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

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

KUMAR MADHAVANPILLAI.S,THIRUVANANTHAPURAM vs. ITO, WARD-1(4), TRIVANDRUM

In the result, the appeal of the assessee is hereby allowed

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Kumar Madhavanpillai S. Income Tax Officer -1(4) Chandra Press & Book Depot Aayakar Bhavan, Kowdiar P.O. Manjalikulam Road Thiruvananthapuram 695003 Vs. Thampanoor Thiruvananthapuram 695001 [Pan: Ajxps9299P] (Appellant) (Respondent)

1 to 66 and contended that the investment was made by the assessee in the residential property. Therefore, the same is eligible for deduction under section 50/54F of the Act. It was also contended by the learned AR that the depreciable assets, if the period of holding exceeds 36 months, are also eligible for such deduction under section 50/54F

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". But, Section 37 (1) excludes three items of expenditure. They are (i) expenditure of the nature described in Sections 30 to 36, (ii) expenditure in the nature of capital

SRI HARIKUTTAN T,KAYAMKULAM vs. INCOME TAX OFFICER WARD 2, ALLEPPEY

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

Bench: Shri Sanjay Arora, Accountantmemberand Shri Manomohan Das, Judicialmember Harikuttan T. The Income Tax Officer (2) 1, Edayilaveetil Tharayil Aayakar Bhavan Njakkanal P.O., Pathiyoor Vs. Alappuzha Co0Llectorate Kayalmulam 690533 Alappuzha 688011 [Pan:Alrpt7536J] (Appellant) (Respondent) Appellant By: Shri M.S. Venkitachalam, Ca Respondent By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing:08.08.2023 Date Of Pronouncement:03.11.2023 O R D E R Per Sanjay Arora, Am This Is An Appeal By Assessee Challenging The Confirmation Of Penalty Levied Under Section 270A Of The Income Tax Act, 1961 (The Act) For Assessment Year (Ay) 2017-18 Vide Order Dated 17/02/2022, By The First Appellate Authority, Being The Commissioner Of Income Tax, Nfac [Cit(A)] Vide It’S Order Dated 06.07.2022. 2.1 The Brief Background Facts Of The Case Are That The Assessee, A Retired Defence Personnel, Is A Registered Money Lender Under The Kerala Money Lenders Act (Kml Act), Lending Money On Interest Against Mortgage Of Loan. For The Relevant Year He Returned, Besides Pension, Income From This Business At Rs.2,05,691. On Verification, It Was Found By The Assessing Officer (Ao) That The Assessee Was Maintaining Six Bank Accounts, I.E., Three Each With Two Banks, Being South Indian Bank (Sib) & State Bank Of India (Sbi). Transactions With The Former Were Undisclosed. The Reason Explained Was That The Gold Pawned By His Customers With Him For Availing Loan, Was In Turn Mortgaged With This Bank To Source Funds For Further Lending. These

36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". Explanation 1.—For the removal of doubts, it is hereby declared

THE DCIT, CIRCLE-2(1), THRISSUR vs. SRI.K.P. JOHNY, THRISSUR

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

gain would arise thereto. It is undisputedly a case of sale of shares therein, and the underlying assets continue to be owned, both before and after 20/2/2014, the date of SA, by Manko. In fact, even in such a case, it is the cost of acquisition of the relevant assets, and not the outstanding secured debt there-against, that would

SRI.K.P. JOHNY,THRISSUR vs. THE DCIT, CIRCLE-2(1), THRISSUR

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

gain would arise thereto. It is undisputedly a case of sale of shares therein, and the underlying assets continue to be owned, both before and after 20/2/2014, the date of SA, by Manko. In fact, even in such a case, it is the cost of acquisition of the relevant assets, and not the outstanding secured debt there-against, that would

ABC BUILDWARES INDIA(P) LIMITED,KANNUR vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

BATHX BATHWARE INDIA PRIVATE LIMITED,KOCHIN vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

RUCHIT PARIMAL ASHAR,SANALA ROAD, MORBI vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

A B C SALES CORPORATION ,KANNUR vs. ITO, CIRCLE-1, KANNUR

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

K.ABDUL VAHEED,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

BATHX BATHWARE INDIA PRIVATE LIMITED,COCHIN vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

KAKKOTTAKATH NADUVILAPURAYIL JUNAID,KANNUR vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares

K.ABDUL VAHEED,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

ii) M/s ABC Impex Africa Ltd- Kampala Uganda (iii) M/s Bathx Bathware India Pvt Ltd -Cochin India 15.3 According to the investor's agreement discovered during the search, the assessee group intended to establish M/s ABC Mercantile FZC in the Dubai Free Zone with a total share capital of USD 20 million, divided into 10,000 shares