THE ACIT, TRICHUR vs. SRI.ARUN MAJEED, THRISSUR

In the result, the appeals of the Revenue are dismissed

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

4 plots and selling them individually constitute an adventure in nature of trade. In this I.T.A. Nos.494 - 497/Coch/2018 case on reference the HC had held that the intention of the assessee even when they purchased the land was to resell the same and not to make an investment. The Supreme Court upheld the decision of the HC. 9.1 In view

THE ACIT, TRICHUR vs. SRI.ARUN MAJEED, THRISSUR

In the result, the appeals of the Revenue are dismissed

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

4 plots and selling them individually constitute an adventure in nature of trade. In this I.T.A. Nos.494 - 497/Coch/2018 case on reference the HC had held that the intention of the assessee even when they purchased the land was to resell the same and not to make an investment. The Supreme Court upheld the decision of the HC. 9.1 In view

THE ITO, COCHIN vs. SRI.AMBADY KRISHNA MENON, COCHIN

In the result, appeal of the Revenue is dismissed and the Cross Objection filed

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

Capital Gains has already been disclosed in the original Return of Income field u/s 139(1) by the Assessee on 30/07/2011 for which disclosure was correct - including the transaction itself and the gross amount received on such sale; except for a mistake in the income calculated on the sale of equity shares of the company and there was no concealment

GOOD HOMES PVT LTD,KOCHI vs. DEPUTY COMMISSIONER OF INCOME TAX CORPORATE CIRCLE 1(1), KOCHI

In the result, the assessee’s appeals are allowed for statistical purposes

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

section 147 r.w.s. 143(3) of the Income-tax Act, 1961 (hereinafter ‘the Act’) dated 18.3.2015 and 29.3.2014 for assessment year (AY) 2007-2008, respectively. The background facts of both the cases being same, these are heard together, and are being disposed of pera common, consolidated order for the sake of convenience. ITA Nos.870& 884 /Coch/2022 (AY 2007-08) Ajit

AJIT ASSOCIATES PRIVATE LIMITED,ERNAKULAM vs. JCIT, CORPORATE RANGE - 1, KOCHI

In the result, the assessee’s appeals are allowed for statistical purposes

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

section 147 r.w.s. 143(3) of the Income-tax Act, 1961 (hereinafter ‘the Act’) dated 18.3.2015 and 29.3.2014 for assessment year (AY) 2007-2008, respectively. The background facts of both the cases being same, these are heard together, and are being disposed of pera common, consolidated order for the sake of convenience. ITA Nos.870& 884 /Coch/2022 (AY 2007-08) Ajit

M/S. ACCEL TRANSMATIC LTD,TRIVANDRUM vs. THE ACIT, TRIVANDRUM

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

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

255 stood reversed. In so far as brought forward loss was concerned, Ld. AR submitted that even though such brought forward loss could not be set off against current year’s capital gains or income from other sources, it still had to be allowed for carry forward to future years in accordance with the scheme of section

M/S.ACCEL TRANSMATIC LTD,TRIVANDRUM vs. THE ACIT, TRIVANDRUM

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

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

255 stood reversed. In so far as brought forward loss was concerned, Ld. AR submitted that even though such brought forward loss could not be set off against current year’s capital gains or income from other sources, it still had to be allowed for carry forward to future years in accordance with the scheme of section

SILLS KARINGATTIL JOSE,NEDUMKANDOM vs. ITO WARD 2, THODUPUZHA

Appeal is partly allowed for statistical purpose

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhsils Karingattil Jose Income Tax Officer Np 3/406, Karingattil Ward - 2, House, Munnar Road Thodupuzha Vs. Nedumkandom P.O. [Pan: Afopj8789C] (Appellant) (Respondent)

4 Sils Karingattil Jose DCF method. The appellant also submitted the valuation report. The Assessing Officer found that it is not backed by any documentary evidence. Hence, the Assessing Officer rejected the valuation report of the appellant and made the valuation as per NAV method in accordance with Rule 11U r.w. Rule 11UA (1)(c)(b) of the Income

