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Latest Cases Home > Latest Court: income tax appellate tribunal itat cochin Page 6 of about 502 results (0.233 seconds)

Apr 25 2005 (TRI)

Asstt. Cit, Central Circle 1, Vs. Popular Vehicles and Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)5SOT739(Coch.)

Out of this set of three appeals, two are by the revenue and the last one is by the assessee. These appeals are directed against the orders of the Commissioner (Appeals)-I, Kochi, dated 1-3-2002. The relevant assessment years are 1993-94 and 1995-96. Since these appeals pertain to the same assessee, i.e., M/s. Popular Vehicles & Services Ltd., we have heard these appeals together and are being disposed of by this common order, for the sake of convenience.ITA No. 194/Coch./2002-A.Y. 1993-94 : The first ground of objection by the revenue is directed against the order of the Commissioner (Appeals) in deleting the addition of Rs. 6,40,327, assessee under sundry creditors and other creditors, on the ground that the assessing officer has not established the fact that creditors have not given up their claim or the liability has ceased to exist by the operation of law at the time of assessment.2.1 The facts leading to the dispute briefly are as under: The assessee is an Agent of Maruthi V...

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Jan 31 2005 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Cochin

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)...

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Jan 31 2005 (TRI)

Gto Vs. P.J. Kurian

Court : Income Tax Appellate Tribunal ITAT Cochin

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 c...

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Dec 15 2004 (TRI)

The Dy. Commissioner of Income Vs. Sri. C.P. Kunhimohammed

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD278(Coch.)

1. These two appeals are filed by the Revenue. The relevant assessment years are 1995-96 and 1996-97. The common grounds raised by the Revenue are as follows: "1. The learned CIT( Appeals) erred in holding that the Assessing Officer ought to have verified the accounts maintained by the assessee in respect of the new lorry KL-11C-3654 and in directing the Assessing Officer to accept the income of that lorry on the basis of accounts maintained by the assessee after allowing depreciation. 2. While sustaining the estimation of income Under Section 44AE in respect of two old lorries the CIT(A) directed the Assessing Officer to adopt the income from the new lorry as per the accounts and allow depreciation on the same. The learned CIT(A) ought to have noticed that the assessee's representative did not produce any details before the Assessing officer in respect of the gross receipts admitted or the claim for depreciation and hence the Assessing Officer was compelled to estimate, the income Un...

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Dec 14 2004 (TRI)

Premier Tyres Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)3SOT556(Coch.)

These appeals and Stay Petitions are by the assessee and pertain to the assessment years 1996-97 and 1997-98.The first ground of appeal by the assessee is of general nature for both the years and as such it does not call for any specific dealing.The first effective ground (ground No. 2) for both the years is against the order of the CIT(A) in upholding the reopening of the assessment under section 147 of the Income Tax Act, 1961. The case of the assessee is that Income Tax (Appeals) ought to have held that mere change of opinion on the same set of facts does not empower the assessing officer to reopen the assessment under section 147 of the Income Tax Act, 1961.The facts leading to the dispute briefly are that the assessee, M/s.Premier Tyres Ltd. is engaged in the business of manufacture and sale of tyres. The assessee filed the return for the assessment year 1996-97 on 29-11-1996 and for the assessment year 1997-98 on 1-2-1997 declaring nil income. For both the years, the assessee le...

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Nov 18 2004 (TRI)

Sakthi Metal Depot Vs. Ito, Ward-2

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)3SOT368(Coch.)

This appeal is filed by the assessee. The relevant assessment year is 1998-99. The appeal is directed against the order of the Commissioner(A)-II at Calicut passed on 23-6-2004 and arises out of the assessment completed under section 143(3) of the Income Tax Act, 1961.The assessee in this case is a partnership firm carrying on business as dealers in Non-Ferrous metals. The firm had a branch in Bombay. A flat was purchased in Bombay for a consideration of Rs, 1,01,971. The flat was purchased in the accounting year ending on 31-3-1974. The break up of the cost of the flat is as follows: The assessee-firm capitalized the cost of building at Rs. 95,000 in the books of the firm as its office for the branch in Bombay. The assessee also claimed depreciation on the said flat till the assessment year 1995-96.The assessee stopped claiming depreciation on the building from 1-4-1995, i.e., from the assessment year 1996-97 onwards on the ground that the flat was no more used for the business purpo...

