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 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

M/S.MUKKAM MEGA MULTIPURPOSE CO-OP SOCEITY LTD,KOZHIKKODE vs. THE ITO, KOZHIKKODE

In the result, the appeal by the assessee is allowed for statistical purposes and the stay petition is dismissed

Bench: Shri George George K. & Ms. Padmavathy S.

43,17,817 /- of total income- 2. To Waive the tax and interest of Rs 18,51,990/- 3. To admit any other grounds which may arise at the time of hearing the appeals.” 3. The assessee is a co-operative society with the main object of providing credit facilities to its members. The assessee filed the return of income

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

c)) The ld.CIT(A) ought to have noticed that the re-opening of assessment is done on the basis of change of opinion on same set of facts. The Ld. CIT(A) ought to have noticed that all the disallowances made in the assessment-u/s 144, section 36 (I)(vii) and 36 (I)(vii)) were only based

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

c) of section 80P(2). Clause (d) deals with yet another type of income earned by the Co-operative Society which is deducted while computing the total income of the assessee. However, to merit acceptance of deduction under clause (d) of section 80P(2) of the Act, the clause referring to interest or dividend derived from investments with

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

c) of section 80P(2). Clause (d) deals with yet another type of income earned by the Co-operative Society which is deducted while computing the total income of the assessee. However, to merit acceptance of deduction under clause (d) of section 80P(2) of the Act, the clause referring to interest or dividend derived from investments with

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

c) of section 80P(2). Clause (d) deals with yet another type of income earned by the Co-operative Society which is deducted while computing the total income of the assessee. However, to merit acceptance of deduction under clause (d) of section 80P(2) of the Act, the clause referring to interest or dividend derived from investments with

THE ACIT, KOCHI vs. M/S.KUNNEL ENGINEERS & CONTRACTORS P. LTD, KOCHI

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

c) any sum referred lo in clause (ii) of sub-section (1) of section 36, or (d) any sum payable by the assesses as interest on any loan or borrowing from any public financial institution or a Slate financial corporation or a State industrial investment corporation, in accordance with the terms and conditions of the agreement governing such

SRI.GEORGE M.GEORGE,KOZHENCHERRY, PATHANAMTHITTA vs. THE ACIT, CIR-1, THIRUVALLA, THIRUVALLA

In the result, appeal filed by the assessee is dismissed

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

section 68 of the I.T.Act. The relevant finding of the Assessing Officer reads as follows:- “6. In short, the agricultural income of the assessee for the above year is NIL and the claim is totally disallowed. Accordingly assessee’s claim of Rs.12,36,000/- from income from agriculture is brought to assessment as unexplained cash credits u/s 68

SRI.O.G.SUNIL,COCHIN vs. DCIT, ERNAKULAM

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

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

43,510 Less: Deposit into bank account as per cash flow Rs. 8,76,500 Rs.31,67,010 Add: Foreign Travel Rs. 5,00,000 Total unexplained investment Rs.36,67,010 2. The CIT(A) has gone wrong in omitting to consider the statement of cash flow prepared from the bank accounts, the details of bank transaction, net wealth statement

SRI.O.G.SUNIL,COCHIN vs. DCIT, ERNAKULAM

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

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

43,510 Less: Deposit into bank account as per cash flow Rs. 8,76,500 Rs.31,67,010 Add: Foreign Travel Rs. 5,00,000 Total unexplained investment Rs.36,67,010 2. The CIT(A) has gone wrong in omitting to consider the statement of cash flow prepared from the bank accounts, the details of bank transaction, net wealth statement

SRI.O.G.SUNIL,COCHIN vs. DCIT, ERNAKULAM

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

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

43,510 Less: Deposit into bank account as per cash flow Rs. 8,76,500 Rs.31,67,010 Add: Foreign Travel Rs. 5,00,000 Total unexplained investment Rs.36,67,010 2. The CIT(A) has gone wrong in omitting to consider the statement of cash flow prepared from the bank accounts, the details of bank transaction, net wealth statement