ITAT Cochin Judgments — March 2019

The Tribunal held that subsidies received are eligible for deduction under Section 80IB, citing a Supreme Court judgment. However, lease rent received from letting out an industrial undertaking is not considered profits derived from manufacturing and thus not eligible for Section 80IB deduction.

The Tribunal held that employees' PF/ESI contributions made after the due date are not deductible. Regarding IPO expenses, it was held that expenses purely in the revenue field, like advertisement and market research, are allowable, while direct IPO expenses like commission and fees are capital in nature and amortizable.

The Tribunal held that the CIT(A) erred in reducing the penalty amount based on a partial contribution from the assessee. The matter was restored to the CIT(A) to consider the entire undisclosed investment for penalty purposes.

The Tribunal found that the assessee had produced challans for TDS payment and, in the interest of justice, decided to grant another opportunity for verification. The issue was remitted back to the CIT(A) for fresh consideration.

The Tribunal held that the unregistered sale agreement was not admissible as additional evidence under Rule 46A as the assessee failed to prove it fell under any exceptions. Furthermore, the agreement was not acted upon, and the return of advance lacked proper acknowledgement.

The Tribunal held that while some portion of past cash withdrawals could be available for the deposit, a sum of Rs. 5,00,000 was reasonably estimated as available, sustaining the addition of Rs. 4,00,000. For the negative cash balance, the Tribunal confirmed the addition as the assessee failed to produce evidence for its deletion.

The Tribunal held that the CIT was correct in exercising revisionary powers. A lack of inquiry by the AO before accepting a revised return makes the assessment order erroneous and prejudicial to the interest of revenue.

The Tribunal upheld the decision of the CIT(A) which allowed the deduction under Section 80P(2). This was based on the Kerala High Court's ruling that primary agricultural credit societies are entitled to this deduction.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2). This decision followed the jurisdictional High Court's ruling.

The Tribunal held that the ill health of the partner and the hardware damage leading to data loss constituted reasonable causes for the delay in furnishing the audit report. The Tribunal found that the assessee committed only a technical breach and no prejudice was caused to the revenue as the audit report was available before the assessment was completed.

The Tribunal held that the payment to the legal heirs was a diversion of income by overriding title, as per the partnership deed. Therefore, the amount should be allowed as a deduction.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2) of the Income Tax Act. This decision was based on the jurisdictional High Court's ruling in the Chirakkal Service Co-operative Bank Ltd. case.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2)(a)(i). This was based on the Kerala High Court's decision in Chirakkal Service Co-operative Bank Ltd.

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 is in line with the jurisdictional High Court's decision which considered the society's classification under the State Act.

The Tribunal held that the assessee is entitled to deduction under Section 80P(2) of the Income-tax Act, 1961. It relied on the jurisdictional High Court's decision in Chirakkal Service Co-operative Bank Ltd. vs. CIT (384 ITR 490), which held that societies classified as primary agricultural credit societies under the Kerala Co-operative Societies Act are entitled to such exemption, and the Income-tax authorities cannot probe into matters relating to such classification. Regarding the disallowance under Section 40(a)(ia), the Tribunal confirmed the CIT(A)'s order, holding that the assessee is not liable to deduct TDS under Section 194A on interest paid to depositors. This was based on the reasoning that for PACS, Section 194A(3)(viiia) is applicable, exempting them from TDS, and citing Tribunal orders in ITO vs. Kuthannur Service Co-operative Bank Ltd. & Ors. and ACIT v. Kodungallur Town Co-operative Bank Ltd.

The Tribunal held that subsidies received are eligible for deduction under Section 80IB, citing a Supreme Court judgment. However, lease rent received from letting out an industrial undertaking is not considered profits derived from manufacturing and thus not eligible for Section 80IB deduction.

