THE KUNDARA PANCHAYATH SERVICE COOPERATIVE BANK LTD,KOLLAM vs. INCOME TAX OFFICER, WARD 4, KOLLAM

In the result, appeals filed by the assessee are allowed

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

7 of 14 Category of Co-Op. Societies covered Nature and Extent of benefit available by sub-clauses (a) to (f) (1) A housing society; property chargeable under section 22. (2) An urban consumer society; (3) A society carrying on transport business; (4) A society engaged in the performance of any manufacturing operations with the aid of power, where

AVINISSERY SERVICE CO-OPERATIVE BANK LTD,THRISSUR vs. THE INCOME TAX OFFICER WARD 2(1),THRISSUR, THRISSUR

68 taxmann.com 298/239 Taxman 417/384 ITR 490, where in a batch of appeals challenging assessments completed under section 147 read with 143(3)/144 of the Income-tax Act, the High Court, after considering section 80P(4) of the Income-tax Act, various provisions of the Kerala Act, the Banking Regulation Act, 1949, the byelaws of the Societies

M/S.SAHYADRI AGENCIES LTD,KANDNASSERY, THRISSUR vs. THE ITO, WD-1(3), THRISSUR

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

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

2)(viib) or 68. This issue is also be examined. " Re: Appellant's submissions: I. In limited scrutiny assessment, the Assessing Officer has to restrict himself to issues raised in limited scrutiny and cannot make any additions on other issues. In this regard, reliance is placed on the decisions mentioned in Annexure A, wherein it has been held that

SRI.P.V.RAVINDRAN,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 / 69 of the IT Act, 1961 4. Without prejudice to the above there is no justification to assess the income from business declared by the appellant invoking section 115BBE of the IT Act, 1961. 5. The learned Principal Commissioner of Income Tax ought to have found that the income declared pursuant .to survey conducted in the appellant

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 / 69 of the IT Act, 1961 4. Without prejudice to the above there is no justification to assess the income from business declared by the appellant invoking section 115BBE of the IT Act, 1961. 5. The learned Principal Commissioner of Income Tax ought to have found that the income declared pursuant .to survey conducted in the appellant

M/S PAZHAYANGADI G GOLD,KANNUR vs. ITO WARD 1 & TPS, KANNUR

In the result, the appeal by the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri Sandeep Singh Karhailassessment Year : 2018-19 Pazhayangadi G Gold, Ito, Ward-1& Tps, Eazhome Pazhayangadi, Kannur Kannur-670303 Vs. Pan : Aaufp9485G (Appellant) (Respondent) For Assessee : Shri Arun Raj S. Adv. For Revenue : Shri Sanjit Kumar Das, Cit-Dr (Heard In Hybrid Bench) Date Of Hearing : 25-03-2025 Date Of Pronouncement : 27-05-2025 O R D E R

7 Provided that no penalty shall be levied in respect of income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D to the extent such income has been included by the assessee in the return of income furnished under section 139 and the tax in accordance

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

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

M/S. VIJAYALAXMICASHEW CO.,,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SRI.R.PRAKASH,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SRI.K.RAVINDRANATHAN NAIR,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SMT. T.C. USHA,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SRI.R.PRAKASH,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SRI.R.PRAKASH,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

SMT. T.C. USHA,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits

M/S. VIJAYALAXMICASHEW CO.,,KOLLAM vs. THE ACIT, KOLLAM

In the result, the appeals of the assessees in ITA Nos

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

7) (8) 1. Prakash Exports 195037850 267.39 294.44 214767916 19730066 729411.480 2. Nut Products 64326800 267 294.44 70819121 6492321 Company 240521.14 3. Prathyush Exports 3404800 247 294.44 4060162 655363 13789.44 TOTAL 2,68,77,750 4. On appeal, the CIT(A) observed that the onus to establish the fact that the transaction is genuine, in view of diversion of profits