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ITAT Cochin

Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal ( ITAT ), Cochin Bench, has recently in an appeal filed before it, held that, stamp duty collected from customers...

Carry Forward of Business Loss cannot be denied merely for not getting Statutory Audit / Tax Audit...

Micro Finance Activity is not ‘Charitable’: ITAT denies Tax Exemption to Trust [Read Order]

Financial Crisis and Labour Unrest are Sufficient Reasons to Condone Delay in Filing Appeal: ITAT...

Foreign Exchange Loss to be allowed as Revenue Expenditure and is to be charged into the Profit and...

No TDS u/s 194B on Prize won in Gift Coupons: ITAT [Read Order]

The Cochin Bench of Income Tax Appellate Tribunal ( ITAT ) in the case of R.V.V. K. Peringanam v. Income-tax Officer held that where no consideration was paid by the assessee to participate in the...

Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]

The demise of the Chartered Accountant of the assessee cannot be a ‘reasonable cause’ for not auditing books of accounts under the Income Tax Act, 1961, said the Cochin bench of the Income Tax...

Non-Production of Audit Report in Prescribed Format would attract Penalty: ITAT [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the non-production of the audit report in the prescribed format can be a reason to impose a penalty under Section 271B of the...

Compulsory Acquisition of Urban Agricultural Land eligible for Tax Exemption: ITAT [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the compulsory acquisition of the urban agricultural land is eligible for tax exemption under Section 10(37) of the Income...

Salary paid to Employees of University not subject to TDS: ITAT [Read Order]

The salary paid to the employees of the University would not be subject to Tax Deduction at Source ( TDS ) as the university can be deemed as a ‘State’, ruled the Income Tax Appellate Tribunal (ITAT),...

ITAT confirms Penalty since Assessee failed to Furnish Audit Report despite CBDT extended Due Date [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal ( ITAT ) has confirmed the penalty since assessee failed to furnish Audit Report despite CBDT extended due date. The assessee M/s.The Vaikom...

A Debatable Issue can’t be rectified u/s 154: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that a debatable issue cannot be treated as a mistake apparent on the face of the record for rectification under Section 154 of the...

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