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

section 32(1)(iia) of the Income Tax Act, 1961 is a one-time benefit to encourage industrialization and the relevant provisions have to be construed reasonably and purposively. The additional depreciation is allowed in the year of purchase and if in the year of purchase, the assessee is eligible only for 50 per cent, depreciation, the balance 50

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

section 32(1)(iia) of the Income Tax Act, 1961 is a one-time benefit to encourage industrialization and the relevant provisions have to be construed reasonably and purposively. The additional depreciation is allowed in the year of purchase and if in the year of purchase, the assessee is eligible only for 50 per cent, depreciation, the balance 50

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

50 is a full code for computation of capital gains on depreciable assets. On the other hand under Section 50B the asset has to be first classified between long term or short term capital asset and then for the purpose of Sections 48 and 49 net worth has to be computed in terms of explanation 1 of the said Section

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

50 is a full code for computation of capital gains on depreciable assets. On the other hand under Section 50B the asset has to be first classified between long term or short term capital asset and then for the purpose of Sections 48 and 49 net worth has to be computed in terms of explanation 1 of the said Section

SRI.VINU SELVARAJ M/S. RADHAS TEXTILES,KOLLAM vs. THE ITO, WD-4, KOLLAM

In the result, the appeal of the assessee is a partly allowed for statistical

Bench: Shri George George K.

50,000/-. 4. Aggrieved by the order of the CIT(A), the assessee is in appeal before the Tribunal raising the following grounds of appeal: 1. The Officers below were not justified in invoking/ confirming the addition made u/s. 40A (3). 2. The Commissioner of Income-tax (A) is not justified in holding that the appellant is not covered

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

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

In the result, the appeal of the assessee stands dismissed

Bench: Shri P. K. Bansal & Shri George George K.Assessment Year:2011- 12

50-926/A1-A5, Total Towers, Circle-1(1), Devankulangra, Edappally P.O., Kochi. Ernakulam. PAN:AACCA 2655 G (Appellant) (Respondent) Appellant by Shri Raja Kannal Respondent by Shri Shanthom Bose, CIT, D.R. Date of hearing 04/10/2017 Date of pronouncement 05/10/2017 ORDER PER P. K. BANSAL, V.P. This appeal has been filed by the assessee against the order of the CIT dated

THE ACIT, KOCHI vs. M/S.FEDERAL BANK LTD, 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 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

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 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

ACIT, KOCHI vs. FEDERAL BANK LTD, ALUVA

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

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

3 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

THE ACIT, , KOCHI vs. M/S.FEDERAL BANK LTD, 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 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

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 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

ACIT, KOCHI vs. FEDERAL BANK LTD, ALUVA

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

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

3 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible

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 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);” ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 24 of 28 24. There is no dispute that the Assessee is eligible