M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

capital borrowed for the purpose of business or profession, therefore, proposal to apply provisions of section 37(1), which is obviously a general provision for all expense, is unreasonable and unsustainable in law. 5. Attention is invited to the original assessment order passed by the AO, wherein he made necessary enquiries and verifications while framing the same. Hence order under

DCIT, THIRUVALLA vs. MAR GREGORIOUS MEMORIAL MUTHOOT MEDICAL CENTRE, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

DCIT, THIRUVALLA vs. MUTHOOT PROPERTIES & INVESTMENTS,, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

DCIT, THIRUVALLA vs. MAR GREGORIOUS MEMORIAL MUTHOOT MEDICAL CENTRE, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

THE ACIT, THIRUVALLA vs. M/S.MUTHOOT PROPERTIES & INVESTMENTS, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

THE ACIT, THIRUVALLA vs. M/S.MUTHOOT PROPERTIES & INVESTMENTS, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

THE ACIT, CIRCLE-1, THIRUVALLA, THIRUVALLA vs. MAR GREGORIOUS MEMORIAL MUTHOOT MEDICAL CENTRE, PATHANAMTHITTA

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

DCIT, THIRUVALLA vs. MAR GREGORIOUS MEMORIAL MUTHOOT MEDICAL CENTRE, KOZHENCHERRY

In the result, the appeals of the Revenue are partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

254 dated 19.07.2013. The relevant paragraphs of the assessment order are as under: "6. From the reply furnished by the assessee and related details available in the file, it would emerge that the deposits was raised from the public at large. The activity of raising deposits from the public does not have any connection with the stated objective

ACEELERATED FREEZE DRYING CO.LTD,ALAPPUZHA vs. DCIT, ALAPPUZHA

In the result, the appeal of the Revenue is allowed and the appeal of the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 43A of the Act. If the transactions undertaken are on account of revenue items, the gain is clearly taxable and so the loss also is clearly allowable. The assessee except making bald assertion that the transactions were undertaken on account of capital items no evidence was brought on record to establish that the foreign currency transactions were undertaken

DCIT, ALAPPUZHA vs. M/S ACEELERATED FREEZE DRYING CO, LTD, ALAPPUZHA

In the result, the appeal of the Revenue is allowed and the appeal of the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 43A of the Act. If the transactions undertaken are on account of revenue items, the gain is clearly taxable and so the loss also is clearly allowable. The assessee except making bald assertion that the transactions were undertaken on account of capital items no evidence was brought on record to establish that the foreign currency transactions were undertaken

DCIT, TRIVANDRUM vs. BRAHMOS AEROSPACE( THIRUVANANTHAPURAM) LTD, TRIVANDRUM

In the result, the appeal filedby

Bench: Shri George Mathan, Jm & Shri Ramit Kochar, Am Deputy Commissioner Brahmos Aerospace Of Income Tax, (Thiruvananthapuram) Ltd., Circle-1(1), V. Chackai, Thiruvananthapuram Beach Post, Kerala Tiruvananthapuram, Kerala Pan – Aabck2217K Appellant Respondent

capital gains, and it claims to carry forwards and set off such loss under Section 72(1), 73(2), 74(1), 74(3) or 74A(3), it is required to file its return of income within the prescribed time u/s 139(1) of the 1961 Act which return of income is to be in the prescribed form and verified

M/S.BABY MEMORIAL HOSPITAL LTD,KOZHIKKODE vs. THE ACIT,CIRCLE-1(1), KOZHIKKODE

In the result, the appeal filed by the assessee is partly allowed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

1) of the Act, actual cost means actual cost of the capital assets of the assessee reduced by that portion of the cost of the capital assets as has been met directly or indirectly by any other person or authority. The section also has Explanations. However, the section nowhere specifies that any gain or loss on foreign currency loans acquired

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

254 ITR 377) (Delhi) 2) CIT vs. M/s. Walchand& Co. (Pvt.) Ltd. (65 ITR 381 (SC) 3) CIT vs. M/s. Edward Keventer (Private) Ltd. (115 ITR 149) (SC) 5.3 The Ld. AR submitted that disallowance computed u/s. 14A should not exceed the exempt income earned during the year under consideration. In this context, the Ld. AR relied on the following

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

254 ITR 377) (Delhi) 2) CIT vs. M/s. Walchand& Co. (Pvt.) Ltd. (65 ITR 381 (SC) 3) CIT vs. M/s. Edward Keventer (Private) Ltd. (115 ITR 149) (SC) 5.3 The Ld. AR submitted that disallowance computed u/s. 14A should not exceed the exempt income earned during the year under consideration. In this context, the Ld. AR relied on the following

THE DCIT, COCHIN vs. M/S.ASPINWALL & CO. LTD, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

254 ITR 377) (Delhi) 2) CIT vs. M/s. Walchand& Co. (Pvt.) Ltd. (65 ITR 381 (SC) 3) CIT vs. M/s. Edward Keventer (Private) Ltd. (115 ITR 149) (SC) 5.3 The Ld. AR submitted that disallowance computed u/s. 14A should not exceed the exempt income earned during the year under consideration. In this context, the Ld. AR relied on the following

M/S ASPINWALL & CO.,LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

254 ITR 377) (Delhi) 2) CIT vs. M/s. Walchand& Co. (Pvt.) Ltd. (65 ITR 381 (SC) 3) CIT vs. M/s. Edward Keventer (Private) Ltd. (115 ITR 149) (SC) 5.3 The Ld. AR submitted that disallowance computed u/s. 14A should not exceed the exempt income earned during the year under consideration. In this context, the Ld. AR relied on the following

THE ACIT, COCHIN vs. DR. RAMESH KUMAR ISWARA, COCHIN

In the result, the appeal filed by the Revenue is dismissed

Bench: S/Shri Abraham P. George, Am & George George K., Jm

1) of the Act. It was submitted that in such cases, the provisions of section 54F(4) requirement to make deposits in Capital Gains Accounts Scheme has no application. For the above proposition, the Ld. Counsel for the assessee relied on the decision of the Hon’ble Karnataka High Court in the case of CIT vs. K. Ramachandra

THE ACIT, KOCHI vs. M/S.KUNNEL ENGINEERS & CONTRACTORS P. LTD, KOCHI

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

gains of business or profession. The assessee has separately accounted for the service tax collected is also the indirect part of turnover because it is received along with turnover. The assessee has not shown any invoice raised by him before us as per service tax Rules, which is mandatory for the service provider to issue invoice to the service recipient