Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)303ITR118(Coch.)
1. In this group of appeals of the same assessee, four appeals are preferred by the assessee which relate to the asst. yrs. 1997-98, 1998-99, 1999-2000 and 2001-02 and one appeal is preferred by the Revenue relating to the asst. yr. 1997-98. Since most of the issues are common in these appeals, these appeals were heard together and are now being disposed of by this common order for the sake of convenience.2. The first common issue in all appeals of the assessee is with regard to levy of interest under Section 234B and under Section 234C of the IT Act, 1961, when the tax liability arises under the provisions of Section 115JA of the Act. The assessee is a closely held company which is engaged in the business of hotel. In all the years under consideration, the assessee company filed its returns of income declaring the total income as computed under the provisions of Section 115JA of the Act. The assessee had also paid advance tax. For the purpose of assessment, the assessee's income was ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)106TTJ(Coch.)1140
1. These appeals by the two different assessees and six cross-appeals by the Revenue are filed challenging the different orders of the CWT(A)-m, Trivandrum. As far as WTA Nos. 35 to 39/Coch/2002 and 110/Coch/2005 are concerned, they relate to asst. yrs. 1994-95 to 2000-01. The Revenue's appeals being WTA Nos. 59 to 64/Coch/2002 pertain to asst. yrs. 1993-94 to 1998-99. WTA Nos. 134 and 135/Coch/2005 relate to asst. yrs. 1999-2000 and 2000-01, respectively.In all these appeals, the facts are identical and issues are common, hence, all these appeals were heard together and now being disposed of by this common order for the sake of convenience.2. The first common issue which arises for our consideration in assessees' appeals is whether the cash recorded in the books of account and held in the business of the assessees as on the valuation date is an asset within the meaning of Section 2(ea) of the WT Act.3. The facts in brief can be stated that both the assessees are cashew exporters and ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)111TTJ(Coch.)979
1. In these appeals, the assessee has challenged the impugned order of the Commissioner of Wealth-tax (Appeals)-III, Trivandrum dated 29-3-2005 and these appeals relate to Assessment Years 1996-97 to 2001-02. For the sake of convenience, these appeals were heard together and are now being disposed of by a common order.2. The facts of this case are in a narrow compass. The assessee company was manufacturing tiles and bricks which business was carried on at Asramom, Kollam. Due to heavy losses, the company discontinued the said business. The assessee company was owning 540 cents of land which was divided into different revenue villages i.e. Kollam Village and Trikkadavoor Panchayat. Out of the said 540 cents of land, the assessee sold 165 cents of land during the previous year relevant to the assessment year 1996-97. Out of the balance land, 215 cents of land were situated in the Kollam Village and 160 cents were situated in Trikkadavoor Panchayat. For the purpose of business, the asses...
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