Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)103TTJ(Coch.)696
1. This appeal by the assessee is directed against the order of the CIT(A)-in, Trivandrum, dt. 2nd Feb., 2005 for the asst. yr. 1992-93.2. The assessee has taken five grounds in this appeal, but the only issue emerges for our consideration is whether the AO was justified in levying interest under Section 234B(3) of the IT Act, on the facts of this case.3. The facts of this case can be stated in brief as under: The assessee is engaged in the business of processing and export of marine products.The assessment of the assessee was completed under Section 143(3) on 30th March, 1995 fixing the total income of the assessee at Rs. 55,35,390. The assessee challenged the impugned order in appeal before the CIT(A) and the assessee got relief to the extent of Rs. 55,24,312 and in consequence vide the order of the AO dt. 4th March, 1996, giving effect to the order of the CIT(A) the total income of the assessee was worked out at Rs. 11,080. The assessee had given credit in respect of TDS of Rs. 3,8...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)8SOT147(Coch.)
These two appeals by the assessee are directed against two different orders of the Commissioner (Appeals)-IV, Kochi, dated 18-7-2002, for the assessment years 1997-98 and 1998-99.During the course of assessment proceedings for these two years it was found by the assessing officer that the entire money used by the assessee for his money lending business was from his own funds. The assessee had shown interest on gold loans which worked out to 20 per cent but in the opinion of the assessing officer that was very low. The assessing officer made some enquiries. It was found by the assessing officer that the assessee was charging interest at a higher rate i.e.27 per cent. The assessing officer also noticed that in another assessee's case in his own circle, interest on gold loan was agreed to be assessed at 30 per cent. Moreover, assessee's authorized representative had filed statement dated 20-3-2001 and stated that it was only for the sake of finality of the assessment that the assessee ha...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)105ITD73(Coch.)
1. This appeal has been preferred by the assessee M/s Leyland Automobiles, Kadappakkada, Kollam, for the asst. yr. 2000-01 against the appellate order dt. 30th Sept., 2004 of CIT(A)-IH, Trivandrum.2. The brief facts of the case are that the assessee is a dealer in automobile spare parts and also owns a commercial complex which was let to various tenants. The appellant is assessed to income-tax by the ITO., Ward-II, Kollam. The return of income for the year under consideration was filed declaring a total income of Rs. 4,76,520 on 23rd Nov., 2001. The assessee had incurred a loss of Re. 3,04,138 in their retail business which was set off against the income from house property of Rs. 7,64,395. The case was selected for scrutiny and during the course of assessment proceedings the ITO proposed to disallow the entire loss from business and to estimate the business income applying the provisions of Section 44AF of the IT Act, 1961. According to the AO, there was only one issue to be addresse...
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