MINA WOOD INDUSTRIES,MATTANNUR vs. ITO, W-3, KANNUR

The appeals are allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhmina Wood Industries The Income Tax Officer Iii/656 B, Kallur Ward - 3, Kannur Mattannur Vs. Kannur 670702 [Pan: Aagfm2716D] (Appellant) (Respondent)

section 40A(3) and rule 6DD that they are intended to regulate business transactions and to prevent the use of unaccounted money or reduce the chances to use black money for business transactions." 17. In the case of Gurudev Garg Vs. CIT the Hon'ble Punjab & Haryana High Court has held that where genuineness of transaction made in cash

THE ACIT, ERNAKULAM vs. M/S.NITTA GELATINE INDIA LTD, COCHIN

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

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

disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section 3 of section 40A: 17

THE ACIT, COCHIN vs. M/S.NITTA GELATINE INDIA LTD, COCHIN

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

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

disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section 3 of section 40A: 17

THE ACIT, COCHIN vs. M/S.SUD CHEMIE INDIA P. LTD, ALUVA

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

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

section 14A of the Act for all the assessment years. I.T.A. Nos./ 3, 17 & 41/C/2017 13. Aggrieved, the Revenue is in appeal before us. 14. We have heard the rival contentions and submissions. The main contention of the Ld. AR is that the assessee is having own funds in the form of share capital and reserves to make investment which

THE ACIT, COCHIN vs. M/S.SUD CHEMIE INDIA P. LTD, COCHIN

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

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

section 14A of the Act for all the assessment years. I.T.A. Nos./ 3, 17 & 41/C/2017 13. Aggrieved, the Revenue is in appeal before us. 14. We have heard the rival contentions and submissions. The main contention of the Ld. AR is that the assessee is having own funds in the form of share capital and reserves to make investment which

M/S.US TECHNOLOGY INTERNATIONAL P. LTD,TRIVANDRUM vs. THE JCIT, TRIVANDRUM

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

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

17 March 2015 Since the subject section 143(3) matter of revision read with section proceedings under 147 section 263 is not covered under the reassessment order, the reassessment order cannot be considered for time limit purposes under section 263(2) of the Act. Ground No.2 - Without prejudice, revision proceedings have been initiated on account of issues that are neither

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37(1) Explanation. We accordingly accept the assessee’s instant eighth ground of appeal in very terms. 15. The assessee’s ninth substantive ground is against the confirmation of disallowance of Rs.228.22 crore u/s.115JB adjustment as well as sec.36

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

disallowance of Interest amounting to Rs. 18,43,500/- under Section 14A of the Income Tax Act, 1961 r.w.r 8D of the Income Tax Rules, 1962. 2. The learned CIT (A) ought to have observed that the appellant has not incurred any expenditure to earn exempt income of Rs. 6,59,278/-. 3. The learned CIT (A) ought to have

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

disallowance of Interest amounting to Rs. 18,43,500/- under Section 14A of the Income Tax Act, 1961 r.w.r 8D of the Income Tax Rules, 1962. 2. The learned CIT (A) ought to have observed that the appellant has not incurred any expenditure to earn exempt income of Rs. 6,59,278/-. 3. The learned CIT (A) ought to have

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

disallowance of Interest amounting to Rs. 18,43,500/- under Section 14A of the Income Tax Act, 1961 r.w.r 8D of the Income Tax Rules, 1962. 2. The learned CIT (A) ought to have observed that the appellant has not incurred any expenditure to earn exempt income of Rs. 6,59,278/-. 3. The learned CIT (A) ought to have

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

disallowance of Interest amounting to Rs. 18,43,500/- under Section 14A of the Income Tax Act, 1961 r.w.r 8D of the Income Tax Rules, 1962. 2. The learned CIT (A) ought to have observed that the appellant has not incurred any expenditure to earn exempt income of Rs. 6,59,278/-. 3. The learned CIT (A) ought to have

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

3) entitles the department to make disallowance of expenditure incurred for earning tax free income in cases where ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 5 of 28 assessee do not maintain separate accounts for the investments and other expenditure incurred for earning tax free income. The Hon’ble Court

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

3) entitles the department to make disallowance of expenditure incurred for earning tax free income in cases where ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 5 of 28 assessee do not maintain separate accounts for the investments and other expenditure incurred for earning tax free income. The Hon’ble Court

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

3) entitles the department to make disallowance of expenditure incurred for earning tax free income in cases where ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 5 of 28 assessee do not maintain separate accounts for the investments and other expenditure incurred for earning tax free income. The Hon’ble Court