THE KERALA MINERALS AND METALS LIMITED,KOLLAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, KOLLAM

In the result, the appeal filed by the assessee stands partly allowed

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am Assessment Year: 2007-08 The Kerala Minerals & Metals Ltd. .......... Appellant Sankaramangalam, Chavara, Kollam 691583 [Pan: Aaact8118R] Vs. Asst. Commissioner Of Income Tax .......... Respondent Circle - 1, Kollam Appellant By: Shri Rajeev R., Ca Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 13.05.2025 Date Of Pronouncement: 16.05.2025

gains of business or profession" or treated as "current repairs" entitled to deduction under Section 31(i). Therefore, the contention of the learned Standing Counsel cannot be accepted.” 8. Even in recent judgement of the Hon’ble Madras High Court in the case of Elgi Equipments Ltd. vs. JCIT, 120 taxmann.com 142 held that the expenditure incurred towards replacement

MR.P.C.JOSE,,COCHIN vs. DCIT, COCHIN

In the result, the assessee’s appeal is dismissed, and the Revenue’s appeal is partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dasp.C. Jose Deputy Commissioner Of Prop. Brothers Agencies Income Tax, Circle-2(1) Jews Street Vs. Kochi Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent) Deputy Commissioner Of P.C. Jose Income Tax, Circle-2(1) Prop. Brothers Agencies Kochi Vs. Jews Street Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent)

section 143(3) of the Income Tax Act, 1961 (‘the Act’ hereinafter) dated 29.12.2010 for Assessment Year (AY) 2008-09. ITA Nos. 54& 84/Coch/2012 (AY: 2008-09) P.C. Jose v. Dy CIT / Dy. CIT v. P.C. Jose Ex-parte Order 2. The appeals were heard at length on 10.08.2023, covering all the issues, including the principal one, being the assessment

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital assets and in the latter as trading assets. It was submitted that the Supreme Court in the case of Maxopp (supra) which also decided appeal against the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala (supra) has observed that Hon’ble Punjab & Harayana High Court was right

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital assets and in the latter as trading assets. It was submitted that the Supreme Court in the case of Maxopp (supra) which also decided appeal against the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala (supra) has observed that Hon’ble Punjab & Harayana High Court was right

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital assets and in the latter as trading assets. It was submitted that the Supreme Court in the case of Maxopp (supra) which also decided appeal against the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala (supra) has observed that Hon’ble Punjab & Harayana High Court was right

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital assets and in the latter as trading assets. It was submitted that the Supreme Court in the case of Maxopp (supra) which also decided appeal against the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala (supra) has observed that Hon’ble Punjab & Harayana High Court was right

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

gains of business or profession” before making any deduction under this clause) carried to such reserve account: Provided that where the aggregate of the amounts carried to such reserve account from time to time exceeds twice the amount of the paid-up share capital and of the general reserves of the corporation or, as the case may be, the company

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital assets and in the latter as trading assets. It was submitted that the Supreme Court in the case of Maxopp (supra) which also decided appeal against the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala (supra) has observed that Hon’ble Punjab & Harayana High Court was right

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, RANGE-1, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. ACIT, CIRCLE-1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, CIRCLE-1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. ACIT, CIRCLE 1(1)& TPS, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED ,THRISSUR vs. ACIT, CIRCLE 1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. DCIT, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

INFOPARKS KERALA,COCHIN vs. THE ACIT, COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court

INFOPARKS KERALA,TRIVANDRUM vs. THE JT DIRECTOR OF IT (OSD) EXEM), COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court

INFOPARKS KERALA,TRIVANDRUM vs. THE JT DIRECTOR OF IT (OSD) EXEM), COCHIN

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm

capital assets, on which the same stands claimed, had already been allowed in full by way of application of income on the deployment of funds on their acquisition. The same, though a part of the statute w.e.f. AY 2015-2016 [s.11(6)] inasmuch as it amounts to a double relief, stands disapproved by the Hon'ble Apex Court

SONIYA DAVID LATHIKA,THIRUVANANTHAPURAM vs. ITO WARD 2(3), TRIVANDRUM, THIRUVANANTHAPURAM

In the result, the appeal filed by the assessee is allowed for statistical purpose

Bench: Shri Sanjay Arora, Am & Ms. Kavitha Rajagopal, Jm Soniya David Lathika The Ito, Ward-2(3) S. S. Nivas, Vizhinjam, Aayakar Bhavan, Kowdiar, Vs. Mukkola, Venganoor, Trivandrum-4 Thiruvananthapuram, Kerala Pan/Gir No. Ajqpl 8228 A (Assessee) : (Respondent)

2. The Officer erred in fixing long term capital gain at Rs 99,39,969 as against Nil claimed by the appellant. The appellant's claim is based on her understanding and belief that the transfer of her land to VISL amounted to compulsory acquisition. 3. According to the Assessing officer the property was sold to VISL through a sale

AJIT ASSOCIATES PRIVATE LIMITED,ERNAKULAM vs. JCIT, CORPORATE RANGE - 1, KOCHI

In the result, the assessee’s appeals are allowed for statistical purposes

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

section 147 r.w.s. 143(3) of the Income-tax Act, 1961 (hereinafter ‘the Act’) dated 18.3.2015 and 29.3.2014 for assessment year (AY) 2007-2008, respectively. The background facts of both the cases being same, these are heard together, and are being disposed of pera common, consolidated order for the sake of convenience. ITA Nos.870& 884 /Coch/2022 (AY 2007-08) Ajit