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25 orders · Page 1 of 1
The Tribunal upheld the CIT(A)'s decision, following the jurisdictional High Court's ruling in Chirakkal Service Co-operative Bank Ltd. The Tribunal found that the assessees, being registered as Primary Agricultural Credit Societies under the Kerala Co-operative Societies Act, were entitled to the deduction.
The Tribunal upheld the CIT(A)'s decision, following the jurisdictional High Court's ruling in Chirakkal Service Co-operative Bank Ltd. The Tribunal found that the assessees, being registered as Primary Agricultural Credit Societies under the Kerala Co-operative Societies Act, were entitled to the deduction.
The Tribunal directed the disallowance of expenses to be restricted to 5% instead of 10% to meet the ends of justice, considering the nature of the business. The disallowance of EPF/ESI contributions paid beyond the due date was confirmed, following the jurisdictional High Court's decision.
The Tribunal upheld the disallowance, stating that employees' contribution to PF and ESI, if not paid within the statutory due date, cannot be allowed as a deduction. The decision followed the jurisdictional High Court's ruling in Merchem Limited.
The Tribunal admitted additional evidence filed by the assessee and remitted the issue to the Assessing Officer for de novo consideration. The Assessing Officer is to examine if the loss was on account of repayment of trade advances and if so, it should be allowed as a business loss.
The Tribunal held that a primary agricultural credit society registered under the Kerala Cooperative Societies Act is entitled to deduction under Section 80P(2), as per the jurisdictional High Court's ruling. Therefore, the denial of deduction by the Assessing Officer was incorrect.
The Tribunal held that the seized balance sheet was an unsubstantiated document and could not be used for assessment. The assessee's claim of 30% land value for common amenities was supported by a statement recorded during the search and was not controverted by the AO.
The Tribunal held that the assessee failed to establish that the payee firms had included the interest income in their returns and paid tax thereon, thus failing the condition for the proviso to Section 40(a)(ia). The assessee's argument regarding Section 44AB was also not accepted.
The Tribunal held that the nursing school is an integral part of the hospital and its activities are conducive to the trust's charitable objects, thus eligible for exemption under Section 11(1). It also held that depreciation is allowable on assets even if their cost was treated as application of income, following a Supreme Court judgment.
The Tribunal upheld the CIT(A)'s decision, following the jurisdictional High Court's ruling that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2).
The Tribunal held that a primary agricultural credit society registered under the Kerala Cooperative Societies Act is entitled to deduction under Section 80P(2). This decision followed a jurisdictional High Court ruling on the matter.
The Tribunal, following a previous decision in the assessee's own case, remitted the issue to the Assessing Officer for fresh consideration. The assessee was directed to provide necessary evidence to support the claimed expenditure.
The Tribunal, following a previous decision in the assessee's own case, remitted the issue to the Assessing Officer for fresh consideration. The assessee is directed to provide necessary evidence to support the expenditure claimed.
The Tribunal held that the issue of electricity duty was covered by a jurisdictional High Court decision and confirmed the deletion of the addition. However, it upheld the disallowance of provision for bad and doubtful debts, stating that the Explanation to Section 36(1)(vii) clearly prohibits such deductions for non-banking entities.
The Tribunal held that the issue of electricity duty was covered by a jurisdictional High Court decision and confirmed the deletion of the addition. However, it upheld the disallowance of provision for bad and doubtful debts, stating that the Explanation to Section 36(1)(vii) clearly prohibits such deductions for non-banking entities.