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

68,214/- as income from other sources and consequently denied deduction u/s 80P of the Act on this amount. The assesse filed an appeal before the CIT(A). The CIT(A)/NFAC, held that the assesse is eligible for deduction u/s 80P of the Act on the business income but the action of the AO in denial of section

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

68,214/- as income from other sources and consequently denied deduction u/s 80P of the Act on this amount. The assesse filed an appeal before the CIT(A). The CIT(A)/NFAC, held that the assesse is eligible for deduction u/s 80P of the Act on the business income but the action of the AO in denial of section

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

68,214/- as income from other sources and consequently denied deduction u/s 80P of the Act on this amount. The assesse filed an appeal before the CIT(A). The CIT(A)/NFAC, held that the assesse is eligible for deduction u/s 80P of the Act on the business income but the action of the AO in denial of section

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,\nwhere in a batch of appeals challenging assessments completed under\nsection 147 read with 143(3)/144 of the Income-tax Act, the High\nCourt, after considering section 80P(4) of the Income-tax Act, various\nprovisions of the Kerala Act, the Banking Regulation Act, 1949, the bye-\nlaws 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

6 M/s.Sahyadri Agencies Limited. Re: Reason given by the PCIT in the show cause notice under section 263 of the Act for treating the assessment order under section 143(3) as erroneous and prejudicial to the interests of the revenue: In Para 3 of the show cause notice under section 263 of the Act, the PCIT

RAMAPURAM NORTH AISWARYA PRADAYINI SCB LTD ,ALAPPUZHA vs. THE ITO WARD 3, ALAPPUZHA

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year 2017-18 Ramapuram North Aiswarya Pradayini Scb Ltd. Ramapuram North, The Income Tax Officer Vs. Keerikadu P.O., Alappuzha Ward - 3, Pin - 690508 Alappuzha Pan Aacar2023D (Appellant) (Respondent)

68 taxmann.com 298 (Ker.) These Revenue’s contentions rejected accordingly. 3 Ramapuram North Aiswarya Pradayini SCB Ltd. 4. Learned DR’s next case is that assessee had violated the corresponding norms by not having extended credit facility by way of agricultural loans to the eligible members. We find that hon’ble apex court’s landmark decision Mavilayi Service Cooperative Bank

VILAVATTAM SERVICE CO-OP BANK LTD NO 337,THRISSUR vs. ITO WARD 2(3), THRISSUR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 taxmann.com 298 (Ker.) having decided the very issue in assessee’s favour. Ordered accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank

VILAVATTAM SERVICE CO-OP BANK LTD NO 337,THRISSUR vs. ITO WARD 2(3), THRISSUR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 taxmann.com 298 (Ker.) having decided the very issue in assessee’s favour. Ordered accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank

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

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

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

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

6, Under section 4 of the Act, income-tax is to be charged in accordance with the provisions of the Act in respect of the total income of the previous year of every person. As provided by section 5 of the Act, total income of any previous year of a person would, inter alia, include all income from

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

6) (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

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

6) (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

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

6) (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

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

6) (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

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

6) (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