Skip to content


Judgment Search Results Home > Cases Phrase: mediation Court: income tax appellate tribunal itat cochin Year: 2005 Page 1 of about 3 results (0.025 seconds)

Jan 31 2005 (TRI)

The Gift Tax Officer Vs. Shri P.J. Kurian

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Jan-31-2005

Reported in : (2005)94ITD44(Coch.)

1. the assessee in this case had executed seven deeds of conveyance of immovable properties in favour of his daughter, miss sunita kurian. the deeds were registered during the period from 8-10-1993 to 17-2-1994, within the previous year relevant to the assessment year 1994-95. the assessee thereafter cancelled the said seven conveyance deeds by executing another set of deeds in 1997. he recalled the properties to himself. both the set of deeds were executed before the sub-registrar.2. the gift-tax officer held the view that the assessee had conveyed the properties through the first set of documents executed by him, in favour of his daughter. the case of the assessee was that the documents were subsequently cancelled and the conveyances were recalled and therefore there were no valid proceedings and any valid gifts. the assessing officer rejected the contention of the assessee and completed the assessment under the gift-tax act, 1958.3. in first appeal, the commissioner of gift-tax (a) held that the transfers made by the assessee at the first instance were not complete and the consequent gifts were not absolute and therefore there cannot be a case of gift tax assessment. the cit(a) cancelled the gift-tax assessment.4. it is against the above that the revenue has come before the tribunal in the impugned appeal in gta no. 06/coch/2002. this appeal was heard and disposed of by the tribunal along with the cross objection through its order dated 30-10-2003. the tribunal held the .....

Tag this Judgment!

Jan 31 2005 (TRI)

Gto Vs. P.J. Kurian

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Jan-31-2005

Reported in : (2005)145TAXMAN18(Coch.)

this gift-tax appeal is filed by the revenue. the cross-objection is filed by the assessee. the relevant assessment year is 1994-95. the appeal is filed against the order of the cgt(a)-iv, kochi, dated 28-3-2002, and arises out of the assessment completed under section 15(5) of the gift tax act, 1958.the assessee in this case had executed seven deeds of conveyance of properties in favour of his daughter, miss sunitha kurian during the period from 8-10-1993 to 17-2-1994. those documents were cancelled by the assessee in 1997. the gto held the view that the first set of documents executed by the assessee conveyed that much properties in favour of his daughter and as those transfers of properties were without any consideration, the transfer amounted to gift. the case of the assessee was that these documents were subsequently recalled; they were cancelled and, therefore, there were no valid transfers and any valid gifts. the assessing officer rejected the contentions of the assessee and completed the gift-tax assessment holding that the first set of transactions amounted to gift of properties. in first appeal, the cgt(a) held that the transfers made by the assessee at the fist instance were not complete and the consequent gifts were not absolute and, therefore, there cannot be a case of proper gift. the cgt(a) held that, therefore, the gift-tax assessment was not valid. the assessment was accordingly cancelled.the revenue is aggrieved and therefore, the appeal before us. the .....

Tag this Judgment!

Oct 28 2005 (TRI)

The Income-tax Officer Vs. Muthoot Financiers

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Oct-28-2005

Reported in : (2006)103ITD108(Coch.)

1. this appeal by the revenue is directed against the order of the cit(appeals) dated 24.3.2004 relevant to the assessment year 1999-2000, challenging the penalty deleted by the cit(appeals) under section 271c, levied by the a.o.2. the revenue has raised as many as six grounds in this appeal, but the only issue for our adjudication is whether on the facts and circumstances of this case, the cit(appeals) was justified in canceling the penalty levied by the ao on the assessee under section 271c of the act by accepting its explanation as a reasonable cause.3. the facts in brief are that the assessee is one of the sister concerns in a group consisting or 150 separate concerns. the assessee filed its return of income for the ay 1999-00 along with the audit report on 31.12.1999. the ao, on verification of the audit report, noticed that the assessee has made short deduction of tax at source in respect of the payments made by it on account of interest to its other sister concerns. the ao initiated penalty proceedings under section 271c of the act against the assessee and a show cause notice was issued to the assessee. the assessee filed its reply to the "ao incorporating a statement of interest paid, tax deductible, deducted and short deduction in respect of the interest payments to its associate concerns. the assessee admitted that there was a short deduction of tax amounting to rs. 3,30,000. the ao sent draft penalty order to the assessee and the assessee was finally heard on 24.1 .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //