LOTUS DESTINATIONS PRIVATE LIMITED,KCOHI vs. DCIT CORPORATE CIR 1(1), KOCHI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: the CIT(A), who vide the impugned order dismissed the appeal for non-prosecution.

depreciation on Trademark for failure of the assessee to produce the bills in support of the same. The AO further disallowed a sum of Rs. 31,40,000/- being travelling allowance paid to one of the Directors by holding that the payment is not related to business. The above additions were not agitated by the appellant. The AO initiated penalty

SHRI.PRAKASH R. NAIR,KOLLAM vs. DCIT, KOLLAM

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dasprakash R. Nair Dy.Cit, Central Circle Prop. Dhanya Foods Kollam Kochuppilammoodu Vs. Kollam 691001 [Pan:Abfpn4424P] (Appellant) (Respondent)

penalty proceedings, which were though considered only in respect of addition listed at Sr. No. 5, the assessee reiterated his stand in the assessment proceedings, toward which reproduce his reply dated 19.02.2004: ‘In the original return, sales in the course of export was 30673 tins valued at Rs. 8,14,83,860/ This averages to Rs. 234.09 per kg. When

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, RANGE-1, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

THE SOUTH INDIAN BANK LIMITED ,THRISSUR vs. ACIT, CIRCLE 1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. DCIT, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. ACIT, CIRCLE 1(1)& TPS, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. ACIT, CIRCLE-1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, CIRCLE-1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

depreciation in the value of the same was taken into account in the financial accounts of the Company. The profit on the sales of shares/bonds was also returned and assessed as business income of the Bank. In respect of the expenditure incurred by the appellant for buying and selling securities, the appellant claimed deduction while computing the profits and gains

ASIANET SATELLITE COMMUNICATIONS LIMITED,THIRUVANANTHAPURAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM

In the result, appeal filed by the assessee stands allowed

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K, Jm

depreciation loss. While doing so, the AO made disallowance of Rs. 1,07,06,000/- being the amount of interest on delayed payment of TDS of Rs. 79,69,894/-, service tax of Rs. 8,49,279/- and entertainment tax of Rs. 3,186/- rejecting the contention of the appellant that the same partakes character of business expenditure placing reliance

V GUARD INDUSTRIES LIMITED,VENNALA vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOCHI

In the result, the assessee’s appeal is partly allowed

Bench: Shri Sanjay Arora & Shri Sandeep Gosainv-Guard Industries Ltd. Principal Cit-1, 42/962, Vennala High School C R Building, I S Press Road, Vs. Road, Vennala, Kochi 682018 Ernakulam 682028 [Pan: Aaacv5492Q] (Appellant) (Respondent) Appellant By: Shri Anil D. Nair, Advocate Respondent By: Shri Prashant V.K., Cit-Dr Date Of Hearing: 01.02.2023 Date Of Pronouncement: 20.03.2023 O R D E R Per: Bench This Is An Appeal By The Assessee Challenging The Revision Of It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) Dated 28/12/2018 For Assessment Year (Ay) 2016-17 By The Principal Commissioner Of Income Tax-1, Kochi (‘Pr. Cit’ For Short) Vide Order U/S. 263 Dated 22/03/2021. 2. The Appeal, Filed On 08/03/2022, Though Delayed By 256 Days, Was Admitted In View Of The Blanket Condonation By The Apex Court In Suo Motu Wp(C) No.3/2020, Dated 10/01/2022, Excluding The Period From 15/3/2020 To 28/02/2022 In Reckoning The Delay In Computing Limitation Under Law & The Hearing Accordingly Proceeded With. The Assessee Is A Company Manufacturing Electrical Cables, Pumps, Solar Water Heaters, Etc. & Trading In Electrical & Electronic Goods. Revision Of It’S Impugned Assessment Is On Several Issues On Which The Revisionary Authority Found An Absence Or Lack Of Enquiry By The Assessing Officer

depreciation, reducing the open written down value (WDV) thereby. No issue therefore, in our view, arises for being considered by the AO. The Revenue has no case, with the ld. Pr. CIT having himself not made any adverse comment in the matter (para 6.1) 4.3 Issue #3: Non-consideration of expenses disallowed, u/s. 115-JB ‘Perusal of the assessment order

AYUR GREEN AYURVEDA HOSPITALS PRIVATE LIMITED,MALAPPURAM vs. DCIT, CPC, BENGALURU, BENGALURU

In the result, the assessee’s appeal is dismissed

Bench: Shri Sanjay Arora & Dr. S. Seethalakshmiayurgreen Ayurveda Hospsitals Vs Dcit, Private Limited Cpc, Door No. 1/301 Ayurgreen Bengaluru. Ayurveda Hospitals, Kaladi Mlp Edappal, Malappuram-679585. (Appellant) (Respondent) Pan No. Aaica 4294 M

penalty order is liable to be quashed as such 5. The assessee were regular in paying various contribution to the funds such as ESI and PF. But during the financial year 2017-18, the PF payments were made mandatory by way of electronic payments system. But due to the technical issues on the website of PF, the payments gateway

UST GLOBAL TECHNOLOGY SERVICES (INDIA) PRIVATE LIMITED,KOCHI vs. DCIT,CORPORATE CIRCLE 2(1), KOCHI

In the result, appeal filed by the assessee stands partly allowed\nfor statistical purpose and the stay application is dismissed as\ninfructuous

depreciation of Right to use ('RTU') of assets as\noperating expenses;\n3\nDisregarded the TP study and non-contemporaneous data\nused by the Ld. TPO\n3.1 The Ld. AO/ Ld. TPO/Ld. Panel have erred in facts and in\nlaw, in making an addition to the total returned income of the\nAppellant, on account of TP matters, by re-determining

YENKEY ROLLER FLOUR MILLS,CALICUT vs. DCIT C-1(1), KOZHIKKODE

In the result, the appeal filed by the appellant stands allowed

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am

depreciation, etc. Subsequently, the AO sought to reopen the assessment by issuing notice u/s. 148 of the Act on 23.03.2013 after recording the following reasons u/s. 147 of the Act:- "Information has been received from investigation Wing Calicut that bank account No. 1331 in the name of M/S. M.P. Traders shows huge credits and all these are cheque payments from

M/S KERALA AUTOMOBILES LTD,TRIVANDRUM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), TRIVANDRUM

In the result, the appeal by the assessee is allowed for statistical purposes

Bench: Shri Sanjay Arora, Accountantmemberand Shri Manomohan Das, Judicialmember Kerala Automobiles Ltd. Asst. Cit, Aralumoodu P.O., Neyattinkara Circle 1(1), Vs. Trivandurm 695123 Trivandrum [Pan:Aabck0142M] (Respondent) (Appellant)

depreciation; the return for the preceding three years being also at a loss. The Kerala Automobiles Ltd. vs. Asst. CIT assesseedid not respond to the several notices of hearing, detailed at para 4 of the assessment order. This was followed by notices u/ss. 142(1) and 144 of the Act, all of which were sent both at the primary