The Tribunal held that the assessee is entitled to deduction under Section 80P(2) of the Income-tax Act, 1961. It relied on the jurisdictional High Court's decision in Chirakkal Service Co-operative Bank Ltd. vs. CIT (384 ITR 490), which held that societies classified as primary agricultural credit societies under the Kerala Co-operative Societies Act are entitled to such exemption, and the Income-tax authorities cannot probe into matters relating to such classification. Regarding the disallowance under Section 40(a)(ia), the Tribunal confirmed the CIT(A)'s order, holding that the assessee is not liable to deduct TDS under Section 194A on interest paid to depositors. This was based on the reasoning that for PACS, Section 194A(3)(viiia) is applicable, exempting them from TDS, and citing Tribunal orders in ITO vs. Kuthannur Service Co-operative Bank Ltd. & Ors. and ACIT v. Kodungallur Town Co-operative Bank Ltd.

The Tribunal held that the assessee is entitled to deduction under Section 80P(2) of the Income-tax Act, 1961. It relied on the jurisdictional High Court's decision in Chirakkal Service Co-operative Bank Ltd. vs. CIT (384 ITR 490), which held that societies classified as primary agricultural credit societies under the Kerala Co-operative Societies Act are entitled to such exemption, and the Income-tax authorities cannot probe into matters relating to such classification. Regarding the disallowance under Section 40(a)(ia), the Tribunal confirmed the CIT(A)'s order, holding that the assessee is not liable to deduct TDS under Section 194A on interest paid to depositors. This was based on the reasoning that for PACS, Section 194A(3)(viiia) is applicable, exempting them from TDS, and citing Tribunal orders in ITO vs. Kuthannur Service Co-operative Bank Ltd. & Ors. and ACIT v. Kodungallur Town Co-operative Bank Ltd.

The Tribunal held that the assessee is entitled to deduction under Section 80P(2) of the Income-tax Act, 1961. It relied on the jurisdictional High Court's decision in Chirakkal Service Co-operative Bank Ltd. vs. CIT (384 ITR 490), which held that societies classified as primary agricultural credit societies under the Kerala Co-operative Societies Act are entitled to such exemption, and the Income-tax authorities cannot probe into matters relating to such classification. Regarding the disallowance under Section 40(a)(ia), the Tribunal confirmed the CIT(A)'s order, holding that the assessee is not liable to deduct TDS under Section 194A on interest paid to depositors. This was based on the reasoning that for PACS, Section 194A(3)(viiia) is applicable, exempting them from TDS, and citing Tribunal orders in ITO vs. Kuthannur Service Co-operative Bank Ltd. & Ors. and ACIT v. Kodungallur Town Co-operative Bank Ltd.

The Tribunal held that employees' PF/ESI contributions made after the due date are not deductible. Regarding IPO expenses, it was held that expenses purely in the revenue field, like advertisement and market research, are allowable, while direct IPO expenses like commission and fees are capital in nature and amortizable.

The Tribunal found that the assessee had produced challans for TDS payment and, in the interest of justice, decided to grant another opportunity for verification. The issue was remitted back to the CIT(A) for fresh consideration.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2)(a)(i). This was based on the Kerala High Court's decision in Chirakkal Service Co-operative Bank Ltd.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2) of the Income Tax Act. This decision was based on the jurisdictional High Court's ruling in the Chirakkal Service Co-operative Bank Ltd. case.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2) of the Income Tax Act. This decision was based on the jurisdictional High Court's ruling in the Chirakkal Service Co-operative Bank Ltd. case.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2) of the Income Tax Act. This decision was based on the jurisdictional High Court's ruling in the Chirakkal Service Co-operative Bank Ltd. case.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2) of the Income Tax Act. This decision was based on the jurisdictional High Court's ruling in the Chirakkal Service Co-operative Bank Ltd. case.

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 is in line with the jurisdictional High Court's decision which considered the society's classification under the State Act.

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 is in line with the jurisdictional High Court's decision which considered the society's classification under the State Act.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2). This decision followed the jurisdictional High Court's ruling.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2). This decision followed the jurisdictional High Court's ruling.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2). This decision followed the jurisdictional High Court's ruling.

The Tribunal held that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction under Section 80P(2). This decision followed the jurisdictional High Court's ruling.