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Oct 28 2004 (TRI)

Dy. Cit Vs. Nidhish Trading Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)3SOT486(Coch.)

Both the appeals of the revenue relate to the assessment years 1996-97 and 1997-98 against the common order passed by the Commissioner(A). The assessee has also filed cross-objection against the very same order of the Commissioner(A). Since both the appeals as well as the cross objections arise out of the very same order of the Commissioner(A), we heard these matters together and are being disposed of by this consolidated order for the sake of convenience.The only issue arises for consideration in this appeal of the revenue is regarding the estimation of income from the contract receipt.Shri K.K. John, the learned Departmental Representative submitted that the assessee is a partnership firm doing business as transport contractor and supplier of fire woods to Grassim Industries, Mavoor. On examination of books of account and other evidences produced before the assessing officer, the assessing officer found that the accounts maintained by the assessee was not reliable since it was not s...

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Oct 27 2004 (TRI)

Star Agencies Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)5SOT336(Coch.)

This appeal of the assessee is directed against the order of the Commissioner (Appeals) confirming the levy of penalty under section 271B of the Income Tax Act, 1961, for the assessment year 1994-95.Shri Jose Kappan, the learned authorised representative of the assessee submitted that the assessee filed the return of income for the year under consideration on 20-6-1995 along with the audit report under section 44AB of the Act. According to the learned representative of the assessee, the assessee is a partnership firm doing business in provision. According to him this is the first year in which the assessee has to file the audit report under section 44AB. Due to the illness of one of the partners, who is looking after the business the assessee could not file the audit report in time. However, it was filed along with the return on 20-6-1995. The learned representative placed his reliance in the decision of the Bangalore Bench of this Tribunal in the case of G.S. Kasat v. IT0(1995) 53 TT...

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Oct 19 2004 (TRI)

K.A. Abdul Salam Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)2SOT375(Coch.)

These appeals are by the assessee directed against the common order of the CIT(A)-V, Kochi, dated 9-11-2001 for the assessment years 1994-95, 1995-96 and 1996-97.For the assessment year 1994-95 the only issue urged for our consideration is in respect of exemption under section 54F of the Income Tax Act, 1961. For the assessment years 1995-96 and 1996-97, the issue urged for our consideration is with regard to the arrears of rental income.During the course of hearing, the learned counsel for the assessee submitted that he is not pressing the appeal for the assessment years 1995-96 and 1996-97. Therefore, I.T.A. Nos. 40 & 41/Coch/2002 are dismissed as not pressed.Coming to the appeal for the assessment year 1994-95, the learned counsel for the assessee submitted that the assessee has constructed a residential premise just behind the existing commercial complex. The assessing officer rejected the claim of the assessee on the ground that there was no proof of residing the assessee in ...

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Sep 09 2004 (TRI)

Bus Operators Association Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD169(Coch.)

1. This appeal by the assessee is for the assessment year 2000-01.Through the assessee has urged as many as 8 grounds, in effect it is directed against the order of the Commissioner of Income-tax (Appeals) in holding that the assessee-association does not possess the character of mutual concern.2. The assessee, a private bus operators association, furnished its return for the year under consideration on 31.10.2001 declaring an income of Rs. 3,48,560/- and claimed exemption on the principles of mutuality. The case was selected for scrutiny.3. The assessee is doing business in spare parts, accessories and oil etc. and maintains books of accounts and daily collection from the members. The assessee has a turnover of Rs. 77,50,785/-. The net income declared was Rs. 3,36,182/- and claimed exemption on the principles of mutuality. Reliance was placed on the decision of the Apex Court in the case of CIT v. Sai Publication Fund reported in 258 ITR 70. This case was distinguished by the Assessi...

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