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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

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

section 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9 M/s.Thomson Agencies. source

SRI.ANWARSADATH,ALAPPUZHA vs. THE ITO, WD-1, ALAPPUZHA

In the result, the appeals of the assessee are partly allowed

Bench: Shri George George K.

83,554 respectively and there existed no transactions in his capital account during the FY 2002-03 other than crediting net profit and debiting drawings of Rs.19,850 only. As such the chances of advancing a sum of Rs. 4,90,000 against the above closing balances are observed to be not maintainable, Though another summons under section

SRI.ANWARSADATH,ALAPPUZHA vs. THE ITO, WD-1, ALAPPUZHA

In the result, the appeals of the assessee are partly allowed

Bench: Shri George George K.

83,554 respectively and there existed no transactions in his capital account during the FY 2002-03 other than crediting net profit and debiting drawings of Rs.19,850 only. As such the chances of advancing a sum of Rs. 4,90,000 against the above closing balances are observed to be not maintainable, Though another summons under section

INCOME TAX OFFICER, THIRUVANANTHAPURAM vs. THIRUVANANTHAPURAM SERVICE CO-OPERATIVE BANK LTD, THIRUVANANTHAPURAM

Bench: Shri Inturi Rama Rao, Am & Shri Sonjoy Sarma, Jm

83,80,844/- under Section 40A(ia) for disallowance of expenses where TDS was not deducted. The assessee denied the status of the society as a co-operative society and consequently, treating interest income of Rs.2,95,38,828/- as income from other sources, thereby denying deduction under Section 80P(2)(a)(i) and 80P(2)(d). Further

POTTOLIL AGRO MILLS,PERUMBAVOOR vs. INCOME TAX OFFICER, ALUVA

In the result, the appeal of the assessee bearing ITA No

68, 69, 69A, 69B, 69C or section 69D of the I.T Act, the income\ntax payable shall be charged @ 60% plus surcharge @ 25% of such tax.”\n4.\nThe Ld. DR argued & relied on the order of the revenue\nauthorities.\n5.\nWe have carefully considered the rival submissions and\nexamined the material available on record. The brief facts

SMT.K.B.SONY,COCHIN vs. THE DCIT, COCHIN

In the result, i) The appeal of the assessee in ITA No

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

68 of the Act is justified. This ground of appeal of the assessee is rejected. 11. The next ground is with regard to addition of Rs.2,45,198/- as agricultural income as undisclosed income. 11.1 The facts are that assessee claimed Rs.2,45,198/- as agricultural income. The Assessing Officer relied on Part-IV of the Finance Act which elaborates

M/S PRESTIGE MARKETING DIVISION,ALUVA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, KOCHI, KOCHI

In the result, the assessee’s appeal and stay petition are dismissed

Bench: Shri Sanjay Arora & Shri Manomohan Das

68 of the Act (or for that matter section 69, which are parimateria, one in relation to the assets in the books and the other not, wholly or partly), how would it matter whether the cash deposited inbank is per SBN or non-SBN. To, no answer. That absence of proper enquiry, inasmuch as it indicates non-application

M/S.IBS SOFTWARE SERVICES P. LTD,TRIVANDRUM vs. THE DCIT, TRIVANDRUM

Bench: SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

83,13,172/- with its Associated Enterprises. The case of the Assessee was referred to the Transfer Pricing Officer (TPO) under Section 92CA of the Act for determination of the Arm's Length Price (ALP) in relation to the said international transactions. TPO passed order, dated 28/10/2016, under Section 92CA(3) of the Act proposing an upward transfer

HASEENA MEHBOOB,CALICUT vs. INCOME TAX OFFICER WARD 1(1), KOZHIKODE

In the result, the appeal filed by the assessee stands partly allowed

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am

68 of the Act and the CIT(A) not empowered to confirm the addition under a different section. 4 Haseena Mehboob 7. On the other hand, the ld. Sr. DR, placing reliance on the orders of the lower authorities submits that no interference is called for. 8. We have heard rival contentions and perused the material available on record

M/S.PERUNGAZHI SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(5), TVM, TRIVANDRUM

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

83, 514 is liable to be deleted. D. It is settled law that eligibility for deduction/exemption cannot be overlooked on technical grounds, if the assessee otherwise proved its entitlement for the deduction/exemption. In the facts of the case under consideration the appellant is entitled for deduction under Section 80P but only on the technical, the deduction/exemption was denied, which

THE ITO, WD-1(1), KOCHI vs. SHRI.P.V.ABRAHAM, KOCHI

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

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

83,01,000/- Deposit with SBI, Kakkanad Rs. 4,50,000/- Deposit with Federal Bank, Puthencruz Rs. 55,01,000/- Deposit with Federal Bank, Puthencruz Rs. 31,70,100/- Total Deposit Rs.1,74,22,100/- Less available source 1. Sale consideration of Property Rs. 16,07,500/- 2. LIC receipts Rs. 54,817/- 3. Agricultural receipts

JAMESON ABRAHAM,KOLLAM vs. PRINCIPAL COMMISSIONER OF INCOME TAX, TRIVANDRUM

In the result, the assessee’s appeal is dismissed

Bench: Shri Sanjay Arora & Shri Manomohan Dasjameson Abraham Principal Commissioner Emmanuel Cashes Industries Of Income Tax Chepara P.O., Kottarakara Vs. Thiruvananthuparam Kollam 691520 [Pan: Afopa7312Q] (Appellant) (Respondent)

83 (SC), upholding the decision reported at [1992] 198 ITR 611 (Ker); the other three being: wrong assumption of facts; incorrect application of law; and without following the principles of natural justice, that would render an order as erroneous. Case law in the matter is legion, representing settled law, followed by the Hon'ble Courts across Jameson Abraham

THE ACIT, KOLLAM vs. SRI.P.SUNILKUMAR, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

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

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential