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Latest Cases Home > Latest Court: income tax appellate tribunal itat cochin Page 10 of about 502 results (0.139 seconds)

Jul 18 2001 (TRI)

Abad Fisheries Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)80ITD153(Coch.)

Assessee derived income from goods imported under import licence and effected sale in India--Assessee's return was accepted under section 143(1)(a) and claim for deduction under section 80HHC allowed--Subsequently, intimation under section 143(1)(a) was set aside by Commissioner acting under section 263 on ground that such sales were effected in India so profits derived from sales could not be considered for deduction under section 80HHC--Not justified--Commissioner, acting under section 263 cannot consider matters which could not be considered under section 143(1)(a)(i).While invoking power under section 263, Commissioner cannot consider matters which could not be considered in section 143(1)(a)(i).Assessee derived income from sale of goods imported under import licence. Import licence has been obtained against exports made by assessee. Whether income earned by assessee on sale of such imported goods should be considered as part of income of assessee derived from his export, is matte...

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Jul 06 2001 (TRI)

Deputy Commissioner of Income Tax Vs. Bharat Kumar Patel and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)80ITD34(Coch.)

1. This appeal is filed by the Revenue. The relevant assessment year is 1990-91. The ground raised by the Revenue is as follows : "The learned CIT(A) erred in holding that the ITO's action of assessing the entire interest of Rs. 92,120 received from IDBI in the asst. yr. 1990-91 is not in order and directing to assess only the amount pertaining to this year as interest income from IDBI. The appellate authority ought to have noticed that what the assessee had received was the discounted value of the interest for three years and that the right to receive the discounted amount had accrued to him during the current year. The CIT(A) ought to have noticed that even-though interest is receivable for three years what was received was a lower amount in respect of which the right accrued this year and so on that basis the assessment should have been confirmed." 2. The assessee in this case had deposited an amount of Rs. 3,92,000 in IDBI Capital Investment Bond for a period of three years. The a...

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Jul 06 2001 (TRI)

Deputy Cit Vs. Bharat Kumar Patel and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)80ITD34(Coch.)

This appeal is filed by the revenue. The relevant assessment year is 1990-91. The ground raised by the revenue is as follows : "The learned Commissioner (Appeals) erred in holding that the Income Tax Officer's action of assessing the entire interest of Rs. 92,120 received from IDBI in the assessment year 1990-91 is not in order and directing to assess only the amount pertaining to this year as interest income from IDBI. The appellate authority ought to have noticed that what the assessee had received was the discounted value of the interest for three years and that the right to receive the discounted amount had accrued to him during the current year. The Commissioner (Appeals) ought to have noticed that even though interest is receivable for three years what was received was a lower amount in respect of which the right accrued this year and so on that basis the assessment should have been confirmed.' The assessee in this case had deposited an amount of Rs. 3,92,000 in IDBI Capital Inv...

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Jul 02 2001 (TRI)

K. Moidu, Alias Kunhippa and K. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)81ITD242(Coch.)

1. As common grounds are involved in these two appeals filed by the two assessees, Shri K. Moidu, alias Kunhippa, and his brother Shri K.Kunheedutty, they are consolidated in a common order for the sake of convenience.2. The two brothers, Shri Moidu and Shri Kunneedutty were carrying on business in the Gulf countries. On 26th Sept., 1996, the Department conducted a search under Section 132 of the IT Act in their residential premises at Tirur. The documents seized in the course of the search showed their joint investments in the purchase of landed properties and the construction of residential buildings. Proceedings were separately initiated under Section 158BC of the IT Act calling for the returns of income to be filed for the block period ending on 26th Sept., 1996. In response to the notice they filed the returns in Form No. 2B declaring the undisclosed income at nil. After making enquiries and considering the seized documents, the AO passed the impugned orders of assessment under S...

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Jun 11 2001 (TRI)

Sree Seetharama Anjaneya Veda Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD235(Coch.)

1. These appeals by the assessee relate to the assessment years 1995-96 and 1996-97, and are directed against the common order of the Commissioner (Appeals) confirming denial of exemption under Section 11(2) of the Income-tax Act, 1961 and assessment of income at Rs. 4,87,600 for the assessment year 1995-96 and Rs. 6,60,854 for the assessment year 1996-97.2. The assessee filed returns of income on 30-10-1995 and 30-10-1996 along with audit report under Section 12A(b) of the Act disclosing receipts of Rs. 6,25,752 and Rs. 8,47,274 by way of rent and interest respectively for the assessment years 1995-96 and 1996-97. The assessments were completed on 17-3-1998 and 27-11-1998 fixing the taxable income at Rs. 4,87,660 and Rs. 6,60,854 for the above two years. Along with the returns of income, the assessee had also filed application in Form No. 10 seeking accumulation of income to the extent of Rs. 4,50,000 upto 31-3-2000 for the assessment year 1995-96 and Rs. 5,35,000 upto 31-3-2006 for ...

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Apr 27 2001 (TRI)

ito Vs. K. Ramullan

Court : Income Tax Appellate Tribunal ITAT Cochin

There are five appeals in this bunch, One is a gift-tax appeal for the assessment year 1985-86 (GTA No. 2/Coch/1992). Another is income-tax appeal for the assessment year 1989-90 (ITA No. 778/Coch/1993). The remaining three appeals are wealth tax appeals for the assessment years 1985-86, 1986-87 and 1987-88 (WTA Nos, 109/Coch/1993 and 10 & 11/Coch/1992).All these appeals are preferred by the revenue. The respondent is common in all these appeals, Shri K. Ramullan, the late assessee, now represented by Shri K. Abdulla Musaliar, Cheruvathur, Kasargod. The facts and circumstances leading to the assessments under IT, WT and GT Acts now pending in appeals before us are one and the same. In fact, the income-tax and wealth-tax proceedings have been consequential to the proceedings completed under the GT Act. In these circumstances, all these appeals are clubbed todether for analogous disposal.The brief history of these cases, as discernable from the records and papers available before us...

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Apr 23 2001 (TRI)

George Educational, Medical and Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)80ITD619(Coch.)

1. These' are cross-appeals filed by the assessee-society and the Department against the order of the CIT(A) dt. 30th Nov., 1999, for the asst. yr. 1996-97, wherein 'he held, inter alia, that the income of the assessee-society is not entitled for exemption under Section 11, because it is hit by the provisions of Section 13(1)(c) '6f the IT Act.This is the main grievance of the assessee in its appeal. The Department is aggrieved by the order of the CIT(A) insofar as he held that certain expenditure disallowed by the AO was allowable.2. YTA No. 31/Coch/2000 : The assessee-society was founded by Mr. C.George, an NRI businessman, belonging to Mavelikara, Kerala, and was registered as a non-profit body under Travancore-Cochin Literary Scientific and Charitable Societies Act, 1955, on 21st Dec., 1997. It appears that the assessee-society has also been registered under a similar enactment in the State of Tamil Nadu, but we are not concerned with this aspect of the matter in the present appea...

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Apr 11 2001 (TRI)

investor'S Club Vs. Income-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD273(Coch.)

1. The above appeals were heard together and they are disposed of by this common order.2. ITA Nos. 745 (Coch.)/94, 388 and 389 (Coch.)/95 : The appeal ITA No.745 (Coch.)/94 for the assessment year 1989-90 is directed against the order of the DC (Appeals), dated 8-8-1994. The appeal Nos. 388 and 389 (Coch.)/95 are directed against the consolidated order of the CIT (Appeals) dated 28-2-1995 for the assessment years 1990-91 and 1991-92.The facts relating to these three appeals are the same and the grounds taken are also more or less common. The gist of the objections taken by the assessee in these appeals is that the assessee-club has to be considered as a charitable institution within the meaning of Section 2(15) of the Income-tax Act and so its income should be exempted under the provisions of Section 11 of the Income-tax Act. Alternatively, it is claimed that the assessee-club is a mutual association and so its income should be exempted under the principle of mutuality.3. The assessee...

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Mar 22 2001 (TRI)

Deputy Commissioner of Vs. Nedungadi Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)85ITD1(Coch.)

1. The appeals by the Revenue and the cross objections by the assessee relate to the assessment years 1982-83, 1983-84 and 1984-85.2. The only ground of objection by the Revenue in the appeals is directed against the order of the CIT (Appeals) deleting depreciation on stock-in-trade which was disallowed by the Assessing Officer. The case of the Revenue is that the first appellate authority should have noticed that the assessee was regularly following the method of valuation of Government securities at cost price, that the revaluation of the same adopting market value was a change in the method of accounting regularly followed by the assessee and that consequently the income chargeable to tax for the relevant assessment years is not properly deducible. For the above proposition, the Revenue relies on the decision of the Hon'ble Supreme Court in the case of CIT v. British Paints (India) Ltd. [1991] 188 ITR 44' and of the Calcutta High Court in the case of CIT v. UCO Bank [1993] 200 ITR ...

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Feb 28 2001 (TRI)

Hotel and Allied Trades (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD85(Coch.)

1. These appeals are by the assessee and directed against the orders of the learned Commissioner of Income-tax, Cochin, under Section 263 of the Income-tax Act, invoking the jurisdiction invested in him.2. On examination of the assessment records for the assessment years 1992-93 and 1993-94, the Commissioner of Income-tax noticed that the assessee, a closely held company, running business as hoteliers, filed the return of income showing income of Rs. 3,85,507 for the assessment year 1992-93 and 'nil' income for the assessment year 1993-94. The assessments were finalised on 28-2-1995 determining the total income at Rs. 10,38,170 for the assessment year 1992-93 and 'nil' income for the assessment year 1993-94. It was further noticed by the Commissioner of Income-tax that while computing the income, the Assessing Officer allowed the assessee's claim under Section 80HHD. On verification of the computation, the Commissioner of Income-tax noticed that the computation of deduction under Sect...

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