M/S. MINI MUTHOOTTU CREDIT vs. THE COMMISSIONER OF INCOME TAX

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempt from tax u/s. 10(1) of the Act. The assessee incurred expenditure on such borrowings and therefore is not entitled for deduction of interest u/s 36(1)(iii) of the Act which was rightly disallowed

MALANKARA PLANTATIONS LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: The Income Tax Appellate Tribunal, Cochin Bench. The Subject Matter Of Appeal Relates To Assessment Year 2011-12 & The Controversies Relate To The Allowance Claimed By The Assessee Towards The Replantation Of Rubber Plants In An Area Where Rubber Trees

exemption of subsidy received from Tea Board in the light of the decision of the Hon'ble Supreme Court in 229 ITR 383? 4) Whether, on the facts and circumstances of the case, Appellate Tribunal is right in confirming the disallowance

THE COMMISSIONER OF INCOME-TAX(EXEMPTIONS) vs. M/S CHOICE FOUNDATION

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

exempted u/s 11(1)(d) of the I.T.Act. The Mumbai Bench of the Tribunal in Chandraprabhu Jain v. ACIT [(2016) 50 ITR (Trib.) 355 (Mum-Tri.)] had held that the building fund is forming part of the corpus fund eligible for deduction u/s 11(1)(d) of the I.T.Act. Therefore, the initiation of the proceedings u/s 263 of the I.T.Act

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS,

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempted and not taxable in the hands of the trustees. In our opinion, there is merit in the argument of the Ld. AR that even if it is a capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gainis not taxable

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempted and not taxable in the hands of the trustees. In our opinion, there is merit in the argument of the Ld. AR that even if it is a capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gainis not taxable

THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. SMT.GRACY BABU,

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempted and not taxable in the hands of the trustees. In our opinion, there is merit in the argument of the Ld. AR that even if it is a capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gainis not taxable

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempted and not taxable in the hands of the trustees. In our opinion, there is merit in the argument of the Ld. AR that even if it is a capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gainis not taxable

THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. GRACY BABU,

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

exempted and not taxable in the hands of the trustees. In our opinion, there is merit in the argument of the Ld. AR that even if it is a capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gainis not taxable

M/S. OIL PALM INDIA LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

exempt from taxation under the Central Income-tax, the agricultural income tax paid by the assessee cannot be allowed as a deduction under the Central Income Tax. Therefore, the order of the CIT(A) on this issue is reversed. It is ordered accordingly." Hence the appeals are filed by raising the following substantial questions of law. i. In the facts

M/S. OIL PALM INDIA LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

exempt from taxation under the Central Income-tax, the agricultural income tax paid by the assessee cannot be allowed as a deduction under the Central Income Tax. Therefore, the order of the CIT(A) on this issue is reversed. It is ordered accordingly." Hence the appeals are filed by raising the following substantial questions of law. i. In the facts

M/S. OIL PALM INDIA LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

exempt from taxation under the Central Income-tax, the agricultural income tax paid by the assessee cannot be allowed as a deduction under the Central Income Tax. Therefore, the order of the CIT(A) on this issue is reversed. It is ordered accordingly." Hence the appeals are filed by raising the following substantial questions of law. i. In the facts

M/S OIL PALM INDIA LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

exempt from taxation under the Central Income-tax, the agricultural income tax paid by the assessee cannot be allowed as a deduction under the Central Income Tax. Therefore, the order of the CIT(A) on this issue is reversed. It is ordered accordingly." Hence the appeals are filed by raising the following substantial questions of law. i. In the facts

M/S. OIL PALM INDIA LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

exempt from taxation under the Central Income-tax, the agricultural income tax paid by the assessee cannot be allowed as a deduction under the Central Income Tax. Therefore, the order of the CIT(A) on this issue is reversed. It is ordered accordingly." Hence the appeals are filed by raising the following substantial questions of law. i. In the facts

THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. THE PONKUNNAM SERVICE CO-OPERATIVE BANK LTD

Appeals are allowed and remanded back

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

disallowed by the assessing officer on the ground that the assessee is primarily engaged in the business of banking. Having regard to such a finding, it was recorded that by operation of Section 80P(4), the assessee is not entitled to deduction under Section 80P(2) of the Act. The assessee aggrieved by the said order filed appeal before

M/S.INDIA COFFEE BOARD WORKERS CO-OPERATIVE SOCIETY vs. THE COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

disallowed and assessed under Section 40(a)(ia) r.w.s.194J; (b) Interest incomes received from the assessee's members totalling Rs.16,93,3334/- was omitted to be taxed”. 2. Appellant had filed a return of income for the year in question declaring a loss of Rs.2,97,446/-. The assessment was completed by the assessing officer demanding a total income

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. M/S.SAHYADRI CO-OPERATIVE CREDIT SOCIETY LTD.

The appeal is disposed of as indicated above

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

disallowed the deduction claimed under Section 80P of the Act. Further, the Assessing Officer concludes that the assessee earned income from interest on deposits from members and deposits made in scheduled Banks from trading commodities and interest from call money depositors. In view of the view taken by the Assessing Officer, the said income has been treated as income from

THE PRINCIPAL COMMISSIONER OF INCOME TAX, KOTTAYAM vs. M/S.SAHYADRI CO-OPERATIVE CREDIT SOCEITY LIMITED

The appeal is disposed of as indicated above

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

disallowed the deduction claimed under Section 80P of the Act. Further, the Assessing Officer concludes that the assessee earned income from interest on deposits from members and deposits made in scheduled Banks from trading commodities and interest from call money depositors. In view of the view taken by the Assessing Officer, the said income has been treated as income from

M/S. NILAMBUR TRADERS, vs. COMMISSIONER OF INCOME TAX,

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

exempted from tax. 5. Learned Counsel also argued that they had shown the value of the spares involved in the maintenance as the first sale and had also paid VAT at 12.5% and, therefore, the remaining amount shown for service and maintenance is purely a labour component with no sale component involved in it and thus requested for accepting