KUNDOLY KRISHNANKUTTY SUNIL,THRISSUR vs. INCOME TAX OFFICER,WARD 2(1), THRISSUR

capital gain was Rs.70,462/-, your appellant has claimed Rs.70,462/- as deduction u/s 80C. While completing the assessment the learned assessing officer has added interest Rs.3,81,993/-.Hence the total eligible amount u/s 80C will be Rs.150,000/-. The appellant has reported this amount in the return of income. The appellant produced bank statement from which the payment

HLL BIOTECH LTD,TRIVANDRUM vs. THE ITO, WD-1(1), TRIVANDRUM

In the result, the appeals of the assessee as well as the Stay Petitions filed

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

4 D(i) the assesse has income from 'Interest on Deposits', Rs. 3,23,91,000/- and 'Interest Income from Holding Company' Rs. 93,84,000/-. Thus, CIT(A) observed that the assessee had earned interest on unutilized surplus funds. 4.3 Finally, the CIT(A) by relying on the decision of ITAT, Hyderabad Bench in the case of Thermal Powertech

HLL BIOTECH LTD,TRIVANDRUM vs. THE ITO, WD-1(1), TRIVANDRUM

In the result, the appeals of the assessee as well as the Stay Petitions filed

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

4 D(i) the assesse has income from 'Interest on Deposits', Rs. 3,23,91,000/- and 'Interest Income from Holding Company' Rs. 93,84,000/-. Thus, CIT(A) observed that the assessee had earned interest on unutilized surplus funds. 4.3 Finally, the CIT(A) by relying on the decision of ITAT, Hyderabad Bench in the case of Thermal Powertech

HLL BIOTECH LTD,TRIVANDRUM vs. THE ITO, WD-1(1), TRIVANDRUM

In the result, the appeals of the assessee as well as the Stay Petitions filed

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

4 D(i) the assesse has income from 'Interest on Deposits', Rs. 3,23,91,000/- and 'Interest Income from Holding Company' Rs. 93,84,000/-. Thus, CIT(A) observed that the assessee had earned interest on unutilized surplus funds. 4.3 Finally, the CIT(A) by relying on the decision of ITAT, Hyderabad Bench in the case of Thermal Powertech

M/S.ALLIANZ CORNHILL INFORMATION SERVICES P. LTD,TRIVANDRUM vs. JTCIT, TRIVANDRUM

In the result, the appeal of the assessee is partly allowed and the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm Assessment Year : 2010-11

255 CTR 63) wherein it was held that for the purpose of section 10B of the I.T. Act, 100% EOU is only the undertaking which is so approved by the Board appointed by the Central Government in exercise of powers conferred u/s. 40 of Industries (Development & Regulation) Act, 1951 and not the undertaking having approved by Director STPI

THE JT CIT, TRIVANDRUM vs. ALLIANZ CORNHILL INFORMATION SERVICES P. LTD, TRIVANDRUM

In the result, the appeal of the assessee is partly allowed and the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm Assessment Year : 2010-11

255 CTR 63) wherein it was held that for the purpose of section 10B of the I.T. Act, 100% EOU is only the undertaking which is so approved by the Board appointed by the Central Government in exercise of powers conferred u/s. 40 of Industries (Development & Regulation) Act, 1951 and not the undertaking having approved by Director STPI

THE ITO, CORPORATE WD-2(4), KOCHI vs. M/S.TEAM FRONT LINE LTD, KOCHI

In the result, this appeal filed by the revenue is treated to be allowed

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

gained that much money. According to the Assessing Officer, the assessee could not prove the source of credit of Rs.20 lakhs on 11.11.2014 as loan from Smt. Saleena Nair. The assesses failed to substantiate the amount of Rs.90 lakhs credited to Shaleena's account on 6.11.2014, which was transferred to assessee's account on 7.11.2014 accounted as loan

INFOPARKS KERALA,COCHIN vs. THE ACIT, COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court

INFOPARKS KERALA,TRIVANDRUM vs. THE JT DIRECTOR OF IT (OSD) EXEM), COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court

INFOPARKS KERALA,TRIVANDRUM vs. THE JT DIRECTOR OF IT (OSD) EXEM), COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court