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

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

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

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

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

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

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 DCIT,CEN-CIRCLE,, THRISSUR vs. SRI.T.G. CHANDRAKUMAR, THRISSUR

In the result, the Appeal by the Revenue is allowed on the aforesaid terms

Bench: Shri Sanjay Arora (Accountant Member), Shri Sandeep Gosain (Judicial Member)

III, Kochi (‘CIT(A)’ for short) allowing the Assessee’s apppeal contesting his assessment under sction 143(3) read with section 153C of the Income Tax Act, 1961 (‘the Act’ hereinafter) dated 31/03/2016, for the Assessment Year (AY) 2008-09. 2. It would be relevant to recount the background facts of the case. A search

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 expenditure, and (iii

RUCHIT PARIMAL ASHAR,SANALA ROAD, MORBI vs. ACIT, CENTRAL CIRLCE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

ABC BUILDWARES(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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

ABC BUILDWAERS 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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

ABC SALES CORPORATION,KASARAGOD vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024

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

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 at USD 2,000 each. The agreement outlined . ITA No.404 & others/Coch/2024