THE TRIVANDRUM EMPLOYEES CO-OPERATIVE SOCIETY LIMITED NO. 43,TRIVANDRUM vs. THE ADDITIONAL JOINT DEPUTY ASSISTANT COMMISSIONER OF INCOME TAX, KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

23 24/1055332576(1) Heard both parties at length. Case files perused. 2. The assessee’s former appeal ITA.No.792/Coch./2023 pleads the following substantive grounds : “1) The learned Commissioner of Income Tax (Appeals) erred in his finding that no notice as mandated u/s 144B(XI) is required for completion of the assessment. 2) The learned Commissioner of Income Tax (Appeals

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, THRISSUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, KOMBODINJAMAKKAL, TRICHUR, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, KOCHI, KOCHI vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, THRISSUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

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

23-05-2005 12000 P.T.Benny 24-05-2005 11000 P.T.Davis 25-05-2005 12000 P.T.Varghese 09-08-2005 15000 Gracy Thomas 09-08-2005 12000 Reeny Johnson 09-08-2005 15000 P.T.Benny 09-08-2005 8000 P.T.Davis 09-08-2005 15000 P.T.Varghese 27-10-2005 20000 Gracy Thomas 27-10-2005 20000 Reeny Johnson 27-10-2005 20000 P.T.Benny

MARINE BUSINESS ASSOCIATES,KANNUR vs. ITO, KANNUR

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K

10 ITA No.558/Coch/2023. Marine Business Associates. liability incurred for the same under any law in force. This amendment is proposed as the valuation of inventory after this adjustment will present the correct value." 17. We have also considered the decision of the Privy Council in the case of CIT v. Ahmedabad New Cotton Mills

V.K.M FEEDS PRIVATE LIMITED,TAMILNADU vs. ACIT,CENTRAL CIRCLE, THRISSUR

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

Bench: Shri Inturi Rama Rao & Shri Sandeep Singh Karhailassessment Year : 2017-18 Vkm Feeds Private Limited, Acit, Central Circle, 2, Reservoir Street, Thrissur Venkatesa Colony, Vs. Pollachi-642001 Tamil Nadu Pan : Aafcv2454D (Appellant) (Respondent) For Assessee : Shri Shaji Paulose, Ca For Revenue : Shri Sanjit Kumar Das, Cit-Dr (Heard In Hybrid Bench) Date Of Hearing : 25-03-2025 Date Of Pronouncement : 27-05-2025

68 of the Act. 20. However, it is an undisputed fact that the statement recorded under Section 132(4) of the Act has better evidentiary value but it is also a settled position of law that addition cannot be sustained merely on the basis of the statement. There has to be some material corroborating the content of the statements

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68

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

23,75,372 Rs.4,79,33,244 Rs.4,68,60,335 Disallowed u/s.14A - Rs.97,00,000 Rs.83,34,000 being 0.5% of the average tax free investments ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 3 of 28 Amount disallowed Rs.12,37,89,000 Rs.11,80,57,000 Rs.4,68