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

business of profession and no deduction or allowance shall be made in respect of such expenditure. " In view of above, the notice u/s. 263 of the Income-Tax Act, 1961 was issued TO the assessee firm vide PCIT office letter dated 21-11-2018. The assessee submitted that it shall have no objection if the matter regarding enquiries regarding application/invocation

SRI HARIKUTTAN T,KAYAMKULAM vs. INCOME TAX OFFICER WARD 2, ALLEPPEY

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

Bench: Shri Sanjay Arora, Accountantmemberand Shri Manomohan Das, Judicialmember Harikuttan T. The Income Tax Officer (2) 1, Edayilaveetil Tharayil Aayakar Bhavan Njakkanal P.O., Pathiyoor Vs. Alappuzha Co0Llectorate Kayalmulam 690533 Alappuzha 688011 [Pan:Alrpt7536J] (Appellant) (Respondent) Appellant By: Shri M.S. Venkitachalam, Ca Respondent By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing:08.08.2023 Date Of Pronouncement:03.11.2023 O R D E R Per Sanjay Arora, Am This Is An Appeal By Assessee Challenging The Confirmation Of Penalty Levied Under Section 270A Of The Income Tax Act, 1961 (The Act) For Assessment Year (Ay) 2017-18 Vide Order Dated 17/02/2022, By The First Appellate Authority, Being The Commissioner Of Income Tax, Nfac [Cit(A)] Vide It’S Order Dated 06.07.2022. 2.1 The Brief Background Facts Of The Case Are That The Assessee, A Retired Defence Personnel, Is A Registered Money Lender Under The Kerala Money Lenders Act (Kml Act), Lending Money On Interest Against Mortgage Of Loan. For The Relevant Year He Returned, Besides Pension, Income From This Business At Rs.2,05,691. On Verification, It Was Found By The Assessing Officer (Ao) That The Assessee Was Maintaining Six Bank Accounts, I.E., Three Each With Two Banks, Being South Indian Bank (Sib) & State Bank Of India (Sbi). Transactions With The Former Were Undisclosed. The Reason Explained Was That The Gold Pawned By His Customers With Him For Availing Loan, Was In Turn Mortgaged With This Bank To Source Funds For Further Lending. These

reassessed has the effect of reducing the loss or converting such loss into income. (3) The amount of under-reported income shall be,—.. (4) – (6) (7) The penalty referred to in sub-section (1) shall be a sum equal to fifty per cent of the amount of tax payable on under-reported income. (8) Notwithstanding anything contained in sub-section

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: "Section 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section

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

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

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

business which earns income that is free from tax, assessee is not entitled to deduction of such interest or other expenditure. The Hon’ble Court extracted provisions of section 14A, with sub-clauses (2) and (3) and the proviso: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 4 of 28 "Section