry on the business of the partnership as a firm. In the case

Posted in All Judgements, Tribunal
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