SHRI.P.V. RAVEENDRAN,KANNUR vs. THE ITO, KANNUR

In the result, both the appeals filed by the assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

68, section 69, section 69A, section 69B, section 69C or section 69D, at the rate of thirty per cent; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Notwithstanding anything contained

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

68,481/-. Since assessee had huge interest bearing funds and investments were made in the mutual funds of sister concerns from where tax dividend was also earned, the I.T.A. Nos. 60&61/Coch/2015 & 128 & 133/Coch/2017 Assessing Officer disallowed interest amounting to Rs.18,43,500/- under section 14A r.w.r. 8D of the Income Tax Rules, 1962. 4. On appeal

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

68,481/-. Since assessee had huge interest bearing funds and investments were made in the mutual funds of sister concerns from where tax dividend was also earned, the I.T.A. Nos. 60&61/Coch/2015 & 128 & 133/Coch/2017 Assessing Officer disallowed interest amounting to Rs.18,43,500/- under section 14A r.w.r. 8D of the Income Tax Rules, 1962. 4. On appeal

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

68,481/-. Since assessee had huge interest bearing funds and investments were made in the mutual funds of sister concerns from where tax dividend was also earned, the I.T.A. Nos. 60&61/Coch/2015 & 128 & 133/Coch/2017 Assessing Officer disallowed interest amounting to Rs.18,43,500/- under section 14A r.w.r. 8D of the Income Tax Rules, 1962. 4. On appeal

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

68,481/-. Since assessee had huge interest bearing funds and investments were made in the mutual funds of sister concerns from where tax dividend was also earned, the I.T.A. Nos. 60&61/Coch/2015 & 128 & 133/Coch/2017 Assessing Officer disallowed interest amounting to Rs.18,43,500/- under section 14A r.w.r. 8D of the Income Tax Rules, 1962. 4. On appeal

BHIMA JEWELLERS,SULTHAN BATHERY, WAYANAD vs. THE PR CIT, KOZHIKKODE, KOZHIKKODE

In the result, appeal of the assessee is dismissed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.208/Coch/2018 Assessment Year : 2013-14 M/S. Bhima Jewellers, Vs. The Pr. Commissioner Of Income- 6/785 Ai, Tax, Kozhikode. Mysore Road, Chungum Junction, Sulthan Bathery, Wayanad-673 592. [Pan: Aakfb 9817C] (Assessee-Appellant) (Revenue-Respondent) Revenue By Shri Dhanaraj A. Sr. Dr Assessee By Shri R. Krishnan, Ca Date Of Hearing 05/07/2018 Date Of Pronouncement 20/08/2018

68 should be taxed at 30%. iii) The Hon’ble High Court of Kerala in the case of M/s. Kerala Sponge Iron Ltd. held that unexplained cash credit cannot be treated as business income because it is not an income classifiable under any head of income as per section 14 and such incomes are not eligible

SRI UMA MAHESHWARA RAO CHINNI,GUNTUR vs. ASST COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-1, KOZHIKODE

In the result, the instant appeals by the assesses are dismissed

Bench: Shri Sanjay Arora & Shri Manomohan Dasuma Maheshwara Rao Chinni Asst. Cit, Central Circle -1, Hno. 7-298, 7 Ward Aayakar Bhavan (North Block) Gandhi Bomma Centre Vs. Kozhikode 673001 Dachepalle, Guntur 522414 [Pan:Arjpc0342D] (Appellant) (Respondent)

2. The background facts of the case are that the assessee/s, a resident of Andhra Pradesh, was, along with two others, apprehended at the Excise check post while travelling in a bus from Hyderabad to Kozhikode on 19.7.2016, and cash in the sum of Rs.2,39,57,500 found on them, seized. The three deposed before the Excise officials, giving

SRI SRAVAN KUMAR NEELA,NALGONDA vs. ACIT CENTRAL CIRCLE 1, KOZHIKODE

In the result, the instant appeals by the assesses are dismissed

Bench: Shri Sanjay Arora & Shri Manomohan Dasuma Maheshwara Rao Chinni Asst. Cit, Central Circle -1, Hno. 7-298, 7 Ward Aayakar Bhavan (North Block) Gandhi Bomma Centre Vs. Kozhikode 673001 Dachepalle, Guntur 522414 [Pan:Arjpc0342D] (Appellant) (Respondent)

2. The background facts of the case are that the assessee/s, a resident of Andhra Pradesh, was, along with two others, apprehended at the Excise check post while travelling in a bus from Hyderabad to Kozhikode on 19.7.2016, and cash in the sum of Rs.2,39,57,500 found on them, seized. The three deposed before the Excise officials, giving

M/S. HEERA KERALA DEVELOPERS P. LTD,TRIVANDRUM vs. THE ACIT,CIR-1(1), TRIVANDRUM

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Heera Kerala Developers Acit - Circle 1(1) Pvt. Ltd. Thiruvananthapurm Tc 15/1553(5), Heera Park Vs. Mp Appan Road, Vazhuthacaud Thiruvananthapurm 695014 Pan – Aabch8810R Appellant Respondent

30,069/- after setting off the loss for the current year from the additions made under Section 68 of the Act. The learned PCIT later on called for the record and observed as under: - “I have considered the arguments raised by the assessee's authorized representative and the written submission filed. His first contention is that "a confirmation letter

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

M.K RAJENDRAN PILLAI,PATHANAMTHITTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOLLAM, KOLLAM

In the result the appeals for AYs 2012-13 to 2017-18 stand partly allowed whereas the appeal for AY 2018-19 stands allowed on legal grounds in terms of our above order

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M. & Hon’Ble Shri Manoj Kumar Aggarwal, A.M.

68 since creditworthiness of the lenders as well as the genuineness of the loans ITA Nos.580 to 586/Coch/2022 were not established by the assessee. In reply to question no.134, the assessee submitted that his commission will be percentage of supply say 25% or 30% and the rest would be loan. 3.13 Credits from other accounts Similar pattern of cash deposit

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

30,35,062. For AY 2010-11 it stood reduced from RS.4,68,60,335 to Rs. 2,16,43,082/-. 6. The Assessee filed appeal against the orders of the CIT(A) before the Tribunal in ITA No.231 to 283/Coch/2014 contending that proportionate disallowance of interest expenses was not justified because the Assessee had sufficient own interest free funds

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

30,35,062. For AY 2010-11 it stood reduced from RS.4,68,60,335 to Rs. 2,16,43,082/-. 6. The Assessee filed appeal against the orders of the CIT(A) before the Tribunal in ITA No.231 to 283/Coch/2014 contending that proportionate disallowance of interest expenses was not justified because the Assessee had sufficient own interest free funds